In 2026, the global capital market’s financing focus has clearly converged on three major tracks — biotechnology, green energy, and artificial intelligence (AI). The reason these three industries have become "listing-friendly" sectors stems from the "five-fold resonance" of strong policy endorsement, technological maturity, exploding market demand, high capital concentration, and optimized listing systems. This not only creates differentiated financing advantages but also builds a complete closed loop from technology to capital. The following breaks down the underlying reasons for their popularity as financing hotspots from three dimensions: driving logic, track highlights, and data comparison. Major global economies have included the three fields into national-level strategies, using policy dividends to lower listing thresholds and guide capital flows: China: China’s 15th Five-Year Plan clearly lists AI, biotechnology and green energy as strategic emerging industries. The 5th listing standard of the STAR Market and HKEX’s Chapter 18A/18C have opened listing channels for unprofitable tech enterprises; Europe and the United States: The U.S. CHIPS and Science Act provides R&D subsidies and tax relief for AI chips, while the EU Green Deal requires renewable energy to account for over 40% of total energy consumption by 2030, directly promoting the corporate capitalization process; Exchange innovations: Mechanisms such as HKEX’s "Technology Enterprise Special Channel" and NASDAQ’s "AI Fast Track" have shortened the listing review cycle by 30%-50%. For example, the average listing cycle for AI enterprises is only 4-7 months (compared to 12-18 months for traditional industries). Against the backdrop of global loose liquidity in 2025-2026, capital is accelerating its shift from traditional industries to high-growth tracks: Specialized funds are set up intensively: Sovereign funds, pension funds, and PE/VC have reserved over $500 billion in specialized investment funds, and the AI track alone has over $200 billion earmarked for IPO projects; Demonstration effect drives enthusiasm: Super unicorns such as OpenAI (valued at over $100 billion) and Anthropic (valued at $200-300 billion) are concentrating on listing, creating a "listing equals capital attraction" effect. In early 2026, Zhipu AI’s HKEX IPO received 1159 times oversubscription, while MiniMax raised over HK$25 billion; Risk appetite increases: The capital market has become more receptive to the "heavy assets + clear returns" model. Projects such as AI computing power infrastructure and green energy power stations, with clear input-output ratios, are more favored by institutional capital. The three fields have all moved from the "R&D phase" to the "scaled application phase", dispelling capital concerns with actual performance: AI sector: Large models have been updated to GPT-5, GLM-4.7 and other stages; AI Agent has become a standard feature on mobile phones; industrial AI has increased production capacity by 20%-50%; medical AI has obtained over 80 Class III medical device certifications; the global AI chip market size exceeded $100 billion in 2025; Biotechnology: AI-powered drug development has increased clinical success rates from 5%-10% to 9%-18% and cut R&D time in half. Global pharmaceutical R&D expenditure reached $277.6 billion in 2025, and China’s innovative drug overseas licensing sales exceeded $100 billion; Green energy: The per-kilowatt-hour cost of photovoltaic and wind power is lower than that of traditional energy; solid-state batteries have solved the energy storage grid connection problem; controlled nuclear fusion technology has progressed beyond expectations; global renewable energy new installed capacity demand exceeds 200 million kilowatts per year. Global exchanges have collectively relaxed listing restrictions on tech enterprises to pave the way for innovative companies: Inclusiveness for unprofitable enterprises: HKEX’s Chapter 18A and the STAR Market’s 5th listing standard allow unprofitable biotech and AI enterprises to list. In 2026, the pass rate for unprofitable AI enterprises to list reached 88% (compared to only 15% for traditional industries); Convenient cross-border financing: HKEX and NASDAQ have introduced simplified measures for dual listing and secondary listing, forming a two-way channel for Chinese concept stocks to return and overseas enterprises to list in Hong Kong. For example, Zhipu AI has achieved "HKEX + overseas markets" linked financing; Special equity support: Allowing founders to hold super voting rights to safeguard the core team’s control over technical routes. For example, MiniMax’s founder still holds 51% of voting rights after listing. Core competitiveness for biotechnology track: AI + biotechnology breakthroughs have broken R&D bottlenecks, and new molecular mechanisms such as ADC, siRNA, and bispecific antibodies have become capital focuses. In 2026, 45 biopharmaceutical enterprises completed Phase III clinical trials, and 20 plan to conduct HKEX IPOs; Data support: In 2025, the transaction value of China’s innovative drug overseas licensing exceeded $50 billion; the average 12-month post-listing return of HKEX Chapter 18A enterprises was 30%-50%, with institutional holdings accounting for 65%-80%; Financing logic: Capital pays more attention to "pipeline maturity + internationalization capabilities". For example, Asymchem Laboratories completed dual listings on HKEX and NASDAQ with its core pipeline, raising $126 million for global clinical promotion. Core competitiveness for green energy track: Rigid demand for energy transition + technical cost advantages. The photovoltaic and energy storage industrial chains are mature, and leading enterprises have continuous dividend-paying capabilities. In 2025, global renewable energy power generation accounted for 35% of total power generation; Policy dividends: The China Securities Regulatory Commission clearly supports listed financing for green industry enterprises; the EU Carbon Border Adjustment Mechanism (CBAM) promotes corporate green transformation; ESG investment has become mainstream, and green energy enterprises obtain an additional 10%-20% valuation premium; Financing logic: Heavy asset models are favored. For example, Voyah Automobile raised over HK$10 billion in its HKEX IPO to fund new energy vehicle R&D and charging network construction, with institutional holdings accounting for 70%-85%. Core competitiveness for AI track: The inflection point from "burning money" to "making money" has emerged. Zhipu AI’s MaaS (Model as a Service) business annual recurring revenue (ARR) grew 25 times in 10 months; MiniMax’s daily token consumption reached 4.6 trillion, with a clear commercialization path; Capital enthusiasm: The average oversubscription multiple of AI enterprise IPOs in 2026 was 20-35 times, with an average post-listing return of 40%-70%. Dayshine Technology’s HKEX dark trading rose nearly 50% on the first day, with institutional holdings accounting for 75%-90%; Financing logic: Vertical AI enterprises are more favored. For example, AI drug developers (Insilico Medicine) and AI chip enterprises (Biren Technology) have become the main force of IPOs due to their dual advantages of "technical barriers + market space". Data sources: 2026 Global IPO Market Outlook Report, HKEX and STAR Market public data Heavy asset models are sought after: Projects with clear input-output ratios such as AI computing power centers and green energy power stations are more recognized by capital than pure concept enterprises; Cross-border fields become "hot cakes": Cross-border enterprises such as AI + biology (e.g., AI drug development) and AI + energy (e.g., smart grids) have a valuation premium of 30%-50%; IPO is not the end but a starting point: First-market risks are diversified to the secondary market, and enterprises still obtain continuous capital support after listing. For example, Zhipu AI plans to use IPO proceeds to step up R&D of the GLM-5 model; Global synergy is prominent: Chinese enterprises listing in HKEX/NASDAQ and overseas enterprises financing in China form a two-way flow. HKEX’s 2026 IPO fundraising is expected to exceed HK$300 billion, with technology stocks and A+H shares as core driving forces. 2026 is the year when the three major industries overlap the three inflection points of "technological maturity + policy implementation + market explosion": biotechnology is entering the clinical harvest period, green energy benefits from the hard constraints of the "dual carbon" (carbon peak and carbon neutrality) goals, and AI has achieved a commercial closed loop. The capital market has also shifted from "concept speculation" to "value investment", providing unprecedented support to enterprises with clear technical barriers and sustainable cash flow. This trend will continue until 2027-2028, until the technological dividends are fully released and the industry enters a stable growth period. For enterprises, 2026 is the "golden window period" for cross-border listing — choosing suitable tracks (such as AI vertical applications, green energy infrastructure), grasping policy dividends (such as HKEX’s "Technology Enterprise Special Channel", the STAR Market’s 5th listing standard), and building a professional capital team will be the key to crossing cycles and achieving efficient financing. © 2021 Meishun (Hong Kong) Management Consulting Co., Ltd. and Meishun (Hangzhou) Management Consulting Co., Ltd. All rights reserved. Meishun Meiyin (Hangzhou) Consulting Management Co., Ltd. is the domestic subsidiary of Hong Kong Meishun Management Consulting Co., Ltd. under the same actual controller. Both companies are controlled by the same actual controller, operate under the principle of "One China", and comply with the laws of Hong Kong and mainland China.