Busy Ming Group Co., Ltd. (01768.HK) officially launched its initial public offering (IPO) on January 20, 2026. The offering price is set in the range of HK$229.6 to HK$236.6 per share, with a maximum expected fundraising amount of approximately HK$3.336 billion.Leveraging its discount retail model and full franchise system, the company has expanded its store network rapidly from around 6,585 to nearly 20,000 in less than two years, among which approximately 59% are located in the sinking market, cementing its position as the industry leader. Its financials have registered exponential growth, with revenue hitting RMB 39.344 billion in 2024.This IPO has garnered strong backing from eight top-tier cornerstone investors including Tencent, Temasek, BlackRock and Fidelity, with a combined subscription of approximately HK$1.52 billion.
Zenitar Biotech recently submitted its listing application to the Hong Kong Stock Exchange. The company is a late-stage clinical biotechnology company with core products Flunotinib Maleate and Pruinostat Mesylate having entered registration Phase III clinical trials. The prospectus shows that the company has not yet generated operating revenue, with accumulated losses reaching RMB 211 million over the past two years.
ROBOTPHOENIX recently submitted its listing application to the Hong Kong Stock Exchange again. According to Frost & Sullivan, by 2024 revenue, the company is the fifth-largest domestic supplier of industrial robot solutions for China's light industry sector. The prospectus shows that the company's 2024 revenue was RMB 268 million, but it continued to incur losses during the reporting period, with accumulated losses reaching RMB 366 million from 2022 to the first three quarters of 2025.
BOCO Electronics recently submitted its listing application to the Hong Kong Stock Exchange. According to the Frost & Sullivan report, by 2024 revenue, the company is the largest high-performance computing server power supplier in the China market, with a market share of 18.9%. The prospectus shows that the company's revenue in the first nine months of 2025 reached RMB 751 million, representing a 126% year-over-year increase, with profit during the period of RMB 76.11 million. Its overseas business revenue proportion has increased to 34.8%.
XTX Technology recently submitted its listing application to the Hong Kong Stock Exchange. According to CIC, by 2024 revenue, the company ranked sixth among global code-type flash memory chip fabless companies with a 3.7% market share. The prospectus shows that the company's revenue was RMB 442 million with a net loss of RMB 37.136 million in 2024, but achieved a profit turnaround in the first nine months of 2025.
CES 2026 takeaway: memory-rich end-to-end agents will replace toolkits within 24 mos; charge early—AI inference cost kills freemium.
BioRay Biopharmaceutical recently submitted its listing application to the Hong Kong Stock Exchange. According to Frost & Sullivan, the company has ranked first among Chinese pharmaceutical companies by autoimmune disease biologics revenue for two consecutive years since 2023. The prospectus shows it recorded revenue of RMB 1.623 billion and net profit of RMB 91 million in 2024, with a gross margin of 79.2%.
Unique Research's CES 2026 closed-door dialogue reveals AI companies must abandon internet-era thinking and adopt "tiered subscription + usage limits" hybrid models. Tanka CEO Kisson Lin and Emmy-nominated producer Jesse Z analyze market selection, localization, fundraising, and pricing strategies, declaring the freemium model dead. AI firms should charge early to validate value, with future AI evolving into autonomous Agents with enhanced memory and contextual capabilities.
Acorn Pacific Ventures' Benny Liao stated at CES 2026 AI Demo Day that founder relocation to target markets has become a core due diligence metric for AI overseas expansion. Liao emphasized that founders must personally handle Product-Market Fit, sales models, and customer engagement on the ground, warning that remote management fails. Key screening criteria include signal-based localization prioritization, compliance as a veto item, young generalist hiring over senior executives, Net Revenue Retention as the primary health indicator, and paid proof-of-concept as PMF validation. The discussion highlighted that early-stage scaling requires functional separation between sales "hunting" and Customer Success teams to avoid premature hiring pitfalls.
On January 6, 2026, Deshi Bio re-submitted its listing application to HKEX with China Renaissance International as the sole sponsor, less than 8 days after the expiration of its initial prospectus in June 2025, aiming to become the first stock of AI chromosome diagnosis. As a national high-tech enterprise, its core product AI AutoVision® is China’s first AI chromosome diagnosis system certified as a Class III Innovative Medical Device by NMPA, currently under listing registration approval, and ranked first in China with a 30.6% market share in 2024.
Zhongan InfoTech recently filed a listing application with the Hong Kong Stock Exchange. According to a Frost & Sullivan report, the company ranks as China's fourth-largest enterprise-grade AI solutions provider equipped with vertical large model capabilities by 2024 revenue. The prospectus shows the company achieved 2024 revenue of RMB 309 million and net profit of RMB 33.231 million, representing significant growth. Its business core centers on intelligent marketing and operation management solutions, and it has built a capability system covering over 800 AI agents.
NewTimeSpace Report Insights from the 2026 CES closed-door forum show AI firms must solidify domestic business models before overseas expansion. Compliance tops the priority list, with founders relocating to target markets, local talent recruitment and paid POC for demand validation emerging as core hard metrics for 2026 AI globalization.
HKEX 2025 IPOs: HK$285B, #1 globally. 18C tech firms led. NewTimeSpace AI converts hard-tech metrics to value profiles, bridging gaps. NTS enables instant creation & global distribution.
Brain-computer interfaces became a market hotspot in early 2026, primarily driven by news that Neuralink—under Elon Musk—plans to mass-produce devices in 2026. According to public information, Neuralink has completed multiple human implantations, with its invasive technology path aimed at treating neurological diseases. Kaiyuan Securities analysis points out that the industry is still in the early stages of commercialization, with the market characterized by thematic investment style.
Galaxis Technology has re-submitted its listing application to the Hong Kong Exchanges and Clearing Limited (HKEX) in recent days. According to data from Frost & Sullivan, based on shipment volume in 2024, the company is the largest supplier in China's Very Narrow Aisle Autonomous Mobile Robot (VNA AMR) sector, with a market share of 19.3%. The prospectus shows that the company recorded an operating revenue of RMB 721 million in 2024, yet it has not achieved profitability during the reporting period, with a significant cumulative loss.
Standard Robots filed a prospectus with the Hong Kong Stock Exchange again, with CITIC Securities and Guotai Junan International as joint sponsors. According to China Insights Consultancy, Standard Robots ranked among China's four major industrial intelligent mobile robot solution providers by sales volume in 2024. For the first nine months of 2025, revenue was RMB 188 million, up 19.7% year-over-year, while the loss for the period was RMB 163 million, representing an expansion compared to the same period last year.
