"Chinese IPO Market Recovery in Q3... Leading Semiconductor and Humanoid Companies to Debut" [Click e-Stock]

Samsung Securities: "Focus on Unitree and CXMT Listings"

Samsung Securities announced on July 9 that the Chinese IPO (Initial Public Offering) market has entered a recovery phase for the first time in three years and emphasized the need to pay attention to the upcoming listings of leading Chinese semiconductor and humanoid companies in the second half of the year.

Jeon Jongkyu, a researcher at Samsung Securities, explained, "The Chinese IPO market experienced an unprecedented boom from 2020 to 2022, followed by a three-year adjustment period. With the start of the 15th Five-Year Plan, the IPO market is now recovering." The annual IPO volume for 2020, 2021, and 2022 reached 477.8 billion yuan, 541.6 billion yuan, and 586.9 billion yuan, respectively.

AI robot from Unitree, China's leading humanoid robot company, performing choreography at the 20th Busan Contents Market (BCM) held at BEXCO Exhibition Center 1 in Haeundae-gu, Busan on June 10, 2026. Photo by Yonhap News

Unitree and CXMT, which are representative companies in the Chinese humanoid and semiconductor sectors, are set to debut on the STAR Market between July and August. The fundraising amounts for the two companies are 4.2 billion yuan and 29.5 billion yuan, respectively—significantly surpassing the total STAR Market fundraising in the first half of the year (19.6 billion yuan). Samsung Securities expects this to result in the largest IPOs since 2023. CXMT is expected to record the second-largest IPO in STAR Market history, after SMIC’s 53.2 billion yuan IPO in 2020, while Unitree’s listing is notable as the stock market debut of the world’s number one humanoid robot company.

The Chinese stock market in the first half of the year ended with a clear case of 'decoupling.' There was a pronounced divergence between mainland China and Hong Kong, as well as between tech and domestic consumption stocks. The STAR Market Index and Hang Seng Tech Index recorded returns of 64.3% and -18.9%, respectively, marking the largest gap in returns since the indices were launched. Jeon noted, "This year’s decoupling trend in China is being driven by fundamental differentiation based on earnings momentum," and predicted that this trend would continue into the second half of the year. The expected earnings per share (EPS) growth rates for semiconductors and humanoids this year are 252.0% and 26.6%, respectively.

Chinese semiconductors are expected to maintain strong earnings momentum. By the end of 2025, China’s semiconductor demand had reached 270 billion dollars, but the self-sufficiency rate was estimated at just 23%. The Chinese government has set targets to achieve an 80% semiconductor self-sufficiency rate and to enter the global top three in the IC industry by 2030. In the second half of the year, listings are scheduled for CXMT, a HBM (High Bandwidth Memory) company, and SJ Semi, a next-generation packaging company.

Unitree, the leading humanoid company, surpassed its breakeven point last year and set a target to ship 20,000 units in 2026, up 264% from the previous year. Based on the public offering price, the company’s valuation is estimated at 42 billion yuan (9.2 trillion won). Jeon cited last year’s STAR Market listings of AI chipmaker MooreThread (which surged 425% on its first day) and MetaX (which soared 693%) as precedents for the strong interest expected in Unitree as well.

Jeon concluded, "In the second half of the year, the stock momentum for Chinese tech will be driven by the semiconductor and materials/equipment sector, as well as the autonomous driving and humanoid value chains. In particular, AI semiconductors and humanoids should be closely watched as strong investment themes in the third quarter of the Chinese stock market."

This content was produced with the assistance of AI translation services.