Asian stock markets kicked off 2026 on Thursday with a strong start, led by semiconductor and AI stocks, while bitcoin remained relatively cautious despite the overall optimistic market outlook for risk assets.
Shanghai Biren Technology – China's first GPU startup to go public in Hong Kong – more than doubled in its first trading session. The stock opened at HK$35.70, far exceeding its IPO price of HK$19.60, and at one point surged by 119% to HK$42.88.
Biren's launch in Hong Kong sparks a craze for AI chips.
The offering attracted record demand, with retail investors subscribing to more than 2,347 times the number of shares offered, and institutional orders exceeding the available shares by 26 times. The company raised HK$5.58 billion (approximately US$717 million), valuing itself at around US$11 billion.
Analysts suggest that Chinese AI startups are going public faster than their US counterparts, thanks to supportive domestic policies and clear revenue paths. This trend also highlights the difference between the two powerhouses in AI development: China is strongly focused on rapid commercialization, while the US is more cautious and concentrates heavily on research.
Founded in 2019, Biren specializes in developing general-purpose GPUs and intelligent computing systems. In 2022, the company gained attention with its BR100 chip, considered a domestic competitor to advanced processors from Nvidia. Despite being placed on the US government's Entity List in October 2023, the company has maintained strong investment flows.
Baidu's Kunlunxin files for IPO in Hong Kong.
Continuing its growth in the AI chip sector, Baidu confirmed on Friday that its Kunlunxin chip unit has filed for an IPO on the Hong Kong Stock Exchange. This move demonstrates China's continued push to develop domestic technology solutions in response to US export restrictions.
The IPO landscape in Hong Kong continues to be vibrant with a host of AI companies and chip manufacturers. Zhipu AI and Iluvatar CoreX are expected to go public on January 8, 2026, while seven companies filed for listing on the first day of the new year alone.
South Korean chipmakers set new records, KOSPI surpasses All-Time-High.
The South Korean stock market also saw optimism from semiconductor stocks. The KOSPI index rose 1.6% to 4,281 points, setting a new record high at the opening of trading.
Samsung Electronics surged 3.5% to a new 52-week high of 124,100 won after its CEO announced that the HBM4 chip series was receiving strong customer interest. SK Hynix also reached a new high during the session, touching 668,000 won.
Many experts have a positive outlook on the industry. Daol Investment & Securities raised its price target for Samsung shares to 160,000 won and for SK Hynix to 950,000 won. Daishin Securities even predicted that SK Hynix could achieve 100 trillion won in operating profit this year – a historic milestone for this memory industry giant.
Semiconductor exports in December increased 22.2% year-on-year, reaching $173.4 billion – setting a new record thanks to increased investment demand for AI servers and HBM chips.
Taiwanese chip stocks rose as TSMC solidified its leadership position in 2nm technology.
Taiwanese semiconductor giants also contributed to the region's rally. TSMC shares rose 1.44% to $303.89 in the main session and continued to gain further to $309.42 (+1.82%) after hours. MediaTek also surged 2.8% to 1,470 TWD.
This surge comes amid reports that TSMC's aggressive 2nm investment strategy is yielding positive results. Taiwanese media reports that revenue from TSMC's 2nm technology could surpass both 3nm and 5nm by Q3 2026 – an unprecedented growth rate for a new technology.
TSMC plans to operate a total of 10 2nm chip manufacturing plants in Taiwan and the US, increasing its capacity from the current 35,000 wafers per month to 100,000 wafers by the end of 2027. Orders for next year are already fully booked.
This company is also accelerating its 1.4nm chip roadmap, with testing expected by the end of 2027 and mass production in 2028, earlier than initially planned. Its investment in Taiwan alone has reached 1.5 trillion TWD (US$69 billion).
Experts believe that TSMC's expansion of production capacity will further widen the gap with Samsung and Intel, although some customers are now considering partnering with Samsung due to TSMC's supply shortages.
Bitcoin lags behind its price surge.
In contrast to the booming stock market, the price of bitcoin only edged up slightly by 0.3% to $88,895, failing to capitalize on the preference for riskier assets.
Over the past week, Bitcoin has remained volatile in the $87,000–$90,000 range, with many traders hesitant to push the price higher despite favorable macroeconomic factors. Ether also moved slowly, inching up slightly by 0.4% to around $2,997.
This contrasting picture illustrates the widening gap between the AI-driven growth wave in traditional markets and the crypto market's struggle to find new foothold . While institutions remain interested in digital assets, capital and attention are heavily concentrated in semiconductor stocks as 2026 begins.
