Chinese artificial intelligence companies are upending a decades-old dual-listing practice of selling shares domestically first and then in Hong Kong, as they reverse the sequence to anchor market-based valuations from global investors and tap more sophisticated capital to support growth.

AI model developer MiniMax Group and peer Knowledge Atlas Technology, also known as Zhipu, spearheaded the new trend, saying they hired brokerages to prepare for mainland China stock offerings after completing Hong Kong listings in January.

The new path underscores Hong Kong’s evolving role in Beijing’s push for technological innovation and self-reliance. The city is no longer seen merely as a complementary fundraising venue, but as a price-discovery hub for China’s next generation of technology champions, thanks to its diversified investor base.

“Rather than viewing Hong Kong as a secondary destination after domestic success, many high-growth AI firms now see it as the natural first stop for establishing an internationally recognised valuation and investor franchise before expanding their domestic shareholder base through an A-share [domestic] listing,” said Stephen Innes, managing partner at SPI Asset Management.

“Listing first in Hong Kong allows companies to be valued alongside international AI peers rather than purely domestic technology firms.”

Listing in Hong Kong first may set a reference anchor for onshore investors to value such firms, while helping to pre-empt speculative trading in AI stocks, which remains under close scrutiny from mainland’s regulators.