(Bloomberg) -- Alibaba Group Holding Ltd. and JD.com Inc. have begun preparations for a trio of the year’s biggest Chinese debuts, heralding a wave of initial public offerings that promise to breathe new life into the struggling technology industry and Hong Kong’s stock market.

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Cainiao Network Technology Co., Alibaba’s logistics arm, has kicked off discussions with banks for what may become the first of several IPOs by units of the e-commerce giant. On Thursday, two JD subsidiaries filed for first-time share sales in the city. Those three listings could raise about $5 billion between them, people familiar with the matter said.

The moves ignited hopes that Beijing — keen to resuscitate the world’s second-largest economy — is unfettering the private sector, allowing its biggest names to again pursue business and fundraising. Alibaba got the ball rolling this week by unveiling a six-way split that could usher several businesses — including Cainiao — onto public markets. That shake-up accomplishes Beijing’s broader aim of carving up tech titans and diminishing their influence over swaths of the economy — while unlocking potentially billions of dollars in value.

The revival of the Chinese tech IPO train ends a year-long drought that set in after regulators pulled the plug on Ant Group Co.’s record IPO. Once among the world’s most lucrative investment banking plays, the business dried up around 2021 when Beijing launched a blistering attack on internet sectors from online commerce to gaming, and tightened requirements for overseas listings.

“For the big techs, spinoffs no doubt can boost shareholder return, unlock the company value and ease regulatory concerns related to anti-trust,” said Willer Chen, senior analyst at Forsyth Barr Asia Ltd. “For more than a year or so, there has been very light demand on the deal side as market conditions were weak and investors disheartened. Now, the environment seems more friendly for valuation, which make sense for big tech subsidiaries that have a mature business and strong cash need to consider IPOs.”