Chinese Concept Stocks and Crypto Companies—The “Third Force” in the IPO Wave Before 2027

While SpaceX, OpenAI, and Anthropic dominate all headlines, two other forces are quietly gathering—China’s hard-tech companies and China’s crypto/Web3 enterprises—both of which may also complete IPOs before 2027, becoming an undeniable “third force.”

The “Big Three” Smart Glasses Companies Secretly Vie for IPO

In April 2026, China’s AR glasses brand XREAL submitted a prospectus to the Hong Kong Stock Exchange, becoming the first smart glasses company in the true sense of the term to go public. After that, there were reports that Rokid is preparing to apply to list on the Hong Kong Stock Exchange as early as the end of April. The smart glasses sector is entering a key period of concentrated capital-raising.

A New Champion in Optoelectronic Hybrid Computing: Xizhi Technology

Xizhi Technology, an optoelectronic hybrid computing unicorn backed by Sequoia and Tencent, plans to IPO in Hong Kong. The process is expected to start within the year at the latest, and it is expected to raise between $300 million and $400 million. Optoelectronic hybrid computing is seen as one of the key paths to breakthroughs in computing in the post-Moore era, and its progress in the capital markets is worth watching long term.

China’s Large-Model “Army”: The A-Share/Hong Kong Route

In addition to companies mentioned earlier—such as Baichuan Intelligence, MiniMax, and Moonshot AI—Zhipu has completed the filing and registration for listing counseling. It is the first company among the “Six Little Tigers” of large models to kick off the IPO process, and it is currently considering shifting its push toward Hong Kong stocks. Unlike U.S. AI companies, China’s large-model AI enterprises are more inclined to take routes through Hong Kong and A-shares, especially the STAR Market and the Hong Kong Stock Exchange.

The Possibility of Crypto-Industry IPOs

Although Coinbase has been listed for years, a new round of IPOs for crypto infrastructure companies is also brewing. The recovery of the U.S. stock IPO market in 2025 has sent positive signals to crypto firms. Circle (the issuer of USDC) has long been rumored to be considering an IPO. Galaxy Digital has chosen to list in Canada but is still keeping an eye on the U.S. route. Other crypto infrastructure companies may also rush to IPO before 2027 if their compliance conditions are met.

My take: If SpaceX and OpenAI ignite the AI and aerospace sectors, then China’s hard-tech and China’s crypto enterprises will be the “third force” in the IPO wave before 2027. The IPO timelines for XREAL, Xizhi Technology, and large-model companies are expected to cluster in the second half of 2026 through 2027. Unlike U.S. super unicorns, these targets are more easily influenced by China’s regulatory environment and the liquidity in Hong Kong stocks. Investors who are watching these sectors should focus more on developments in China’s STAR Market and Hong Kong Stock Connect, rather than only concentrating on U.S. stocks.

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