A delivery robot glides through a bustling Hong Kong Island hotel lobby, pausing as lift doors open for a guest before smoothly entering to continue its task in this international chain’s hectic environment.
Such precision demands navigating crowds, summoning lifts, and finding rooms flawlessly—a real-world test for Yunji Technology, a mainland Chinese firm eyeing Hong Kong as its springboard to overseas success. “We aim to make our product succeed in Hong Kong, and then expand outward,” says vice-president Xie Yunpeng.
As U.S. and European suspicions of “China risk”—fears of espionage and tech dominance—block direct access to Western capital and customers, mainland innovators are turning to Hong Kong for IPOs, product trials, and credibility-building. HKEX saw 76 mainland listings in 2025, up 153% from 2024 per PricewaterhouseCoopers, with tech leading proceeds over HK$100 billion.
Invest Hong Kong aided over 200 such firms last year in AI, biotech, and robotics, aligning with Beijing’s 15th Five-Year Plan for tech self-reliance amid U.S. chip curbs. Xiaomeng Lu of Eurasia Group notes mainland tech firms are shifting to Hong Kong for primary listings as “geopolitical headwinds dampen their dreams” of New York floats.
“These days Hong Kong is their best hope to attract global investors and position themselves as a player not fully constrained by the boundary of the mainland market,” she adds.
Wendy Chang at the Mercator Institute for China Studies says Hong Kong is fashioning itself as a connector to the outside world for Chinese companies via faster flotations and operations setup. Paul Triolo of DGA Group underscores “the strategic value of Hong Kong for high-tech Chinese companies,” while Natixis economist Alicia Garcia-Herrero highlights its role in proving international standards.
Yunji and AI firm MiningLamp debuted here in October 2025; founder Wu Minghui calls it a “data compliance transfer station” for cross-border tests. Yet Western barriers like telecom bans and Luckin Coffee’s scandal linger, and Triolo warns “Hong Kong is not really a geopolitical shield [for such firms]”—it only “partially mitigates” Beijing-tied risks. Reuters forecasts more IPOs in 2026, cementing the city’s pivotal role.