Huawei ecosystem, mass incubating IPOs
In the capital market in 2026, "Huawei - affiliated" companies are making a concentrated appearance at an unprecedented density.
Half a month ago, Siger New Energy, founded by Xu Yingtong, the former president of Huawei's intelligent photovoltaic business, officially listed on the main board of the Hong Kong Stock Exchange. On the first day of listing, its stock price soared by more than 103%, and its market value exceeded HK$100 billion. The public offering was over - subscribed by 1,102 times, freezing funds of over HK$350 billion, setting a double record for the subscription multiple and frozen funds of Hong Kong stock IPOs in 2026. This energy storage enterprise, which has been established for less than four years, took only two years to go from zero to the first in the global distributed photovoltaic - energy storage integrated machine market share.
Before Siger New Energy, Super Fusion, a computing power giant, launched the listing guidance in January 2026 and completed the guidance acceptance in April. This enterprise, which originated from Huawei's X86 server business, had a revenue of over 43.5 billion yuan in 2024 and a valuation of over 60 billion yuan. It is sprinting towards the A - share market at a "lightning" speed. Coincidentally, in February 2026, Chengtai Technology, a millimeter - wave radar supplier co - founded by two former Huawei engineers, obtained the record - filing from the China Securities Regulatory Commission for its Hong Kong IPO, aiming to be the "first stock in the millimeter - wave radar industry".
From computing power infrastructure to intelligent driving sensors, and then to new energy storage systems, Huawei's "former employee legion" is making efforts simultaneously on multiple core tracks of China's technology industry. These entrepreneurs have taken away Huawei's technological genes and global vision, and also carry the great expectations of the capital market for the "Huawei - affiliated" brand.
Meanwhile, Huawei itself has also made extensive layouts through its subsidiary Hubble Investment, using capital as a link to build an independently controllable industrial chain ecosystem. According to Qichacha data, Hubble Investment has a total of 132 external investment projects, and more than a dozen of them have successfully completed IPOs. They are Han Tian Tian Cheng, Qiangyi Co., Ltd., Onray Microelectronics, Tianyu Semiconductor, Tianyue Advanced Materials, Xidian Co., Ltd., Saimu Technology, Huafeng Technology, Meixincheng, Yutai Microelectronics, Jiehuat Microelectronics, Yuanjie Technology, Weijie Chuangxin, Changguang Huaxin, Dongwei Semiconductor, Juguang Technology, and Dongxin Co., Ltd.
Obviously, a capital story centered around Huawei is unfolding in multiple dimensions.
"Huawei - affiliated" companies are accelerating their sprint into the capital market
Among Huawei - affiliated startup companies, Super Fusion is undoubtedly the one with the largest scale and the highest strategic significance.
Super Fusion's birth bears a distinct external mark. In September 2021, due to the chip and software license cut - off caused by US sanctions, Huawei spun off its X86 server business as a whole and established Super Fusion Digital Technology Co., Ltd., which is controlled by Henan state - owned assets. Liu Hongyun, the former president of Huawei's Asia - Pacific region, led the core team to operate independently, almost retaining the R & D team of Huawei's X86 servers intact.
From "surviving" to "charging forward", Super Fusion's growth rate has caught the industry by surprise. Data shows that the company's revenue exceeded 10 billion yuan in 2022, over 28 billion yuan in 2023, reached 43.5 billion yuan in 2024, and in the first half of 2025, it jumped to the second place in the Chinese server market with 26.8 billion yuan in revenue.
In terms of capital operation, Super Fusion's pace is also rapid. On December 31, 2025, Super Fusion signed a guidance agreement with CITIC Securities; it was officially recorded on January 6, 2026, and completed the guidance acceptance on April 22. It only took three and a half months from signing the agreement to completing the guidance, which can be called a "lightning war". What attracts more market attention is its shareholder lineup: China Mobile, China Telecom, Hillhouse Capital, CICC Capital, China Merchants Capital, etc. are prominently listed, which can be regarded as a collective endorsement of the "computing power national team". This configuration not only paves the way for Super Fusion's subsequent IPO but also largely locks in its policy and industrial positioning as a core domestic computing power platform.
Different from Super Fusion's "business spin - off" path, Chengtai Technology presents a more typical "Huawei people start a business" story. In 2016, Chen Chengwen, who once served as a technical supervisor in Huawei's Central Research Department, joined hands with Zhou Ke, who also had work experience at Huawei, to establish this millimeter - wave radar supplier in Shenzhen.
On June 23, 2025, Chengtai Technology submitted its prospectus to the Hong Kong Stock Exchange for the first time, planning to list on the exchange under Chapter 18C. In 2026, Chengtai Technology's listing process has significantly accelerated. In February 2026, its Hong Kong IPO obtained the record - filing from the China Securities Regulatory Commission, and it updated its prospectus in March. The latest data shows that its annual revenue in 2025 has exceeded 1.1 billion yuan. From 57.65 million yuan in 2022 to 1.1 billion yuan in 2025, in just three years, Chengtai Technology has proven its competitive barriers in the millimeter - wave radar market with its performance. However, how to reduce customer concentration and expand a diversified customer group of automobile enterprises will still be the core proposition it needs to answer after listing on the Hong Kong stock market.
Among the three representative enterprises, Siger New Energy is the most dramatic. Its founder, Xu Yingtong, worked at Huawei for nearly 23 years and once made Huawei's photovoltaic inverter business the world's first in terms of shipment volume. He left Huawei to start a business in May 2022, also targeting the photovoltaic - energy storage track. What is amazing is its growth curve. From 2023 to 2025, the company's revenue soared from 58 million yuan to 9 billion yuan, a 154 - fold increase in three years; the net profit in 2025 reached 2.919 billion yuan. Behind its IPO this time, there is a lineup of cornerstone investors composed of more than 20 top - tier institutions such as Temasek, Goldman Sachs Asset Management, and UBS.
However, just before the listing, Huawei filed a request for handling a patent infringement dispute against Siger New Energy, claiming that it was suspected of infringing multiple patents. This game between the "former employer" and the "new apprentice" adds a complex background to Siger New Energy's capital story. On the one hand, it reflects that Huawei is adopting a more proactive intellectual property strategy to protect its own technological assets; on the other hand, it also poses a worthy - of - attention question to the capital market: Have those startup enterprises that highly rely on Huawei's technical team made sufficient isolation and proof in terms of technological autonomy and intellectual property boundaries?
Overall, "Huawei - affiliated" enterprises such as Super Fusion, Chengtai Technology, and Siger New Energy, although different in scale, track, and capital rhythm, have all taken a crucial step in the capital market. Whether they can continuously prove their long - term value will largely shape the final quality of the "Huawei - affiliated" in the capital market.
"Huawei - affiliated" companies are queuing up to announce financing
If IPO is the concentrated appearance of "Huawei - affiliated" enterprises in the secondary market, then in the primary market financing track, this force has already shown a dense trend of queuing up to enter.
Compared with enterprises such as Super Fusion, Chengtai Technology, and Siger New Energy, which have reached the listing stage, more Huawei - affiliated startup companies in the growth stage are continuously attracting the attention of capital with a faster rhythm, higher valuation, and more cutting - edge tracks. From embodied intelligence to operating systems, from physical AI to brain cognitive algorithms, these entrepreneurs have taken away not only Huawei's technological methodology but also a way of doing things of "intensive investment and systematic thinking". And the capital market is obviously willing to pay for this gene.
Among many Huawei - affiliated startup projects, Zhipu Robotics is undoubtedly one of the most topical cases.
At the end of 2022, Peng Zhihui (Zhi Huijun), who was highly concerned as a "genius youth" at Huawei, left Huawei and founded Zhipu Robotics at the beginning of the next year, quickly entering the embodied intelligence track. As of now, Zhipu Robotics has completed multiple rounds of financing, and its shareholder list includes industrial and financial capitals such as Hillhouse, Matrix Partners, and BYD. Its valuation has entered the first echelon of the domestic humanoid robot track.
It is worth mentioning that since 2026, Zhipu Robotics has begun to extend from a single "financing party" to an "investor". With the strategy of independent financing through spun - off businesses, it has become a new focus in the capital market and the industrial end. Entities under Zhipu Robotics, such as Lingjiedian Innovation, Mifeng Technology, and the robot leasing platform Qingtianzu, have successively completed hundreds of millions of yuan in financing, constructing an operating matrix of multi - pronged attacks. Meanwhile, in April this year, Zhipu Robotics also jointly participated in the over - 100 - million - yuan Series C+ financing of the force - sensing sensor enterprise Blue Dot Touch with Galaxy General, further extending its layout upstream of the industrial chain.
Zhipu Robotics' explosion in the capital market is not an isolated case. A more intensive "Huawei - affiliated" startup map is accelerating in the field of embodied intelligence and its upstream and downstream industries. It is worth noting that the direction of these entrepreneurs' moves is not a simple replication of Huawei's existing business but a search for breakthroughs in a more fundamental technological architecture.
An eye - catching scene occurred on April 16. Itstone Intelligence, founded by Chen Yilun, the former CTO of Huawei's autonomous driving system, announced the completion of a $455 million Pre - A round of financing, breaking the single - round financing record in the field of embodied intelligence in China. This is already the second time Itstone Intelligence has set a record in the industry: as early as 2025, the company completed the largest - scale angel round financing in the history of embodied intelligence in China with $242 million. In just one year since its establishment, this young unicorn has successfully entered the first echelon of the embodied intelligence industry.
In addition, a group of Huawei - affiliated technical backbones are intensively pouring into the AI and embodied intelligence startup tracks and have successively received capital support.
"Oula Wuxiang", founded by Zhou Shunbo, the former head of Huawei Cloud's Physical Intelligence Innovation Lab in March 2026, recently announced the completion of a seed - round financing of tens of millions of yuan. The investors include Wuyuan Capital and Hillhouse Venture Capital; "Junao Panshi", an embodied intelligence company founded by Zhu Senhua, the former director of Huawei Cloud's AI Algorithm Innovation Lab and the person in charge of Huawei Cloud's embodied large - model, completed a seed - round financing of tens of millions of yuan at the beginning of this year; "Songying Technology", a physical AI system company founded by Nie Kaixuan, the former deputy commander of Huawei Cloud's Kunpeng Solution and the general manager of cloud interaction and cloud games, completed three rounds of financing, namely the angel round, Pre - A, and Pre - A+, within 10 months, with a cumulative investment of hundreds of millions of yuan... Such examples are too numerous to enumerate.
Obviously, the attitude of the capital market towards such projects is also quite clear. From 2024 to 2026, the "Huawei - affiliated" has become one of the "standard" labels for many VC institutions in the hard - technology track. On the one hand, Huawei's technological training and process management capabilities have significantly reduced the execution risks of startup teams; on the other hand, the preference of Huawei - affiliated entrepreneurs for "large - platform, long - cycle, high - barrier" projects is highly consistent with the current mainstream narrative of "investing in early - stage, small - scale, and hard - technology" in the primary market.
It can be predicted that as enterprises such as Zhipu Robotics and Itstone Intelligence continue to mature, and more Huawei - affiliated projects in the incubation period gradually surface, the secondary market will welcome more "Huawei - affiliated" members.
How are "Huawei - affiliated" companies nurtured?
Behind the dense IPO queuing and financing announcements, a deeper question naturally arises: Why Huawei? Why can Huawei's former employees be so intensively sought after by capital in hard - technology tracks such as computing power, intelligent driving, embodied intelligence, and semiconductors? The answer cannot be simply summarized as the "Huawei halo".
The appeal of Huawei - affiliated companies in the capital market essentially stems from three layers of logic.
The first layer is "endorsement of people". Huawei's system forges talents in an all - round way: from technology R & D to market expansion, from supply chain management to global operation, every link has been subjected to extreme stress tests. Xu Yingtong's 23 - year experience at Huawei enabled him to quickly replicate Huawei's "saturation attack" strategy after founding Siger New Energy and cover his business in 85 countries and regions within two years. Chen Chengwen's experience in CPU R & D and testing at Huawei's Central Research Department laid the foundation for Chengtai Technology's self - developed millimeter - wave radar algorithm. In the eyes of capital, Huawei's "graduates" carry the label of "being able to fight".
The second layer is "fit of tracks". Huawei - affiliated entrepreneurs are not randomly scattered in various industries but are highly concentrated in national strategic - level tracks such as computing power, intelligent driving, new energy, and semiconductors. These tracks themselves are the hottest investment directions in the current Chinese capital market. The combination of the "Huawei - affiliated" label and the popularity of the tracks has produced a significant multiplier effect.
The third layer is "extension of the ecosystem". Huawei not only exports talents in the form of "former employees" but also builds an industrial chain ecosystem through its subsidiary Hubble Investment with capital as a link.
Hubble Investment was established in 2019 and is wholly - owned by Huawei Investment & Holding Co., Ltd., with a registered capital of 3 billion yuan and a management scale of about 7 billion yuan. According to Qichacha data, Hubble Investment has a total of 132 external investment projects, focusing on all aspects of the industrial chain such as semiconductor chip design, EDA tools, packaging and testing, semiconductor materials and equipment.
More than a dozen of these projects have successfully completed IPOs, namely Han Tian Tian Cheng, Qiangyi Co., Ltd., Onray Microelectronics, Tianyu Semiconductor, Tianyue Advanced Materials, Xidian Co., Ltd., Saimu Technology, Huafeng Technology, Meixincheng, Yutai Microelectronics, Jiehuat Microelectronics, Yuanjie Technology, Weijie Chuangxin, Changguang Huaxin, Dongwei Semiconductor, Juguang Technology, and Dongxin Co., Ltd... All of them belong to the hard - technology track, covering multiple sub - fields such as silicon carbide substrates, CMOS image sensors, RF chips, Ethernet chips, analog integrated circuits, power semiconductors, and semiconductor testing equipment.
Different from ordinary financial investment, Hubble Investment's layout logic has distinct industrial chain synergy characteristics. Its investment direction mainly revolves around the upstream and downstream of Huawei's core business. In essence, it is to accelerate the construction of the domestic semiconductor supply chain through capital means. In recent years, Hubble Investment has further extended its reach to the fields of AI large models and embodied intelligence, and has invested in star enterprises such as Mianbi Intelligence, Qianxun Intelligence, and Jijia Vision.
Looking at the performance of Huawei - affiliated companies in the capital market, a unique ecosystem is taking shape: on one end, Huawei's former employees leave to start businesses with technological genes and management methodologies, creating new situations in tracks such as computing power, intelligent driving, and energy storage; on the other end, Huawei itself weaves an independently controllable supply network in the semiconductor industrial chain through Hubble Investment with capital as a link.
The intersection of these two lines forms the most systematic "Huawei - affiliated" capital map in China's technology industry.
This article is from the WeChat public account "Rongzhong Finance" (ID: thecapital), author: Feng Xiaoting, editor: Wuren. It is published by 36Kr with authorization