Insider Brief
- TuringQ has entered China’s pre-IPO guidance process, becoming the latest quantum computing company seeking a public listing as the country’s quantum sector pushes toward commercialization.
- The Shanghai-based company develops photonic quantum chips and computers, a technology that aims to improve scalability by using light-based processors compatible with existing optical communications infrastructure.
- TuringQ’s IPO preparations reflect growing investor interest in China’s quantum industry, although analysts say the sector remains in an early stage and long-term success will depend on achieving commercially viable products and sustained customer demand.
Shanghai-based TuringQ has entered the IPO preparation process, becoming the latest Chinese quantum computing company to pursue a public listing as the country’s quantum sector shifts its focus from research toward commercialization.
The company filed for IPO tutoring with the Shanghai branch of the China Securities Regulatory Commission on Wednesday, according to a filing cited by the Global Times, a Chinese state-owned newspaper published by the People’s Daily.
Guotai Haitong Securities will serve as the company’s IPO sponsor, according to the article.
The move indicates there’s an intensifying competition to become China’s first publicly listed quantum computing company. It also shows Chinese deep-tech companies are seeking public-market funding as they move beyond venture capital and government-backed financing.
Founded in February 2021, TuringQ develops photonic quantum chips and quantum computing systems. The company is among the first Chinese firms to commercialize photonic quantum technology, with operations spanning chip design, manufacturing and system integration, according to its website.
The filing lists TuringQ with registered capital of 1.92 million yuan (about $282,000). Shanghai Siliang Quantum Technology Co. is the controlling shareholder with a 34.1% stake, while Jin Xianmin serves as the company’s legal representative.
Photonic’s Manufacturing Advantages
Unlike many quantum computing developers that rely on superconducting circuits or trapped ions, TuringQ focuses on photonic quantum computing, which uses particles of light, known as photons, to process quantum information.
Supporters of the approach argue that photonic systems offer several potential manufacturing advantages. They can operate at room temperature rather than requiring ultra-cold refrigeration, may be easier to scale to larger systems and can leverage manufacturing techniques developed for optical communications.
TuringQ has invested heavily in integrated photonic chip manufacturing. In 2025, the company participated in launching a pilot production line in Wuxi, Jiangsu Province, capable of wafer-scale manufacturing of thin-film lithium niobate photonic chips. The facility represented a step toward mass production by integrating thousands of optical components onto individual chips.
The company has also expanded its capabilities in photonic computing and integrated chip fabrication as it works to move the technology beyond laboratory demonstrations.
Growing Investor Interest
TuringQ has accelerated fundraising this year, reportedly raising nearly 1 billion yuan during 2026. Following its Series C financing round in April, media reports valued the company at more than 7 billion yuan.
According to those reports, the new funding will support development of practical photonic quantum computers, expansion of quantum software and algorithms, and construction of computing infrastructure designed to combine quantum and conventional computing resources.
Industry observers told the Global Times that an IPO could provide a more stable, long-term source of capital for quantum computing companies, whose research and development costs remain high and whose commercial returns are still emerging.
The experts also cautioned that the industry remains in an early stage. While companies have demonstrated technical advances, widespread commercial adoption has yet to materialize. Current revenue opportunities remain concentrated in specialized computing services and cloud-based access to quantum hardware, while broader industrial deployment will ultimately depend on whether customers find sufficient value in paying for quantum applications.
They also told the news service that no single quantum computing architecture has yet emerged as the industry’s dominant technology, leaving multiple technical approaches, including photonic, superconducting and trapped-ion systems, in competition.
China’s Quantum IPO Race Accelerates
TuringQ joins a growing list of Chinese quantum companies moving toward public markets, the Global Times reports.
Origin Quantum entered STAR Market IPO tutoring in September 2025. Measurement technology company Ciqtek submitted its STAR Market application later that year, while Beijing-based QBoson completed IPO tutoring registration in July 2026.
In China, the IPO process is different from the U.S. and many other Western countries path to public trading.
In China, before filing a formal IPO application, companies seeking to list on China’s domestic exchanges typically enter a mandatory pre-IPO guidance process, often translated literally as “IPO tutoring.” During this period, the sponsoring securities firm works with the company to strengthen corporate governance, accounting practices, internal controls and regulatory compliance while preparing management for the obligations of being a publicly traded company.
The China Securities Regulatory Commission says the process is intended to improve the quality of prospective listed companies and assess the effectiveness of the sponsor’s guidance, rather than determine whether the company ultimately qualifies for an IPO.
The current listings come after the Shanghai Stock Exchange updated its STAR Market rules in April to formally recognize quantum technology as a strategic emerging industry, providing companies in the sector with a clearer regulatory framework for pursuing public offerings.
According to the Global Times, China’s broader hard-tech IPO pipeline is also expanding beyond quantum computing. Companies developing humanoid robots and artificial intelligence technologies are increasingly pursuing public listings as investors seek exposure to advanced manufacturing and emerging technologies.
Industry experts told the newspaper that while a successful quantum computing IPO would carry symbolic significance by attracting greater investor attention, public listings alone will not determine the industry’s success. Longer-term progress will depend on whether companies can transform technical advances into commercially viable products that attract sustained customer demand and eventually generate profitable businesses.
