Ringing the Bell Twice in 48 Hours! How This Shenzhen District is Batch-Producing Capital's "New Aristocrats"

The intuition of the capital markets always detects the early signs of industry trends.

From March 9 to 10, 2026, in just 48 hours, two leading hard technology companies in Bao’an District, Shenzhen—Zhaowei Electromechanical and Megalith Intelligent—successfully listed on the Hong Kong Stock Exchange, both completing their “A+H” dual-capital platform deployment.

In the current environment where valuations of tech companies in Hong Kong are becoming increasingly stringent, Zhaowei Electromechanical raised over HKD 2.338 billion during the IPO, with an oversubscription rate of 1,186 times; Megalith Intelligent entered strongly with the reputation of holding the “world’s leading market share in high-performance AI modules for edge devices.”

From embodied intelligent dexterous hands to high-performance AI modules for edge devices, these two “hidden champions” based in Bao’an are stepping onto the international capital stage one after another.

From “Precision Manufacturing” to “AI New Species” Revaluation

Zhaowei Electromechanical, listed on March 9, priced at HKD 71.28 per share, attracted top-tier institutional attention during the IPO process, with 21 prestigious investors including Hillhouse’s HHLR, Gaoyi Capital, global quant giant Jump Trading, and industry capital Tuosda, acquiring over 33% of the offered shares.

The logic behind capital’s favor is clear: this company, which started with micro transmission systems, has secured a ticket to the “embodied intelligence” era. Its DM17 and LM06 series biomimetic dexterous hands are at the forefront of global commercialization. On the eve of the explosion in humanoid robot markets, Zhaowei Electromechanical is not only the largest domestic and the fourth-largest global provider of integrated micro transmission and drive systems but also holds 405 core patents, making it a “water seller.” Its revenue of RMB 1.255 billion in the first three quarters of 2025, with an 18.7% year-over-year growth, demonstrates smooth monetization of technology. The nearly HKD 1.9 billion fundraising aims at global R&D, capacity expansion, strategic partnerships, and acquisitions.

Following closely, Megalith Intelligent showcases another business model for AI implementation. On March 10, this national-level specialized and innovative “Little Giant” officially established a dual platform of “A-shares + H-shares.”

As AI moves from the cloud to the terminal in the second half, Megalith Intelligent has advanced from “connecting suppliers” to “building full-stack AI capabilities.” According to Forrester, Megalith Intelligent holds 29% of the global high-performance AI module market, ranking first worldwide; in the global 5G vehicle-mounted module industry, its 2024 shipment volume also dominates with 35.1%. As the first company globally to develop a 48 TOPS high-performance AI module, Megalith’s Hong Kong listing essentially prepares it for global expansion from edge AI to AI inference era.

Two days, two “A+H” listings—Why does Bao’an produce an “Innovation Rainforest”?

The company’s breakthrough is a point, but industry prosperity is a surface. As a major industrial hub and smart manufacturing zone in Shenzhen, the rapid emergence of two “A+H” dual-platform companies within two days reflects a systemic upgrade from “production capacity” to “innovation capability” in this manufacturing region.

The “Gravitational Law” of the Industry Chain: Efficient Collaboration Led by Chain Leaders

The explosion of hardware tech companies depends on the responsiveness of the supply chain. Bao’an, as the core hinterland of the Greater Bay Area, is building a solid industrial foundation through “chain leader guidance, cluster support, and ecological collaboration.” Both listed companies are rooted in the core sectors of intelligent manufacturing, focusing on precision transmission and smart terminals. They are not only leaders in their respective niches but also key nodes in Bao’an’s “semi-assembly, sea-land-air network” advantageous industrial clusters. Thanks to the cluster advantage of “upstream and downstream not leaving the district,” a strong supply chain and service network enable companies to quickly move from design and prototyping to mass production with just an idea or a technology.

The “Precision Drip” of Business Environment: Full-Cycle Empowerment to Build an “IPO Ladder”

Capital’s willingness to invest heavily stems from early risk filtering by local governments, the concentration of high-quality companies going public, and continuous empowerment through a top-tier business environment. In Bao’an, an incubation chain from “startup cultivation—specialized and innovative—Little Giant—public company” has long been established. By 2025, Bao’an launched a corporate service revolution, introducing three major service brands: “Baoan Enterprise Financial Services,” “Baojing Chuangxiang,” and “Baodi Xingye,” further enhancing this chain. Relying on these brands, Bao’an has built a comprehensive full-cycle empowerment system covering funding, scenarios, and space for enterprise development. The government-enterprise interaction is shifting from “responding to needs” to “anticipating needs,” safeguarding the growth path of high-quality enterprises from small to large, from strong to excellent.

On this well-structured industrial blueprint, a series of data form a “pyramid-shaped” innovation foundation: Bao’an’s business entities exceed one million; over 380 are national-level “Little Giants,” 3,636 are municipal-level specialized and innovative SMEs, and 4,320 are innovative SMEs, leading the city in all three core indicators. Notably, in the seventh batch of national “Little Giants” selection in 2025, Bao’an achieved a record 102 companies, ranking first among districts nationwide. This matrix-style “specialized and innovative” surge continuously supplies new forces for future IPO pipelines.

Cross-Cycle “Forward-Looking Positioning”: Elevating to the “Source of Innovation”

As global manufacturing competition shifts from cost efficiency to technological dominance, the ability to innovate at the source has become a new industrial moat. From building Huawei (Shenzhen)’s global embodied intelligence industry innovation center to establishing 18 concept verification centers and pilot bases in Qianhai, Bao’an continuously emerges with innovation platforms that enhance capabilities. This shortens the “enterprise problem—platform tackling—enterprise application” technology transformation path, giving Zhaowei Electromechanical the confidence to keep breaking through key technologies in biomimetic dexterous hands and Megalith Intelligent the leadership in edge AI.

Shenzhen’s Accelerating Listing Engine

As of now, Bao’an has 88 listed companies domestically and abroad, with over 800 companies in the pipeline for listing. Since the start of 2026, Bao’an has led the city in new listings, continuously expanding and improving its “Bao’an sector” in capital markets, demonstrating strong development momentum and innovation vitality.

These two days of bell-ringing ceremonies mark a milestone and a new beginning. In embracing the AI wave and capital going global, Bao’an is pushing its “hidden champions” in various niche sectors onto the main stage of global capital and technological competition.

Report by: Nandu N Video Reporter Pan Yingyu

Photography by: Nandu N Video Reporter Liu Youzhi