Over the past four years, Chinese companies have increasingly focused on addressing gaps created by U.S. technology restrictions. A recent analysis by Morgan Stanley, reported by the South China Morning Post, highlights a significant rise in initial public offerings (IPOs) centered on semiconductors and other critical technologies. The study looked at 229 IPOs on China's Star Market between 2022 and 2026 and found that the number of companies targeting China's technological "chokepoints"—areas where the country depends heavily on foreign technology—has grown substantially. In 2026, about one in five IPOs fell into this category, compared to fewer than one in ten in 2022. This means the number of companies aiming to reduce reliance on foreign technology has more than doubled in that time. The focus on these chokepoints has largely been on the semiconductor supply chain, which has been heavily impacted by U.S. export restrictions and bans on technology sales. Morgan Stanley identified 21 companies in 2026 that specifically aimed to address these gaps, with 19 of them closely aligned with the semiconductor industry. The firm also estimated that around 60% of the companies that went public in 2026 contribute to China's drive for supply-chain self-sufficiency, up from 41% in 2022. This reflects a growing emphasis on developing domestic alternatives to foreign technology. Although some U.S. restrictions have been eased in recent years, China has continued to invest heavily in key areas such as raw materials and manufacturing machinery. The U.S. restrictions have encouraged Chinese startups to replace foreign technology, and even if those restrictions were to end immediately, China may now be in a position where it no longer relies on U.S. hardware. This shift underscores a broader strategic effort to build a more self-reliant technological ecosystem, reducing vulnerability to external pressures.