13 New A+H Shares Added This Year, Hong Kong Stock IPO Pipeline Continues to Expand

Staff Reporter Mao Yirong

Hong Kong stock IPO enthusiasm continues. As of March 18 this year, 28 new stocks have been listed on the Hong Kong Stock Exchange, a year-on-year increase of 133.33%; IPO fundraising reached HKD 97.166 billion, a 537.34% increase.

Ning Bo, Chief Strategy Analyst at China Merchants Securities (Hong Kong) Research Department, said that in the long term, the Hong Kong stock market is undergoing structural reshaping. Information technology and healthcare companies are becoming the main force in IPOs, with industries such as artificial intelligence, semiconductors, and innovative drugs gradually forming new asset supplies. Meanwhile, regulators are strengthening oversight of listing quality and sponsorship responsibilities, which helps shift the Hong Kong IPO market from “quantity expansion” to “quality prioritization.” Continued listings by high-quality companies not only expand capital supply but may also attract more global funds to allocate to Chinese assets, thereby improving the market structure and valuation levels of Hong Kong stocks in the medium to long term.

Technology and Consumer Leaders Lead the Way

“A+H” Stock Listing Trend Continues

In the Hong Kong IPO boom, the “A+H” stock model has attracted attention. Data shows that since 2026, 13 A-share companies have listed in Hong Kong, raising a total of HKD 62.577 billion, accounting for 64.40% of this year’s IPO fundraising in Hong Kong.

In terms of market capitalization, among these 13 companies are industry leaders like Muyuan Food Co., Ltd. (“Muyuan Shares”) and GigaDevice Semiconductor Inc. (“GigaDevice Innovation”), each with market caps of over HKD 100 billion, as well as high-growth companies like Shanghai Longqi Technology Co., Ltd., with a market cap around HKD 20 billion.

Industry-wise, these companies mainly come from industrial, information technology, and daily consumer sectors. Many have significant overseas business revenues and strong global competitiveness. Their internationalization strategies include technology-driven, supply chain supporting, and equipment export models. For example, semiconductor and high-end manufacturing companies are accelerating overseas expansion through technological advantages; original design manufacturers serve global consumer electronics brands; and industrial automation firms actively export equipment and technology abroad.

Specifically, in the semiconductor sector, companies like OmniVision Technologies (hereafter “OmniVision Group”), GigaDevice, and Lianqi Technology (hereafter “Lianqi Tech”) have attracted long-term international capital during IPO stages, reflecting ongoing market interest in the semiconductor supply chain. In the consumer sector, Muyuan Shares and Dongpeng Beverage Group have successfully listed in Hong Kong, indicating that the consumer upgrade trend continues.

Meanwhile, more A-share companies are pushing for Hong Kong listings. For example, Shanghai Huanhui Optoelectronics Co., Ltd. and Guangzhou Guanghe Technology Co., Ltd. have passed hearing; Kefu Medical Technology Co., Ltd., Wolong Electric Drive Group, Luxshare Precision Industry Co., Ltd., and Shenghong Technology (Huizhou) Co., Ltd. have submitted listing applications and are currently in “processing.”

Wind Information data shows that as of March 18, there are 183 “A+H” listed companies. Among them, three A-share companies are expected to list in Hong Kong in 2024, 19 in 2025, and since 2026, 13 A-share companies have already listed.

Gao Zhe, Co-Head of Global Investment Banking at UBS Securities, told Securities Daily that the shift of A-share companies from traditional manufacturing to high-end manufacturing, semiconductors, and new energy industries in Hong Kong reflects China’s economic transformation and upgrading. Listing in Hong Kong not only provides financing channels but also offers a platform for their internationalization strategies.

Hong Kong Market Reform Releases Benefits

Mobilizing More Reserve Resources

Market performance shows that most new stocks perform well on their first day. Among the 28 new stocks, 16 saw first-day gains of over 10%, with three exceeding 100%. Popular stocks like MiniMax (Xiyu Technology) and Beijing Zhipu Huazhang Technology Co., Ltd. have seen significant increases since listing.

Active participation by cornerstone investors also boosts market confidence. Data shows that from the beginning of the year, 27 of the 28 new stocks have attracted cornerstone investors, with a total of 301 institutions involved. For example, in the AI sector, long-term funds come from domestic institutional investors as well as from the UAE, Singapore, South Korea, and Switzerland.

Additionally, data indicates that 12 companies have passed the “Listening” review stage, while 377 are still “Processing,” meaning the pipeline of IPO candidates in Hong Kong remains large and expanding.

Looking further, the Hong Kong IPO reserve army shows two main features: first, industry-wise, hard tech and consumer sectors continue to lead, with semiconductor supply chains remaining hot; second, in terms of sources, cases of A-share companies spinning off subsidiaries for Hong Kong listing, A-share companies directly listing in Hong Kong, and Southeast Asian companies listing in Hong Kong are increasing significantly.

Li Yujie, Strategy Researcher at Huatai Securities, said that on one hand, companies prefer to apply for IPO when liquidity in the secondary market is ample and valuations are high; on the other hand, active IPO financing, especially high-profile projects, can attract more investor attention and participation in Hong Kong’s market.

Policy-wise, reforms are also continuously releasing benefits. To enhance Hong Kong’s market competitiveness and attract more high-quality companies, the Hong Kong Stock Exchange launched the first phase of a reform consultation on listing system competitiveness in March, planning to relax the WVR (weighted voting rights) threshold and allow all companies to submit “secret” applications.

Yuan Mei, Research Director at Sullivan & Jolly (Shenzhen) Cloud Technology Co., Ltd., told Securities Daily that these reforms are expected to increase new stock fundraising, boost market activity, attract global investors to reallocate assets, and strengthen Hong Kong’s status as an international financial center.

Qi Menglin, Managing Partner at Huashang Law Firm, said that the reforms will facilitate overseas issuers, especially Chinese concept stocks and Southeast Asian companies, to list in Hong Kong. This will enrich the market ecosystem, provide investors with diversified options, activate market liquidity, promote market structure upgrades, and help intermediary institutions expand their international business and better serve global clients.