Unisplendour Corporation Limited, a Shenzhen-listed subsidiary of Tsinghua Unigroup, has officially abandoned its year-long attempt to raise funds through a secondary listing in Hong Kong. The company announced on January 15, 2026, that it was terminating the HKEX application process, citing “unfavorable market conditions, prolonged review timelines, and shifting strategic priorities.”
The proposed listing, first filed in January 2025, aimed to raise up to HK$8–10 billion to support Unisplendour’s expansion in semiconductors, cloud computing, and AI infrastructure.
Unisplendour cited volatile global capital markets, tightened US-China tech tensions, and a cautious investor appetite for Chinese tech listings in Hong Kong as primary reasons for the withdrawal. The company emphasized that it would now focus on domestic A-share financing channels and internal cash flow generation to fund ongoing projects, including chip design, server manufacturing, and software services.
The decision marks a setback for Hong Kong’s ambitions to attract secondary listings from mainland tech firms amid declining IPO activity. It also highlights the challenges facing Chinese semiconductor players under US export controls, which have limited access to advanced tools and forced greater reliance on domestic capital.
