Shanghai-based TuringQ kicks off IPO push as hard-tech companies flock to public markets

Shanghai-based photonic quantum computing company TuringQ entered initial public offering tutoring with the Shanghai branch of the China Securities Regulatory Commission on Wednesday, intensifying competition to become China's first listed quantum computing firm. The company plans an IPO with Guotai Haitong Securities serving as its sponsor, according to the filing. An industry expert said the tutoring reflects the quantum computing sector's growing move toward capital markets and a gradual shift from research and early-stage financing toward commercialization, while the industry remains at an early stage of development. According to the filing, the company has registered capital of 1.92 million yuan with Jin Xianmin serving as its legal representative. Shanghai Siliang Quantum Technology Co is its controlling shareholder, holding a 34.10 percent stake. Founded on February 19, 2021, TuringQ is one of the first Chinese companies to commercialize photonic quantum chips and quantum computers. Its business covers photonic chip design and manufacturing as well as quantum computing system integration. Chen Jing, a vice president of the Technology and Strategy Research Institute, told the Global Times that TuringQ's listing process could open a new long-term funding channel for quantum computing companies. However, he noted that large-scale industrial use remains limited and the sector has yet to settle on a dominant technical route.