Three Chinese tech firms debuted higher in Hong Kong after raising $1.19 billion, setting a positive tone for new listings. Zhipu AI opened 3.3% higher, Iluvatar CoreX started 31.6% higher, and Shenzhen Edge Medical jumped 36.4% above their offer prices.

Chinese authorities are fast-tracking AI and chip listings to compete with U.S. tech. Huawei’s xFusion, ChangXin Memory, and Baidu’s Kunlunxin are planning IPOs. Zhipu AI, spun out of Tsinghua University, raised $4.35 billion with a valuation near $51 billion.

Shanghai Iluvatar CoreX raised $3.48 billion with a market cap near $36.8 billion, focusing on R&D across chips and software. Shenzhen Edge Medical raised $1.12 billion for R&D, commercialization, and acquisitions. Cornerstone investors include Abu Dhabi Investment Authority and Tencent’s Huang River.

The trio’s debut performance will gauge Hong Kong’s IPO resurgence. Last year, $37.2 billion was raised from 115 new listings, the strongest since 2021. MiniMax Group and OmniVision Integrated Circuits are set to start trading on Friday, expanding the IPO pipeline.

Read more at Yahoo Finance: Chinese tech companies, led by Zhipu AI, climb in Hong Kong debut