- Tech-heavy cluster hits record valuation as chip, AI and biotech names lead gains
- Dual listings in mainland China and Hong Kong expand as companies seek broader investor access
Suzhou Industrial Park’s listed companies reached a combined market capitalization of 1.2 trillion yuan ($177 billion) by the end of May, up 32% from the start of the year and a record high, according to figures released at a June 8 meeting on high-quality development of listed firms.
The park said it hosts 74 listed companies, with several of them having crossed the 100-billion-yuan market-cap level.
Two companies have gone public on Hong Kong Stock Exchange so far this year, including reusable packaging firm Alsco (优乐赛共享) and biopharma TenNor Therapeutics (丹诺医药).
An increasing number of firms have pursued dual listings in mainland China and Hong Kong to widen their investor base, diversify funding channels and raise their international profile, the June 8 meeting heard.
Naxinwei (纳芯微), an analog chipmaker, became the first company from the park to complete a dual listing in mainland China and Hong Kong when it debuted on the Hong Kong Stock Exchange on December 8, 2025.
This offering follows its 2022 listing on Shanghai Stock Exchange’s STAR Market. The semiconductor company focuses on sensors, signal chain products and power management.
Officials did not disclose the total number of companies with dual listings in the park.
Cutting-edge tech
Industrial park companies remain heavily concentrated in advanced technology sectors, including AI computing, optical communications, semiconductors and biomedicine.
Suzhou TFC Optical Communication Co. (天孚通信) anchors the park’s optical communications and AI infrastructure supply chain.
The company produces upstream optical components rather than full optical modules, supplying parts that account for roughly 70% of module value in its segment.
That position has tied it closely to Nvidia’s supply chain and made it a key supplier for high-speed optical modules.
TFC became the first company globally to deliver 800G and 1.6T optical engines. Revenue from active optical components rose 81% in 2025 to nearly 3 billion yuan.
As of May 2026, TFC’s market capitalization stood at about 270 billion yuan, ranking it among the largest listed companies in the industrial park.
Overall, the park’s listed firms show strong technological concentration and growth momentum. It hosts 23 STAR Market companies, accounting for 40% of Suzhou’s total and 20% of Jiangsu Province’s total.
Biotech companies listed in Hong Kong account for 20% of Chapter 18A issuers.
A China-Singapore collaboration
Suzhou Industrial Park launched in 1994 as a government-to-government cooperation project between China and Singapore.
It adopted Singapore-inspired administrative and planning practices, shaping a pro-business environment centered on investor services, industrial coordination and integrated urban development.
