Public markets are astir, too, after a period when officials hit the brakes, fearful that IPOs sucked capital away from other stocks in a sagging market. Chinese firms have raised around $32bn this year, double the comparable figure for 2025 and triple that for 2024 (see chart). Big deals are back. CXMT, a maker of memory chips, is eyeing a $4.3bn listing, one of the biggest in recent years. Another ten tech firms are planning multibillion-yuan flotations. Shanghai’s tech-heavy STAR market, which had barred profitless startups from listing in 2024 and 2025, has let them back in. Unitree got its IPO approved in 100 days, not the year or more it used to take.