Zhenqu Technology files for Hong Kong IPO as 2026 listing wave builds

Chinese power electronics maker Zhenqu Technology (Shanghai) Co. filed for a Hong Kong IPO on Wednesday, appointing two banks as joint sponsors.

The company submitted a listing application to the Hong Kong Stock Exchange's Main Board, with CITIC Securities and Guotai Haitong as joint sponsors, according to an exchange filing cited by data provider Livermore Securities. Zhenqu did not disclose the proposed offer size, price range or target listing date in the initial application, which is standard for preliminary filings.

Zhenqu Technology develops electric drive systems, power modules and other power electronics products for the new energy vehicle and industrial automation sectors. The company focuses on silicon carbide (SiC) power module technology used in EV inverters and charging infrastructure. SiC components offer higher efficiency and thermal performance compared with traditional silicon-based parts, making them increasingly sought after as automakers push for longer driving ranges and faster charging times.

The filing adds to a surge of Chinese technology firms seeking Hong Kong listings this year, with companies raising a combined HK$214.39 billion ($27.34 billion) in the city through July, according to Reuters data. Major deals include CATL's HK$39.2 billion secondary listing in April, Zhongji Innolight's up to HK$55.05 billion offering launched this week, and Zhipu AI's HK$31.41 billion share sale. The wave of listings has made Hong Kong one of the busiest IPO destinations globally in 2026, with the exchange competing with Shanghai and Shenzhen for Chinese tech listings.

Chinese technology companies are flocking to Hong Kong's capital markets to fund expansion in artificial intelligence, semiconductors and advanced manufacturing, as they compete with U.S. rivals in building faster data centers and computing networks. For power electronics firms like Zhenqu, the push toward electrification in China's automotive sector is driving demand for advanced components. China's new energy vehicle penetration rate exceeded 50 percent in 2025, creating a large addressable market for domestic component suppliers.

For Zhenqu, a successful listing would provide capital to scale production of its SiC power modules and expand into overseas markets. The company faces competition from established players including BYD's semiconductor unit, STMicroelectronics and Infineon Technologies in the power electronics space. Investors will watch for the company's financial disclosures in its updated prospectus, which will include revenue, profit and valuation details. The listing is subject to SFC approval and a hearing date has not yet been set.

This article is for informational purposes only and does not constitute investment advice.