As the outlines of China's 15th Five-Year Plan take shape, offshore listing trends are becoming more structured, with certain industries moving ahead of others
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After topping the world for fundraising last year, Hong Kong's IPO market has extended its momentum into early 2026. According to data compiled by Bloomberg, IPO fundraising in January alone reached $5 billion, with 13 companies listing on the city's stock exchange. The new listings spanned AI chip designers and other technology-driven firms. As China prepares to enter its 15th Five-Year Plan policy cycle, this burst of activity offers a telling preview of where capital markets may be heading.
New energy: Well positioned for offshore listings
Among all sectors, new energy remains the most established candidate for offshore listings. Over the past year, Hong Kong's market has repeatedly demonstrated its capacity to absorb battery manufacturers, energy equipment suppliers and system-level players. Large fundraising amounts, strong participation from international investors and relatively stable post-listing trading have created clear market benchmarks.
AI and computing power: Fast-track to listings
AI and computing power represent two of the most capital-intensive focus areas under the 15th Five-Year framework. Chip development, computing architecture and software-hardware integration require substantial capital expenditure by companies within compressed timeframes.
Semiconductors and advanced manufacturing: Valuations taking shape
Conditions for offshore listings in semiconductors and advanced manufacturing are gradually improving. As more technology-oriented companies have raised funds in recent years, investor understanding of these sectors has deepened and valuation frameworks have become clearer.
Intelligent driving and robotics: Preparing for mass production
The intelligent driving and robotics sectors are approaching a critical commercial inflection point. As more companies complete offshore listings, valuation frameworks across the supply chain are becoming clearer.
A recent report by China Merchants Securities International forecasts that China's humanoid robotics sector will begin accelerating in 2026, supported by improvements in large-model generalization, hardware maturity and falling costs. As mass production and overseas deliveries increase, companies in this space are expected to face rising demands for scale and stable funding — further strengthening the case for offshore listings.
Spin-offs: An extension strategy for large conglomerates
Under the 15th Five-Year cycle, spinoff listings are increasingly emerging as a strategic extension for large technology groups — particularly where core technology units align closely with national priorities but have growth trajectories and capital needs divergent from their parents. The aim is to give computing, chip and critical technology platforms clearer industrial identities and connect them directly with long-term capital and specialist investors.
As the 15th Five-Year Plan continues to emphasize technological self-reliance and the role of finance in serving the real economy, such spinoffs not only help unlock hidden value within conglomerates but also establish funding and valuation structures better aligned with the development stages of critical technology businesses.
This is part 3 in a 5 part series. To read previous parts, click on the links below:
15th Five-Year Plan: Solar and property wait for the next policy tide
15th Five-Year Plan: Opportunities and trade-offs under technological self-reliance
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