Three Chinese technology firms raised a combined $1.19 billion in new listings in Hong Kong, trading above their offer prices. Zhipu AI opened 3.3% higher, Shanghai Iluvatar CoreX started 31.6% higher, and Shenzhen Edge Medical jumped 36.4%. The Chinese government fast-tracks AI and chip listings to compete with the U.S.

Zhipu AI, spun out of Tsinghua University, raised HK$4.35 billion at HK$116.20 with a valuation near HK$51 billion. It plans to use proceeds for research and development. Cornerstone investors include JSC International Investment Fund and JinYi Capital Multi-Strategy Fund. Analysts believe China’s AI story is just beginning.

Shanghai Iluvatar CoreX raised HK$3.48 billion and Shenzhen Edge Medical raised about HK$1.12 billion. The trio’s performance will determine if Hong Kong can continue last year’s IPO resurgence, with the debut pipeline growing for more listings. MiniMax Group and OmniVision Integrated Circuits are set to start trading soon.

Read more at Yahoo Finance: Zhipu AI, other Chinese tech firms rise in Hong Kong debut as race with US heats up