China's GigaAI has not completed a Hong Kong IPO in 2026: as of a September 18, 2026 report, the Beijing world model startup had converted into a joint-stock company but was expected to submit its listing application no earlier than the end of 2026, with a possible debut in the first half of 2027 [2]. The wider Hong Kong IPO market it hopes to join is booming, with HK$342.4 billion raised in the first eight months of 2026, up 153% from a year earlier [3].
This article separates what can be verified about the GigaAI Hong Kong IPO from what was only reported, and then looks at the market data that will shape any listing.
What is verified about the GigaAI Hong Kong IPO
GigaAI, also known as Jijia Vision, was founded in 2023 and builds world models, AI systems that learn to predict how people and objects move in the physical world [1]. On July 21, 2026, reports based on an interview with founder and chief executive Huang Guan said the company planned a Hong Kong IPO in 2026 and was raising money at a valuation of about US$3 billion (HK$23.4 billion) [1]. Its named customers include automaker FAW Group, e-commerce company JD.com and postal operator EMS [1].
The timing then changed. GigaAI later said that the 2026 IPO statement was a misinterpretation of the founder's earlier interview remarks and not official company information [2]. By mid September, the company had completed a conversion from a limited liability company to a joint-stock limited company under the name Beijing GigaAI Technology Co., Ltd., a step Chinese companies usually take before a public listing [2].
GigaAI IPO status as of September 2026
- Filed: No public listing application had been reported as of September 18, 2026 [2].
- Timing: Reports point to an application as early as the end of 2026 and a possible debut in the first half of 2027; the company has not confirmed a schedule [2].
- Priced or listed: Not applicable yet. There is no offering size, price range or ticker.
- Funding: GigaAI raised about 3.5 billion yuan across its Pre-B, B1 and B2 rounds between March and June 2026, with the newest round at a post-money valuation of about 20 billion yuan, or US$3 billion [2].
The original version of this article, written in July, described a 2026 listing as the company's plan. The verified record now shows that no 2026 listing is confirmed, and any date is a press report rather than company guidance.
How strong is the Hong Kong IPO market in 2026?
Whenever GigaAI files, it will enter one of the strongest Hong Kong new listing markets in years. HKEX data show the following for the first eight months of 2026 [3]:
| Hong Kong market measure | January to August 2025 | January to August 2026 | Change |
|---|---|---|---|
| IPO funds raised | HK$135.1 billion | HK$342.4 billion | +153% |
| Newly listed companies | 59 | 106 | +80% |
| Average daily turnover | HK$248.3 billion | HK$282.5 billion | +14% |
| Market capitalization (end of August) | n/a | HK$47.2 trillion | n/a |
Source: HKEX Monthly Market Highlights, August 2026 [3].
The pace picked up in the second half. HKEX reported IPO funds of HK$210.2 billion from 87 new listings in the first six months of 2026, up 92% from HK$109.4 billion a year earlier [4]. Comparing the two HKEX totals, July and August alone added about HK$132.2 billion and 19 new listings [3][4].
Why Hong Kong is attracting AI and technology listings
Two listing routes explain much of the strength. First, A+H listings, in which companies already traded in Shanghai or Shenzhen add a Hong Kong share class, accounted for 24 deals and 58% of first half proceeds, according to KPMG [5]. Second, Chapter 18C of the HKEX rules, which allows specialist technology companies with limited revenue to list, produced 13 listings in the first half of 2026 and 14% of funds raised, compared with 8 Chapter 18C listings over the previous three years combined [5].
KPMG also counted more than 500 active IPO applicants at mid-year, including 145 technology companies, and noted that several AI related companies had listed successfully [5]. Hong Kong ranked second worldwide for IPO proceeds in the first half, behind Nasdaq, which was lifted by the US$86.3 billion SpaceX offering [5].
For a company like GigaAI, Chapter 18C could be a natural route, because world model products are still early in commercial use. A strong private funding record, such as the three 2026 rounds, also helps a pre-revenue technology company show demand before it files.
What investors should watch before a GigaAI listing
Because GigaAI is still private, the main signals will come from filings rather than headlines. Investors may consider watching for:
- An application proof posted on the HKEX news site, which would give the first audited revenue and loss figures.
- The size of any cornerstone investor commitments, a key sign of institutional demand in Hong Kong deals.
- The valuation compared with the US$3 billion private round, since a large gap in either direction would show how public investors value world model technology.
- The health of the new listing pipeline. A crowded calendar of more than 500 applicants can spread demand thin.
New listings and upcoming offerings can be followed on DataPorium's markets calendar, which includes an IPO tab [6].
No GigaAI Hong Kong IPO has been filed or priced in 2026, even as Hong Kong IPO funds rose 153% to HK$342.4 billion in eight months.
Frequently asked questions
Has GigaAI filed for a Hong Kong IPO?
No filing had been reported as of September 18, 2026. Reports suggest GigaAI could submit an application to the Hong Kong Stock Exchange as early as the end of 2026, with a debut possible in the first half of 2027.
What is GigaAI's valuation?
GigaAI's newest funding round in 2026 valued the company at about 20 billion yuan, or roughly US$3 billion, after it raised about 3.5 billion yuan across three rounds from March to June 2026.
How much money have Hong Kong IPOs raised in 2026?
Hong Kong IPOs raised HK$342.4 billion from 106 new listings in the first eight months of 2026, according to HKEX. That is 153% more than the HK$135.1 billion raised in the same period of 2025.
What is a world model AI company?
A world model company builds AI systems that learn to represent and predict how people and objects move in the physical world. These models are used in robotics, autonomous driving and simulation.
Sources & References
- [1] The Standard: Embodied AI startup GigaAI plans Hong Kong IPO at US$3b valuation (July 21, 2026)
- [2] Gasgoo: GigaAI Completes Joint-Stock Reform, IPO on the Agenda? (September 18, 2026)
- [3] HKEX Monthly Market Highlights (August 2026)
- [4] Xinhua: HKEX IPO fundraising surges 92 pct YoY in H1 (July 7, 2026)
- [5] KPMG China: Hong Kong delivers strongest first half IPO performance in five years
- [6] DataPorium Markets Calendar: earnings, IPOs and economic events
