--- title: "A frenzied start to the year! In less than 2 months, overseas companies are flocking to Hong Kong for IPOs, with AI, cross-border e-commerce, and cloud services all making strides" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/275989348.md" description: "In 2026, Chinese companies going overseas are flocking to Hong Kong for IPOs, especially in the fields of AI, cross-border e-commerce, and cloud services. The Hong Kong market attracts international capital, helping companies achieve reasonable valuations and providing support from international financial and regulatory systems. KNOWLEDGE ATLAS was listed on the Hong Kong Stock Exchange on January 8, 2026, with revenue reaching 312 million yuan in 2024, a year-on-year increase of 151.61%, but still in a loss position due to significant R&D investment. This trend provides a reference for subsequent companies' globalization strategies" datetime: "2026-02-15T00:05:00.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/275989348.md) - [en](https://longbridge.com/en/news/275989348.md) - [zh-HK](https://longbridge.com/zh-HK/news/275989348.md) --- > 支持的语言: [English](https://longbridge.com/en/news/275989348.md) | [繁體中文](https://longbridge.com/zh-HK/news/275989348.md) # A frenzied start to the year! In less than 2 months, overseas companies are flocking to Hong Kong for IPOs, with AI, cross-border e-commerce, and cloud services all making strides The image may be generated by AI Setting Sail for the Sea Author | Zi Mo By 2026, Chinese companies going overseas are no longer simply about "selling goods," but rather the entire business focus has shifted towards **globalization**. In this trend, the role of the **Hong Kong Stock Exchange** is crucial. In recent years, many **internet companies going overseas and cross-border e-commerce companies have flocked to list on the Hong Kong stock market**, and the logic behind this is quite pragmatic. On one hand, the Hong Kong market is backed by **international capital**, and these investors have a perspective on overseas businesses that is more **in sync** with the global market, which also makes the valuations of these companies more reasonable. On the other hand, being listed in Hong Kong means that companies need to adopt an internationally accepted **financial and regulatory disclosure system**, which serves as a strong endorsement for companies **to obtain licenses overseas and promote localization**. It can be said that going public in Hong Kong is not just about raising funds in the secondary market, but more about laying the foundational structure for a **long-term globalization strategy**. Based on this, we have sorted out the **overseas companies listed or filed in the Hong Kong Stock Exchange since 2026**, and conducted in-depth analysis and dissection from dimensions such as **financial situation, core overseas business, market layout, and business model**, exploring the underlying growth logic of this new wave of globalization. At the same time, we provide a **trend outlook on how the capital market in 2026 will reshape the value of overseas companies**, aiming to provide valuable references for future entrants. **KNOWLEDGE ATLAS** KNOWLEDGE ATLAS was officially listed on the main board of the Hong Kong Stock Exchange on **January 8, 2026**. According to the financial data disclosed in its prospectus, the company achieved a leap in revenue during the performance record period. The total revenue in 2024 reached 312 million yuan, an increase of approximately 151.61% compared to 124 million yuan in 2023. **In the first half of 2025, the company's revenue was 191 million yuan,** a year-on-year increase of 324.44%. However, due to significant investments in research and development ( **R&D expenses reached 2.195 billion yuan in 2024**), the company is currently still in a **loss-making state**, with net losses of 2.958 billion yuan and 2.358 billion yuan in the first half of 2024 and 2025, respectively. ![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OlDURAGBFkkjZioHkSQdv9wZ86i5Y97OnRFkBZi9Zl9NQAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) (KNOWLEDGE ATLAS financial report data, source: KNOWLEDGE ATLAS prospectus) KNOWLEDGE ATLAS's business model is centered around the MaaS platform, primarily providing model services through **localized deployment** and **cloud deployment**. Among them, **localized deployment is the company's core source of revenue**, accounting for **84.8%** of that revenue in the first half of 2025 In terms of going overseas, starting from 2024, the localized deployment service of the KNOWLEDGE ATLAS large model will generate revenue from overseas clients, mainly concentrated in Southeast Asia. In the first six months of 2025, its **overseas market revenue reached 18.8 million yuan**. ![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OS4BiAzihLKnqmXN4HCZ2tP_Sr6uXLq3wLLYpqJjDR6YoAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) (KNOWLEDGE ATLAS main revenue sources, source: KNOWLEDGE ATLAS prospectus) **MiniMax** **MiniMax officially listed on the Hong Kong Stock Exchange on January 9, 2026**. From the disclosed operational data, the company is in a high-speed growth phase, with total revenue of approximately 30.52 million USD in 2024, compared to 3.46 million USD in 2023, achieving **nearly 8 times exponential growth**. Entering 2025, this explosive growth is even more significant, with revenue in the first three quarters already reaching 53.44 million USD. Although it is currently in a **loss-making state** due to massive investments in computing hardware and R&D, its **gross margin turned positive in 2024 and grew to 23.3% in the first three quarters of 2025**, indicating that its business model's self-sustaining ability is gradually improving. In terms of overseas expansion, MiniMax's AI-native products have cumulatively covered over **200 million users** worldwide. The company's business logic is mainly divided into two aspects: for **C-end** users, it generates revenue through popular applications like **Talkie and HaiLuo AI** via **membership subscriptions and feature payments**; for **B-end** clients, it charges based on usage or projects by providing **API and customized services**. This **“C-end circles users, B-end builds ecology”** dual layout gives it a strong competitive barrier in the international market. ![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/ObHrJZ-4iDbE57SIDmNQBOln5EySbI_2j9giKo4zHWQbYAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) (MiniMax main product matrix, source: MiniMax prospectus) **HaiMa Cloud** HaiMa Cloud submitted its **second listing application** to the Hong Kong Stock Exchange on January 30, 2026. Unlike KNOWLEDGE ATLAS and MiniMax, which are foundational large model companies, HaiMa Cloud is a **service provider focused on providing cloud computing support for games and real-time interactive videos**. In terms of performance growth, the company's annual revenue reached 520 million yuan in 2024, nearly doubling from 290 million yuan before 2022. This growth momentum continued into 2025, with **revenue in just the first 10 months (580 million yuan) already exceeding the total for 2024**. Although the company is currently still in a loss-making state due to heavy investments in computing infrastructure and R&D, its **loss scale is gradually narrowing** ![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OSAOt4a87pbE65VlRbnzxmP1i68RLUN-xGv71CtIO_mGIAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) (Haima Cloud financial report data, source: Haima Cloud prospectus) From a business logic perspective, Haima Cloud utilizes its **self-developed GPU computing platform** to enable games and videos to **run in the cloud and be transmitted to users in real-time**. Its revenue primarily comes from **subscriptions and pay-per-use from B-end customers**. In terms of globalization, to reduce latency and respond to overseas demand, Haima Cloud has deployed computing nodes in regions such as **North America, Europe, and Southeast Asia**. **Replicating domestic mature cloud rendering experience globally**, it aims to diversify its revenue structure by serving overseas developers and platforms. **UGREEN** UGREEN **submitted its application to the Hong Kong Stock Exchange just a year and a half after being listed on the Shenzhen Stock Exchange**. This dual layout of “A+H” shares is not only to broaden capital channels but also a strategic projection of its deepening globalization market. According to its prospectus, UGREEN is currently in a period of explosive revenue growth. Total revenue for 2024 is approximately 6.17 billion yuan, while revenue for the first three quarters of 2025 has surged to 6.36 billion yuan, **surpassing the total level of the previous year in just 9 months**. With significant investments in R&D and brand marketing, the company's profit level remains relatively stable, but its **gross margin has consistently stayed above 36%**, indicating **strong product premium in the consumer electronics sector**. ![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OZqfbdx6Q4JIWpWnpa1NZZ5_WoQ3xiX7M-JBsGXCoKiBAAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) (UGREEN financial report data, source: UGREEN prospectus) In the 3C export market, UGREEN's path has shifted from **“scale foreign trade” to “brand globalization”**. Its business covers over 180 countries globally, with **overseas revenue accounting for nearly 60%**. In addition to a solid range of charging and office accessories, UGREEN is achieving category expansion through **AI-enabled NAS (Network Attached Storage) and other high-tech products**, with NAS business growing more than threefold year-on-year in the first three quarters of 2025. This hybrid model of **“e-commerce as the engine, offline distribution as follow-up”** has demonstrated strong growth resilience in international trade. **WOOK** WOOK **submitted its listing application to the Hong Kong Stock Exchange on January 20, 2026**, marking the official start of a new capital journey for this cross-border new retail leader deeply engaged in the Southeast Asian market. Unlike traditional 3C brands such as UGREEN and Anker, WOOK's core competitiveness lies in its **full-link closed loop of “brand + digitalization + supply chain” built in emerging markets like Indonesia** In terms of performance, WOOK has demonstrated a steady expansion momentum. In 2024, the company's total revenue reached 1.049 billion yuan, a year-on-year increase of approximately 15.5%. Entering 2025, growth has further accelerated, with **revenue in the first three quarters alone surpassing 880 million yuan**. Although significant costs have been invested in deepening localized channels, net profit has shown a clear trend of accelerated growth. ![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OODShlB_vE1eN8D0wMH4TNGcKHJwjWY7LnH86ztqmWwDkAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) (WOOK financial data, source: WOOK prospectus) In the 3C overseas market, WOOK's path is **highly differentiated**. It occupies a significant market share in Indonesia through its own brands such as VIVAN and ROBOT, with ROBOT having become the largest Chinese cross-border brand for 3C accessories in Indonesia. Additionally, the company has directly connected with over **40,000 offline retail stores** through its **digital platform**. For the capital market, this new cross-border model that can **bridge the "last mile" of Southeast Asian retail** undoubtedly provides a model for global supply chain integration. **Future Outlook** Overall, with less than two months into 2026, companies like KNOWLEDGE ATLAS, MiniMax, Haima Cloud, Ugreen, and WOOK have been intensively listing or filing in Hong Kong, sending a clear signal: **The Hong Kong Stock Exchange is becoming an important platform for Chinese overseas enterprises to connect with international capital and enhance brand influence.** As representatives in the large model field, KNOWLEDGE ATLAS and MiniMax not only pursue technological leadership but also **export AI capabilities to overseas markets** through localized deployment and other business models; Haima Cloud provides underlying support for overseas developers by **deploying global computing power nodes**. At the same time, **3C overseas enterprises have shifted from early-stage selling to operating their own brands**. Whether it is Ugreen, which pursues high-end products in mature markets, or WOOK, which focuses on deepening offline channels in Southeast Asia, both demonstrate **the deep penetration of the Chinese supply chain overseas**. Looking ahead to 2026, **going overseas has become the core strategy for Chinese enterprises seeking new growth points**. As more companies with technological barriers and global operational capabilities list in Hong Kong, the capital market's attention to the overseas sector is likely to continue to rise. This collective effort **from underlying technology to end brands** not only provides investors with more diversified choices but also positions Chinese enterprises more favorably in international competition ### 相关股票 - [KNOWLEDGE ATLAS (02513.HK)](https://longbridge.com/zh-CN/quote/02513.HK.md) - [CONFIDENCE IN (01967.HK)](https://longbridge.com/zh-CN/quote/01967.HK.md) ## 相关资讯与研究 - [What Zhipu and MiniMax’s first post-IPO earnings say about the 2 AI start-ups](https://longbridge.com/zh-CN/news/281474299.md) - [OpenClaw effect: explosion in AI token use adds fuel to Chinese AI development](https://longbridge.com/zh-CN/news/280792478.md) - [MedPal AI Wins Strong Shareholder Backing at AGM as It Expands AI Health Platform](https://longbridge.com/zh-CN/news/281501359.md) - [Insig AI Plans Growth Drive and Eyes Nasdaq Dual Listing](https://longbridge.com/zh-CN/news/281311983.md) - [Letter from the Editor Introducing AI Intelligence on American Banker](https://longbridge.com/zh-CN/news/281266312.md)