China’s GigaDevice Semiconductor Inc. has officially launched its Hong Kong initial public offering, aiming to raise up to HK4.68 billion ($601.47 million) as it seeks a dual-listing on the city’s exchange. According to a regulatory filing submitted on Wednesday, 31st December 2025, the Shanghai-listed chip designer is offering 28.9 million H shares with an indicative price range between HK$132.00 and HK162.00 per share. The company, which specializes in flash memory and microcontroller units (MCUs), has secured backing from 18 cornerstone investors, including tech giants Xiaomi and TCL, who have collectively committed approximately $300 million to the offering.
The listing comes during a significant resurgence for the Hong Kong capital markets, which have seen a flurry of activity from mainland Chinese technology and artificial intelligence firms. GigaDevice plans to utilize the net proceeds primarily for the research and development of next-generation memory chips and analog products, as well as for potential strategic acquisitions and global business expansion. China International Capital Corporation (CICC) and Huatai Financial Holdings are serving as the joint sponsors and bookrunners for the IPO. The company’s shares are expected to be officially listed and begin trading on the Main Board of the Hong Kong Stock Exchange on 13th January 2026.
Joining the year-end “gold rush” is the Chinese artificial intelligence startup MiniMax Group, which also filed for a Hong Kong IPO on Wednesday. MiniMax is targeting a capital raise of up to HK$4.19 billion (165.00 apiece. Backed by Alibaba Group and the Abu Dhabi Investment Authority, MiniMax has emerged as a key domestic challenger to global AI leaders, particularly following the successful launch of its “Hailuo AI” application. The startup is slated to debut on the Hong Kong bourse on 9th January 2026, just days ahead of GigaDevice, marking a major milestone for China’s large language model industry.
