Nuobikan soared 125% in HK grey market.

The Chengdu, China-based company plans to use proceeds from the initial public offering for research on core technologies, a new research and development center, investments and acquisitions, according to the filing. CICC is acting as sole sponsor for Nuobikan's offering.

Enthusiasm around AI has fueled a fresh wave of listings among China's AI-related companies, spanning everything from chips to large language models.

Hong Kong has been one of the world's most popular markets for listings this year. In the first 11 months of 2025, funds raised through IPOs reached the equivalent of about US$33 billion, more than tripling from the same period a year ago, according to Hong Kong's stock exchange.