China's Hard Technology Power — Profiles of IPO Targets Worth Watching Before 2027

In this round of global technology IPO boom, Chinese hard technology companies are also an unstoppable force. From AI chips to semiconductor storage, from embodied intelligence to commercial aerospace, a group of Chinese unicorns are lining up to enter the public markets.

The First Embodied Intelligence Stock: Yushu Technology

Yushu Technology has passed the review, becoming the "First Embodied Intelligence Stock." At the forefront of the AI and robotics integration track, Yushu Technology has taken the lead, becoming an important marker in China's hard technology IPO sequence.

The Leading Pioneer of Domestic Semiconductor Localization: Yangtze Memory and Changxin Technology

Yangtze Memory Technologies was included for the first time in the Hurun Research Institute's "2025 Global Unicorn List" with a valuation of 160 billion yuan, ranking 9th among China's top ten unicorns and 21st globally, becoming the highest-valued new unicorn in the semiconductor industry. Market expectations suggest the company may submit an IPO application to the STAR Market as early as mid-June 2026, with listing expected to be completed by late 2026 to the first half of 2027. Changxin Technology has also entered the IPO process. The IPO of these two memory chip giants will serve as an important test of China's semiconductor industry's self-reliance and controllability.

Domestic AI Chip "Four Little Dragons" Accelerate Gathering

The domestic GPU field is entering a critical moment of capitalization. In December 2025, Moore Thread's first day of listing on the STAR Market saw a rise of over 4 times, followed by a sharp increase in Muoxi shares, Bairen Technology listed in Hong Kong stocks, and Suiyuan Technology completed IPO counseling. Additionally, Kunlun Chip plans to list in Hong Kong. Capital accumulation in China's AI chip sector is rapidly completing.

AI Large Model "Six Little Tigers" Sequentially Launch IPOs

In the AI large model track, Zhipu completed listing counseling filing with the Beijing Securities Regulatory Bureau in April 2025 and is now considering switching to Hong Kong stocks. MiniMax intends to go public in Hong Kong as early as January 2026, and Yuezhian Anmian plans to start its IPO in the second half of 2026 after completing a new round of financing. Baichuan Intelligence is expected to initiate an IPO in 2027.

New Star in Commercial Aerospace: LandSpace

LandSpace is updating its financial reports and preparing for listing. Chinese commercial aerospace companies, modeled after SpaceX, are accelerating their capitalization efforts.

My judgment: Before 2027, China's hard technology IPOs will unfold in a multi-track parallel mode of "semiconductor memory + AI chips + large models + robotics + commercial aerospace." Notably, these targets generally enjoy national strategic support and have more favorable valuation environments in A-shares and Hong Kong stocks compared to U.S. stocks. Investors should closely monitor the expansion pace of Hong Kong stocks and the STAR Market, as this will determine whether Chinese tech unicorns can complete their listings before 2027. #Polymarket每日热点