The Global Unicorn Summit, hosted by Hong Kong Ta Kung Wen Wei Media Group, continued today (Aug. 25) at the Hong Kong Convention and Exhibition Centre. At the parallel forum on unicorn IPOs in Hong Kong, representatives from HKEX, leading investment banks, and tech companies discussed capital trends, IPO timing, and the commercialisation of humanoid robotics companies.
Frank Zhang, Managing Director of HKEX, delivered a speech, saying that Victoria Harbour is the starting point for countless companies expanding globally. HKEX is committed to building a dynamic and inclusive global innovation capital market, serving as a key bridge for unicorns entering international markets. Zhang noted that Hong Kong's secondary market remains highly active, with southbound capital continuing to flow in, reflecting that global capital is once again focusing on the Chinese market. Hong Kong has become a vital platform connecting China with international investors. For companies, Hong Kong is not just a listing venue but also a channel for ongoing financing, connecting with international investors, and achieving global development.
Zhang also highlighted new trends in Hong Kong's primary market in the first half of the year, including increased internationalisation of the market, Hong Kong's role as a capital hub for Chinese companies' global expansion, technology and AI as key growth drivers, a more diversified industry mix among IPO applicants, and strong aftermarket performance of new listings. In addition, the trend of AIGC-related companies going public is becoming more prominent.
John Baptist Chan, International Partner at King & Wood, noted that the listing of tech-focused unicorns in Hong Kong has become a clear market trend, and HKEX regulators have gained deeper experience in reviewing frontier technologies. However, at the practical level, companies seeking to list under the Chapter 18C pathway for specialist tech companies still face challenges, including the assessment of commercialisation progress, R&D expenditure recognition, and compliance endorsement from seasoned investors.
Chan advised unicorn companies planning to list in Hong Kong to prepare early. In the current environment of geopolitical volatility and tightening data security regulations, companies should engage professional intermediary teams in advance to conduct in-depth reviews of supply chain compliance, client backgrounds, and data security, avoiding last-minute hurdles before filing to ensure a smooth listing review.
David Lau, Co-Head of China Investment Banking and Co-Head of Asia Healthcare Investment Banking at JPMorgan, pointed out that Hong Kong listings are subject to clear sector rotations, with waves lasting several years per sector. When asked about the best time to list, he said the best time is now. Once you see a listing window, seize it – don't wait.
Alex Zhou, founder and CEO of LinkerBot, shared his insights on robotics technology R&D and commercialisation. He explained that the company's business focuses on three main areas: dexterous hands and joints, dexterous manipulation data, and real-world large models. The team has launched several open-source projects, building a technology framework that allows users to complete physical-world tasks through dialogue – no coding required – with applications ranging from traditional tea ceremonies to dumpling-making. Zhou said the company is developing a flexible manufacturing system where robots build robots, which could significantly reduce the material costs of adult robots.
Looking ahead, Zhou said that regardless of short-term industry sentiment, the global number of robots will grow rapidly, and the robotics industry is poised to become the world's largest. China, with its complete industrial system, holds a competitive edge in the global robotics landscape.
Following the forum, the unveiling ceremony for the Zhongguancun Unicorn Enterprise Development Alliance – Hong Kong Unicorn Enterprise Listing Service Workstation was held at the same venue.
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