Three Chinese technology firms debuted higher on Thursday after raising a combined HK$9.3 billion, setting the tone for what investors hope will be a busier year for new listings in Hong Kong.

Their gains came as the benchmark Hang Seng Index lost 156 points, or 0.59 percent, to open at 26,302.

On the mainland, the benchmark Shanghai Composite Index was down 0.2 percent at 4,077 while the Shenzhen Component Index was 0.42 percent lower at 13,971 and the ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, was down 0.63 percent at 3,308.

The Star Composite Index, which reflects the performance of stocks on China's sci-tech innovation board, was 0.2 percent lower at 1,743 while the Star 50 Index, which tracks the 50 largest stocks listed on the board that also meet certain liquidity requirements, was 0.15 percent down at 1,441.

All three of the Chinese debutants in Hong Kong traded above their offer prices.

Artificial intelligence company Zhipu AI, also known as Knowledge Atlas Technology, opened 3.3 percent higher than its offer ‍price of HK$116.20 apiece and traded around HK$116.40.

Shanghai Iluvatar CoreX, a ⁠semiconductor firm, started 31.6 percent higher than the offer price of HK$144.60 and changed hands at around HK$169.40.

Surgical ‍robotics company Shenzhen Edge Medical jumped 36.4 percent above the HK$43.24 offer price and traded at around HK$55.50.

The debuts come as mainland authorities fast-track AI and chip listings to strengthen domestic alternatives to advanced US technology, a backdrop that has drawn issuers across the tech sectors.

Huawei's AI server ‌spin-off xFusion has hired Citic Securities in preparation for a mainland IPO, while memory chipmaker ChangXin Memory Technologies and Baidu's AI chip ‍arm Kunlunxin are planning listings too.

Zhipu AI, spun out of Tsinghua University, ‌raised ‌HK$4.35 billion at HK$116.20, giving it a valuation near HK$51 billion.

It plans to use the bulk of proceeds for research and development. Cornerstone investors included JSC International Investment Fund and JinYi Capital Multi-Strategy Fund, among others.

Shanghai Iluvatar ⁠CoreX, a designer of general-purpose GPUs, raised HK$3.48 billion.

Its offer price gave it a market capitalisation near HK$36.8 billion. It earmarked the bulk of its proceeds for R&D across chips, accelerators and software.

Shenzhen Edge Medical raised about HK$1.12 billion, which will fund its R&D, commercialisation, manufacturing capacity ‌and strategic acquisitions, among others.

Its cornerstone investors include Abu Dhabi ‍Investment Authority, OrbiMed, UBS AM Singapore and Tencent's Huang River.

The trio's performance on Thursday will also help gauge whether Hong Kong can extend last year's IPO resurgence, with US$37.2 billion raised from 115 new listings, the strongest since 2021, according to LSEG data as of January 5.

The debut pipeline is growing, with MiniMax Group, another Chinese ‌AI firm, and chipmaker OmniVision Integrated Circuits, ⁠due to start trading on Friday. (Reuters/Xinhua)