This week, 10 new companies completed their domestic IPO preparatory filings, with the semiconductor sector accounting for three of them.
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This week, three more companies received approval for Hong Kong IPOs, including A-share companies Beijing Junzheng and Sifang Jingchuang.
According to information disclosed on the China Securities Regulatory Commission (CSRC) website on July 5th, three new companies received approval for overseas listing or full circulation of their unlisted shares this week (June 29th to July 5th), all listed on the Hong Kong Stock Exchange. Among them, Beijing Junzheng, a leading memory chip manufacturer, and Sifang Jingchuang, a fintech service provider, are already listed on the A-share market, with market capitalizations of RMB 125.5 billion and RMB 11 billion respectively. They plan to issue no more than 61.658 million and 67.8052 million shares respectively in their Hong Kong listing plans. Feishi Technology is an electric drive solutions provider. Its revenue is expected to reach RMB 1.625 billion in 2025, with new energy vehicle solutions accounting for 50.7% of its business, but it has not yet achieved profitability. The company first attempted to list on the Science and Technology Innovation Board (STAR Market) in 2021, but was rejected in November of the same year. It first submitted its application to the Hong Kong Stock Exchange on October 31, 2025, but the application automatically expired upon the expiration of its validity period. This second attempt to list in Hong Kong involves issuing no more than 32.2908 million shares and converting a total of 116 million unlisted domestic shares held by existing shareholders into H shares. (Science and Technology Treasure News)
22 companies filed for Hong Kong Stock Exchange listings in one week: AI semiconductor supply chain dominates the headlines, with star companies like Avita among them.
Mars Finance reported on July 5th that, according to disclosures by the Hong Kong Stock Exchange (HKEX), from June 29th to July 4th, a total of 22 companies submitted IPO prospectuses to the HKEX, including Shengwei Times, Liante Technology, Shengjing Network, Yangtuo Holdings Inc., Longxun Semiconductor, Haote Energy Saving, Tongao Testing, Daotong Technology, Keli Limited, Avita, Wubo Technology, Jiaxuan Intelligent, Oulin Biotechnology, Yuanhai International, Silicon-based Flow, Huaneng Design Institute, Senyi Intelligent, Joint Stock Company National Company Kazakhstan Temir Zholy, Liding Semiconductor, Jingze Biotechnology, Hongxinyu, and Jingwang Electronics. Among the 22 companies that submitted their prospectuses, 5 A-share listed companies simultaneously applied to the HKEX, triggering a new wave of "A+H" dual listings. Among them, Jingwang Electronics leads with a market capitalization of 70.949 billion yuan. This leading PCB manufacturer's revenue exceeded 10 billion yuan each year from 2023 to 2025, with a compound annual growth rate of 46% in profits over three years. The company has significant related-party transactions with Luxshare Precision, and the demand for PCBs driven by AI computing power is its core growth logic. Liante Technology is a leading optical module manufacturer from Wuhan and one of the few global suppliers with vertical integration capabilities for 800G/1.6T optical modules, with a latest market capitalization of 38.764 billion yuan. Daotong Technology, Orin Biotech, and Longxun Semiconductor are from the automotive intelligent diagnostics, human vaccines, and high-speed video chips sub-sectors, respectively, and are all star companies on the Science and Technology Innovation Board, with latest market capitalizations of 17.418 billion yuan, 17.319 billion yuan, and 11.562 billion yuan, respectively. All three companies appeared as "spin-off subsidiaries." Wubo Technology is a smart logistics supply chain service provider for ferrous bulk commodities under Yankuang Energy. Based on 2025 Gross Transaction Value (GTV), it is the largest smart logistics platform in China's steel and metallurgical industry. Tongao Testing, spun off from the Hong Kong-listed Anton Oilfield Services, ranks second among professional testing institutions in China's oil and gas industry's integrated TIC solutions market and is a leading independent oil and gas testing TIC service provider. Liding Semiconductor, backed by global PCB leader Zhen Ding-KY, mainly produces high-end IC substrates such as FCBGA and FCCSP. Based on 2025 revenue, it ranks third among IC substrate manufacturers in mainland China. Of the 22 companies, AI and semiconductor-related companies account for nearly half. From upstream chip design (Longxun Semiconductor), memory (Hongxinyu), and IC substrates (Liding Semiconductor), to midstream optical modules (Liantech) and PCBs (Jingwang Electronics), and then to AI infrastructure (Silicon-based Flow), the entire AI industry chain is represented. Among them, Silicon-based Flow has applied for listing under the Hong Kong Stock Exchange's Chapter 18C Special Technology Companies Rules. Established only 34 months ago, its valuation has increased more than 33 times in three years, reaching a latest valuation of 7.74 billion yuan. Alibaba, Huawei, Meituan, and Innovation Works are all shareholders. This time, it aims to become the first "AI Token Factory" listed in Hong Kong. Hongxinyu's revenue exceeded US$1 billion and net profit exceeded US$500 million in the first four months of 2026, representing a more than 30-fold increase in net profit. Based on 2025 revenue, it will be the fifth largest independent memory manufacturer globally and the second largest in mainland China. Multiple high-profile targets from various sectors are simultaneously emerging. In the new energy sector, Avita is a rare Hong Kong IPO target in the domestic high-end new energy vehicle field. The company is jointly established by Changan Automobile, CATL, and Huawei. It achieved operating revenue of 5.645 billion yuan, 15.2 billion yuan, and 25.6 billion yuan in 2023, 2024, and 2025 respectively, achieving a leapfrog growth in revenue over three years; however, its losses are also increasing, accumulating to approximately 11.2 billion yuan over three years. In the AI healthcare field, Senyi Intelligent, as China's largest provider of intelligent hospital healthcare solutions, has served over 800 hospitals. Its shareholders include Tencent, Sequoia Capital, and IDG. Meanwhile, Kazakhstan Railways, controlled by Kazakhstan's sovereign wealth fund, is a state-owned transportation and logistics giant operating a vital land transport corridor connecting Central Asia with China and Europe. Its IPO in Hong Kong, as a key infrastructure company in a Belt and Road Initiative country, has attracted widespread market attention. (Science and Technology Treasure News)
Data: Recently listed crypto companies have seen their average stock price fall by 73% from its peak, with Gemini dropping over 90%.
According to a report by 10x Research, recently listed crypto-related companies have seen their share prices plummet from their post-IPO highs. Gemini (GEMI) has fallen 91%, Amber (AMBR) 89%, BitGo (BTGO) 79%, Circle (CRCL) 78%, Coinbase (COIN) 63%, and Securitize (SECZ) 41%. Data shows that these eight recently listed crypto companies are down an average of 73% from their post-IPO highs. The report points out that post-IPO price crashes have become a common phenomenon for crypto IPOs, and investors need to adopt more systematic strategies to cope with such volatility.
SpaceX was officially included in the Nasdaq 100 index this week; historical warnings point to post-inclusion volatility. TeraWulf's Q1 HPC leasing revenue surpassed mining's high-margin annualized revenue of $630 million for the first time.
According to ChainCatcher and BBX data, the world's largest IPO completed its index inclusion milestone yesterday, marking a historic turning point in the valuation logic of mining companies' AI transformation. Key developments are as follows: SpaceX, Inc. (NASDAQ: $SPCX) was officially included in the Nasdaq 100 index this week, becoming the first company in history to have its largest single IPO ($75 billion) included in the Nasdaq 100. CoinDesk also issued a historic warning: "The previous two largest additions to the index—Palantir ($PLTR) in December 2024 and Strategy ($MSTR) in early 2025—both experienced a period of decline after inclusion, rather than initiating a new round of growth." Analysts pointed out that passive funds tracking the Nasdaq 100 completed a "forced buy" at the time of inclusion, and without new fundamental catalysts, the stock price often corrects after the technical buying subsides. SpaceX currently faces specific risks including: a net loss of approximately $4.27 billion in Q1 2026 (primarily due to xAI integration expenses), a $2 billion bond issuance plan, and a 3.4% equity dilution from the $60 billion acquisition of Cursor/Anysphere; Morningstar maintains its fair value estimate of $62 per share, implying a downside of approximately 70% from the current market price. For the market holding SpaceX Bitcoin (18,712 coins, approximately $1.2 billion, custodied in Coinbase Prime), Nasdaq 100 inclusion will trigger larger-scale SPCX holdings by passive funds, further narrowing the indirect exposure of traditional index investors to Bitcoin assets. According to the latest analysis, TeraWulf Inc. (NASDAQ: $WULF) reported $21 million in high-performance computing (HPC) leasing revenue in Q1 2026, accounting for approximately 62% of its total revenue of $34 million. This marks the first time TeraWulf has surpassed Bitcoin mining revenue—a historic reversal in revenue structure since its transformation into an AI/HPC infrastructure company. This represents a 117% increase compared to the $9.7 million in HPC revenue in Q4 2025. The company currently has AI/HPC leases totaling over 522 megawatts signed with Core42 and Fluidstack, with an expected annualized high-margin revenue of approximately $630 million. Its energy mix consists of nuclear power and hydropower, with an average electricity cost of approximately $0.035/kWh, among the lowest of its peers in the mining industry. The company is also developing a new campus in Kentucky, adding approximately 480 megawatts of grid connection capacity; analysts have significantly raised their target price range, with Keefe Bruyette & Woods from $23 to $37, and Clear...
Google Admits Gemini AI Hacked Three Companies—It Stayed Silent for 7 Weeks
Google learned in late July that Gemini had breached three real companies during a May security test, but said nothing publicly for seven weeks.
Momenta, dubbed the "first stock in physics AI," has completed its IPO, with its market capitalization once exceeding HK$70 billion.
Odaily Odaily reports that Momenta, dubbed the "first stock in physical AI," has completed its IPO on the Hong Kong Stock Exchange. The offering price was HK$295.6 per share, and the public offering was oversubscribed by 414 times. The stock opened slightly higher, with its market capitalization briefly exceeding HK$70 billion. Assuming the "greenshoe option" (over-allotment option) is fully exercised, the global offering consisted of approximately 22.93 million shares, raising approximately HK$6.8 billion. According to ZhenFund, Momenta announced that its mass-produced business has surpassed 1 million units equipped with its technology.