the biggest IPO boom of the year

Today (June 17th), Wu Qing, the chairman of the China Securities Regulatory Commission, sent out a significant signal at the 2026 Lujiazui Forum:

1. Expand the scope of application of the fifth set of standards for the Science and Technology Innovation Board to the field of large AI models;

2. Support eligible Hong Kong - listed companies to list on the mainland market to better promote the coordinated development of the two markets.

Meanwhile, he also mentioned supporting more hard - tech enterprises in fields such as quantum technology, bio - manufacturing, and embodied intelligence to list on the Science and Technology Innovation Board.

In this way, not only will the domestic AI industry enter a period of concentrated realization, but it is also expected to create a rare wave of listings. The window has opened, and the tide is surging.

AI takes the lead, and a historic listing window has arrived

We've been eagerly awaiting this.

Wu Qing, the chairman of the CSRC, explained the logic behind the change at the forum: Actively embrace the new round of scientific and technological revolution and industrial transformation, and continuously enhance the inclusiveness and adaptability of the capital market system.

Specifically, expand the scope of application of the fifth set of standards for the Science and Technology Innovation Board to the field of large AI models; implement the strategic deployment for the development of future industries, and support quantum technology, bio - manufacturing, and embodied intelligence and other "hard - tech" enterprises in more fields to list on the Science and Technology Innovation Board.

In addition, steadily promote the in - depth reform of the Growth Enterprise Market, increase support for new types of consumption and modern service industries, and better serve the development of growth - oriented innovation and entrepreneurship enterprises.

This scene will have far - reaching impacts. Remember on December 26th last year, an announcement from the Shanghai Stock Exchange excited the venture capital circle - commercial rocket enterprises could apply the fifth set of listing standards for the Science and Technology Innovation Board. Since then, the door to IPOs in the commercial space industry has opened, leading companies have accelerated their IPO processes, and the capital market has witnessed a prosperous year for the commercial space industry.

Now, a similar scene has come to the field of artificial intelligence.

Coincidentally, the first - round financing of DeepSeek is coming to an end, and the list of investors is highly anticipated: It includes founder Liang Wenfeng, Tencent, NetEase, JD.com, the CATL system, Zhenxing Valley Capital, Shixiang Technology, Monolith Capital, IDG Capital, and a long list of others. Meanwhile, rumors about DeepSeek's listing have been intensifying - now, theoretically, the obstacles to its listing on the Science and Technology Innovation Board are gradually being removed.

There is also Kimi from the Dark Side of the Moon. The latest news is that the Dark Side of the Moon has been reported to have launched a new round of financing, and its pre - investment valuation has risen to $30 billion. Although the official stated at the end of last year that it would not list in the short term, various signs indicate that an IPO is just a matter of time, and of course, there is also the question of the location - A - share or Hong Kong stock market?

And there is Jieyue Xingchen. Last month, the investment community learned that Jieyue Xingchen is about to complete a new financing of $2.5 billion (approximately RMB 17 billion). So far, it has raised over RMB 20 billion in just a few months this year. At this scale and speed, the venture capital circle is expected to see another IPO worth over 100 billion.

At that time, an insider told us that Jieyue Xingchen has also removed its red - chip structure, clearing the key obstacle for its Hong Kong IPO. Will it compete for an A - share listing this time? It's really thought - provoking.

Of course, a larger IPO lineup is coming in full force.

Looking at the fields of quantum technology, bio - manufacturing, and embodied intelligence, Yushu Technology's IPO application on the Science and Technology Innovation Board has been successfully approved, and companies like Yinhe Tongyong, Zhiyuan Robotics, Yunshenchu, and Guoyi Quantum are all on the way. These cutting - edge fields open up greater room for imagination.

These are the areas where the most capital from the primary market flows, and a large amount of real money has supported many Chinese technology unicorns. We will witness a wave of IPOs.

The return wave: The era of Chinese companies worth over 100 billion

There is another scene -

Wu Qing, the chairman of the CSRC, also said that he supports eligible Hong Kong - listed companies to list on the mainland market to better promote the coordinated development of the two markets.

Currently, the process of Hong Kong - listed technology companies returning to the A - share market has attracted much attention. In the past six months, a group of AI companies have successively listed on the Hong Kong stock market and quickly achieved astonishing market value performances. The most typical ones among them are Zhipu and MiniMax.

First, Zhipu listed at an issue price of HK$116.2, becoming "the world's first large - model stock." Since then, its stock price has soared, with a gain of over 10 times, and its market value once reached nearly HK$900 billion.

MiniMax's performance has also been remarkable. Its stock price has tripled since listing and recently had a correction.

Dramatically, the two companies have started queuing up to return to the A - share market -

Zhipu announced that it plans to apply for an initial public offering of A - shares and list on the Science and Technology Innovation Board. Zhipu gave three reasons for listing on the A - share market, including continuous investment in R & D, the A - share issuance will provide additional funds for the company, and enhance its influence and voice in the AI field.

Coincidentally, MiniMax has also submitted a record for A - share listing counseling. The two leading large - model companies are meeting again in the A - share market.

This lineup is still growing. Hong Kong - listed companies such as AI company FanShi Intelligence, robotics enterprise Yuejiang Technology, and innovative pharmaceutical company Ying'en Biotech are also at the door of A - share IPOs.

The capital market serves new - quality productivity, and technology has been placed in an unprecedentedly important position. As a result, resources from all parties are converging - most people firmly believe that a new batch of Chinese companies worth over 100 billion will emerge here.

This article is from the WeChat official account "Investment Community" (ID: pedaily2012), written by Yang Jiyun and Wang Lu, and published by 36Kr with authorization.