Hong Kong's Chapter 18C rule permits pre-profit technology companies, including China's newly listed GPU designers Biren and Iluvatar, to go public, enabling them to raise a combined $1.8 billion post-IPO. This rule is creating a structural capital cycle across GPUs, memory, model infrastructure, and robotics, allowing companies to secure funding before revenue can finance expansion.
Hong Kong's Chapter 18C rule provides a critical capital pathway for China's pre-profit AI companies, enabling rapid recapitalization for compute and memory infrastructure.