Chinese AI, Chip Firms Soar on Hong Kong Debut After $1.19 Billion IPO Haul

• Three Chinese AI, chip, and robotics firms (Zhipu AI, Shanghai Iluvatar CoreX, Shenzhen Edge Medical) debuted on the Hong Kong stock exchange, raising a combined $1.19 billion (HK$9.3 billion).
• All three companies traded above their offer prices, with Shanghai Iluvatar CoreX up 31.6% and Shenzhen Edge Medical up 36.4%.
• The successful IPOs bolster Beijing's efforts to compete with the U.S. in high-tech and strengthen domestic alternatives to advanced U.S. technology.
• Zhipu AI (AI), Shanghai Iluvatar CoreX (semiconductors), and Shenzhen Edge Medical (surgical robotics) plan to use proceeds primarily for research and development.
• More Chinese tech firms, including Huawei's xFusion, ChangXin Memory Technologies, Baidu's Kunlunxin, MiniMax Group, and OmniVision Integrated Circuits, are also planning or set for listings.

Why It Matters: Chinese AI and chip firms' successful Hong Kong IPOs signal strong tech growth and competition.