Growth Dragons Weekly: AI Tigers IPO Pop, Electricity and Biotech Rally 10%+ in Early 2026
What happened in China this week:
China Electricity Equipment Supplier Gains More Than 10% In First Week of 2026
First 2 of China’s AI Tigers List in Hong Kong—Zhipu AI Up 13%, MiniMax Doubles on First Day
China Biotech Stocks Surge More Than 10% in 2026 On Pipeline Potential
CATL Goes Beyond EVs—Maritime Expansion, Battery Swaps, and Sodium-Ion Breakthrough
Hesai Chosen By Nvidia as Lidar Partner
#1 China Electricity Equipment Supplier Gains More Than 10% In First Week of 2026
China is the world’s largest consumer of electricity, guzzling over 10 trillion kilowatt-hours in 2025—more than the EU, Russia, India, and Japan combined. That’s what happens when you’re the world’s factory floor plus having a huge population. And with AI development ramping up, power-hungry servers are only going to push demand higher. Beijing needs to ensure there’s always ample supply.
Upgrading the Electrical Grid
China’s grid has shown some vulnerability. In August 2024, Xinjiang experienced “low-frequency power oscillations” that almost triggered a blackout. Beijing’s response: mandate a high-tech overhaul of the transmission system.
That’s created opportunities for advanced equipment manufacturers. China XD Electric (SSE:601179) just rolled out the world’s most powerful smart DC transformer—750 million volt-amperes (MVA). It’s designed for the “West-to-East” power transmission program, which aims to move 420 gigawatts (GW) from resource-rich western provinces to the demand-heavy east by 2030.
Other transformer and cable makers are benefiting too. TBEA (SSE:600089) and Far East Smarter Energy (SSE:600869) have both surged more than 10%.
China’s also going hard on nuclear to stabilize the grid. Despite having 1,195 coal plants, the focus is shifting to clean baseload power. Construction started in late 2025 on major projects like the Bailong nuclear plant in Guangxi.
This benefits state-owned contractors like China Nuclear Engineering & Construction (SSE:601611), which is positioned to capture nuclear infrastructure spending. The stock rallied 33% in just the first week of 2026.
China’s clean tech supply chains are saturated domestically—they produce over 80% of the world’s wind turbines, solar panels, and batteries. So firms are pivoting overseas. In 2025, Chinese companies committed $80 billion to foreign clean tech investments, overtaking coal for the first time.
Seventy-five percent of that is targeting the Global South—Asia, the Middle East, Africa, and Latin America. China’s largest wind turbine maker, Goldwind (SEHK:2208), has surged 42% since the start of 2026.
In solar, there’s a split—power producers are struggling while component manufacturers like GoodWe Technologies (SSE:688390) are profitable.
The Takeaway
The suppliers to power generation and grid buildout are thriving. It’s a classic infrastructure upgrade cycle that China does well. And for investors outside China, stock performance is reflecting this policy focus.
