15th Five-Year Plan: Who Is Leading Offshore Listings?

Reading into China's 15th Five-Year Plan

China's 15th Five-Year Plan (2026-2030) will be adopted at the ongoing Two Sessions. The plan outlines how the nation will move to achieve basic modernization by 2035, amidst a more disquieting global environment as well as China's efforts to become more self-reliant in technology and improving living standards. This series provides insights into the nation's vision in various sectors.

After topping the world for fundraising last year, Hong Kong's IPO market has extended its momentum into early 2026. According to data compiled by Bloomberg, IPO fundraising in January alone reached US$5 billion, with 13 companies listing on the island city's stock exchange. The new listings spanned AI chip designers and other technology-driven firms.

As China prepares to enter its 15th Five-Year Plan (2026-30) policy cycle, this burst of activity offers a telling preview of where capital markets may be heading.

Even before the new cycle kicks off, the broad industrial direction is increasingly clear. Technological self-reliance, energy transition, advanced manufacturing and new forms of productivity have repeatedly been emphasized by both policy signals and capital allocation.

Against this backdrop, offshore listings are increasingly being viewed as a capital strategy aligned with industrial development rhythms – particularly for sectors characterized by front-loaded funding needs, intense competition and a high degree of globalization.

New energy: Well-positioned for offshore listings

Among all sectors, new energy remains the most established candidate for offshore listings. Over the past year, Hong Kong's market has repeatedly demonstrated its capacity to absorb battery manufacturers, energy equipment suppliers and system-level players. Large fundraising amounts, strong participation from international investors and relatively stable post-listing trading have created clear market benchmarks.

Among domestically listed companies yet to complete offshore listings, power and energy storage battery maker EVE Energy (300014.SZ) and energy storage system provider HyperStrong (688411.SS) stand out as strong Hong Kong listing candidates. Their order books and capital needs are already highly internationalized, while offshore markets can offer longer funding cycles and a more stable investor base to support overseas expansion.

AI and computing power: Fast-track to listings

AI and computing power represent two of the most capital-intensive focus areas under the 15th five-year framework. Chip development, computing architecture and software-hardware integration require substantial capital expenditure by companies within compressed timeframes.

AI accelerator developer Enflame Technology and edge-AI chipmaker Aixin Intelligence have both entered the Hong Kong IPO pipeline. GPU and general-purpose computing firms Moore Threads (688795.SS) and MetaX (688802.SS) have already completed A-share listings in Shanghai.

Domestic investors have been willing to price in policy certainty, treating indigenous computing power as a strategic asset. However, as these companies expand their ecosystems and customer bases internationally, offshore listings may evolve as mid- to long-term strategic options – serving less as financing tools and more as gateways to overseas investors and industrial partners.

Semiconductors and advanced manufacturing: Valuations taking shape

Conditions for offshore listings in semiconductors and advanced manufacturing are gradually improving. As more technology-oriented companies have raised funds in recent years, investor understanding of these sectors has deepened and valuation frameworks have become clearer.

Among firms yet to pursue Hong Kong listings, automotive-grade and high-performance processor developer Siengine Technology, along with foundry and specialty process platform United Nova Technology (688469.SH), is widely seen as meeting the prerequisites for overseas capital markets. Their customer bases are already integrated into global supply chains, and offshore listings could help lower long-term capital costs while enhancing international visibility.

Intelligent driving and robotics: Preparing for mass production

The intelligent driving and robotics sectors are approaching a critical commercial inflection point. As more companies complete offshore listings, valuation frameworks across the supply chain are becoming clearer.

Among companies yet to list overseas, autonomous driving solution provider DeepRoute.ai and industrial robot and motion control manufacturer Estun Automation (002747.SZ) are regarded as likely candidates for offshore listings.

DeepRoute.ai underwent several equity changes in the second half of last year, widely seen as preparatory steps toward an overseas listing. Estun, which filed for a Hong Kong listing last June and renewed its application in January, is seeking funds to expand its global capacity, pursue acquisitions and reduce debt.

A recent report by China Merchants Securities International forecasts that China's humanoid robotics sector will begin accelerating in 2026, supported by improvements in large-model generalization, hardware maturity and falling costs. As mass production and overseas deliveries increase, companies in this space are expected to face rising demands for scale and stable funding – further strengthening the case for offshore listings.

Spin-offs: An extension strategy for large conglomerates

Under the 15th five-year cycle, spinoff listings are increasingly emerging as a strategic extension for large technology groups – particularly where core technology units align closely with national priorities but have growth trajectories and capital needs divergent from their parents. The aim is to give computing, chip and critical technology platforms clearer industrial identities and connect them directly with long-term capital and specialist investors.

A concrete early example comes from Baidu (BIDU.US; 9888.HK), whose Kunlunxin AI chip unit has already been spun off and is widely viewed as possessing independent capitalization potential. This reflects a broader trend among major technology groups to pave independent development paths for core technology assets. Within the same context, Alibaba (BABA.US; 9988.HK) is also reportedly considering an independent listing for its T-Head chip arm.

As the 15th Five-Year Plan continues to emphasize technological self-reliance and the role of finance in serving the real economy, such spinoffs not only help unlock hidden value within conglomerates, but also establish funding and valuation structures better aligned with the development stages of critical technology businesses.

Overall, sectors such as new energy, AI computing power and semiconductors, intelligent driving and robotics are showing strong alignment between their funding requirements, technological trajectories and global market exposure.

As the contours of the 15th Five-Year Plan become clearer, the appeal of offshore listings remains robust. Amid strong trading activity and buoyant fundraising in Hong Kong, an increasing number of companies are reassessing offshore listing opportunities – a trend not confined to any single sector. That said, industries most closely aligned with priorities in the 15th Five-Year Plan will continue to enjoy stronger valuations and greater access to capital, making them especially compelling to investors.

(The author is an editor at Bamboo Works, a news platform that provides in-depth coverage to drive informed decision-making for investors.)