Asian equity markets roared into 2026 on Thursday, with semiconductor and AI stocks leading the charge, while bitcoin struggled to gain momentum amid broader risk-on sentiment.
Shanghai Biren Technology, the first Chinese GPU startup to list in Hong Kong, more than doubled on its trading debut. Shares opened at HK$35.70, well above the IPO price of HK$19.60, and surged as much as 119% to HK$42.88.
Biren’s Hong Kong Debut Sparks AI Chip Frenzy
The offering drew extraordinary demand, with retail investors oversubscribing by 2,347 times and institutional orders reaching 26 times the available shares. The company raised HK$5.58 billion ($717 million), valuing it at approximately $11 billion.
Analysts note that Chinese AI startups are reaching public markets faster than their US counterparts, benefiting from supportive domestic policies and clearer paths to enterprise revenue. The trend reflects diverging AI development tracks between the two superpowers: rapid commercialization in China versus more controlled, research-focused approaches in the US.
Founded in 2019, Biren develops general-purpose GPUs and intelligent computing systems. The company gained attention in 2022 with its BR100 chip, positioned as a domestic alternative to Nvidia’s advanced processors. Despite being added to Washington’s Entity List in October 2023, investor appetite remained robust.
Baidu’s Kunlunxin Files for Hong Kong IPO
Adding to the AI chip momentum, Baidu confirmed on Friday that its semiconductor unit Kunlunxin has submitted a listing application to the Hong Kong Stock Exchange. The move signals continued acceleration in China’s push to build homegrown alternatives amid US export restrictions.
The Hong Kong IPO pipeline remains packed with AI and chipmakers. Zhipu AI and Iluvatar CoreX are scheduled to debut on January 8, while seven companies filed listing applications on New Year’s Day alone.
Korean Chipmakers Hit Record Highs, KOSPI Breaks All-Time High
South Korea’s stock market echoed the semiconductor optimism. The KOSPI index surged 1.6% to 4,281, breaking its all-time high within minutes of the opening bell.
Samsung Electronics jumped 3.5% to a 52-week high of 124,100 won after its CEO touted strong customer reception for HBM4 chips. SK Hynix climbed to a record 668,000 won intraday.
Analysts raised their outlook significantly. Daol Investment & Securities lifted price targets to 160,000 won for Samsung and 950,000 won for SK Hynix. Daishin Securities projected SK Hynix could achieve 100 trillion won in operating profit this year, a historic milestone for the memory giant.
December semiconductor exports rose 22.2% year over year to $173.4 billion, marking another record as AI server investments and HBM demand continued to drive growth.
Taiwan Chips Rally as TSMC Cements 2nm Dominance
Taiwan’s semiconductor giants joined the regional rally. TSMC rose 1.44% to $303.89 in regular trading and extended gains to $309.42 in after-hours, up 1.82%. MediaTek advanced 2.8% to NT$1,470.
The gains came amid reports that TSMC’s aggressive 2nm investment strategy is paying off. According to Taiwanese media, TSMC’s 2nm revenue could surpass both 3nm and 5nm by Q3 2026, an unprecedented ramp-up speed for a new process node.
TSMC plans to operate 10 2nm fabs across Taiwan and the US, with production capacity expanding from 35,000 wafers currently to 100,000 wafers by the end of 2027. Orders for next year are already sold out.
The foundry giant is also accelerating its 1.4nm roadmap, targeting trial production by late 2027 and mass production in 2028, ahead of previous schedules. The investment in Taiwan alone is estimated at NT$1.5 trillion ($69 billion).
Industry observers note that TSMC’s capacity expansion is widening its lead over Samsung and Intel, though some customers are reportedly exploring Samsung as an alternative amid TSMC’s supply constraints.
Bitcoin Lags Behind the Rally
In stark contrast to the equity exuberance, bitcoin posted a modest 0.3% gain to $88,895, failing to capitalize on the risk-on environment.
The cryptocurrency has been range-bound between $87,000 and $90,000 over the past week, with traders appearing hesitant to push prices higher despite favorable macro conditions. Ether showed similar lethargy, edging up 0.4% to around $2,997.
The divergence highlights a growing disconnect between traditional markets’ AI-driven rally and crypto’s struggle to find fresh catalysts. While institutional interest in digital assets remains, the attention—and capital—appears firmly focused on semiconductor plays as 2026 begins.
