Jiangsu semiconductor firms attract funding surge as IPO pipeline swells
Four of the 14 Jiangsu companies that have listed on China’s A-share market this year come from the semiconductor industry.
Four of the 14 Jiangsu companies that have listed on China’s A-share market this year come from the semiconductor industry.
Zhejiang’s province-wide total reached 13 listings and 9.94 billion yuan in fundraising during the first five months of the year.
The progress makes it the latest among the so-called “Hangzhou Six Dragons” to move toward public markets.
The company has developed an end-to-end platform covering design, validation, algorithms, testing and mass production, allowing it to deliver system-level solutions across braking, steering and motion control.
During over-the-counter (OTC) trading the day before the company went public, shares had already leaped 169.29% to HK$20.52, signaling strong pre-debut momentum.
The headquarters is intended to serve as a centralized operations hub, supporting management, coordination and long-term growth, according to company filings.
The Hangzhou-based company’s public tranche was oversubscribed about 1,071 times, with total margin financing and subscriptions reaching HK$131.2 billion ($16.75 billion).
Zhejiang has remained one of China’s most active IPO regions, with the province accounting for eight deals — roughly a quarter of the total in the first quarter of 2026.
While corporate registration changes completed in March 2026 often precede IPOs, Zhu reiterated the company is concentrating on product launches rather than listing in the near term.
The offering marks Manycore as the first global space-intelligence company to go public and the first among Hangzhou’s so-called “Six Little Dragons” to hit the capital markets.