Q1 AH new stock dual increase; the profit-making effect of IPOs becomes prominent

With 5 new shares listed in the AH markets on March 31, the new-share markets in both regions officially wrapped up in the first quarter of 2026. Overall, in both the number of new shares and the size of fundraising, A-shares and H-shares both showed an upward trend compared with the same period last year. According to Tonghuashun iFinD statistics, in the first quarter of 2026, a total of 70 new shares were listed across the AH markets. Of these, Hong Kong stocks performed particularly well: 40 new shares were listed, with total proceeds reaching HK$109.926 billion—an obvious increase from the 16 new shares and HK$18.669 billion raised in the same period last year; meanwhile, the A-share market saw 30 new shares listed, with total proceeds of RMB 25.879 billion, and among them the share of new shares from the Beijing Stock Exchange accounted for more than half. Looking ahead, experts believe that the medium- to long-term valuation floors for A-shares and H-shares will gradually rise, and the structure will also be optimized.

70 A-share and H-share new shares in the first quarter

On March 31, the markets in both the A-share and H-share regions welcomed a total of 5 new shares for listing. Specifically, on the A-share side, Longyuan Co., Ltd., Taijin New Energy, and Shenglong Co., Ltd. listed on the Beijing Stock Exchange, the Science and Technology Innovation Board, and the Shenzhen Main Board, respectively, on the same day; the 3 new shares listed on a single day are also tied with February 10, ranking first among A-share single-day new listings within the year to date. On the H-share side, on that day, the market welcomed two newly listed shares: Copper Master and Fourier.

After the market close on March 31, the first quarter of 2026 officially came to an end. Overall, whether measured by the number of newly listed shares or by fundraising scale, both markets increased compared with the same period last year.

According to Tonghuashun iFinD statistics, in the first quarter of 2026, the AH markets combined welcomed 70 new shares for listing. Of these, the number of newly listed shares in Hong Kong reached 40, doubling versus 16 in the same period last year. Beijing Business Daily noted that among the above 40 shares, 15 were also A-share listed companies, accounting for 37.5%.

On the A-share side, in this year’s first quarter, a total of 30 new shares were listed, representing a modest increase compared with 27 in the same period last year. Of note, the Beijing Stock Exchange new-share market expanded significantly in this first quarter. Specifically, among the 30, the number of new shares from the Beijing Stock Exchange was 16, accounting for 53.33%; whereas among the 27 new shares in the same period last year, only 3 were individual stocks from the Beijing Stock Exchange.

Aside from the Beijing Stock Exchange, in this year’s first quarter, the Science and Technology Innovation Board, the Shanghai Main Board, the Shenzhen Main Board, and the ChiNext each welcomed 6, 4, 2, and 2 new shares for listing, respectively.

In terms of fundraising, in this year’s first quarter, the 40 new shares in Hong Kong combined raised a total of HK$109.926 billion, which is a year-on-year increase of 488.82% compared with the fundraising scale of HK$18.669 billion raised by 16 new shares in the same period last year. And among the above 40 shares, there were also two “100-billion” scale new shares: Muyuan Co., Ltd. and Eastroc Beverage. Tonghuashun iFinD shows that the total amount of funds raised by the two shares above was HK$12.099 billion and HK$11.099 billion, respectively.

On the A-share side, the total proceeds raised by the 30 new shares within the year amounted to approximately RMB 25.879 billion, versus RMB 16.476 billion in the same period last year. Among them, Zhenshi Co., Ltd. ranked first with total proceeds of RMB 2.919 billion. New shares with fundraising totals exceeding RMB 2.0 billion also include Shiy a Technology and Hongming Electronics.

Seven-tenths of A-share new shares double their gains on the first day

Looking at the first-day performance of new shares in the AH markets, investor enthusiasm ran high. According to Tonghuashun iFinD statistics, among newly listed A-share new shares, 21 doubled on their first day, accounting for 70%; 6 H-share newly listed shares doubled on their first day.

On the A-share side, specifically, among the 21 shares, Dianke Tiankong had the highest first-day listing gain at 596.3%; second was Zu Xing New Materials, at 405.73%. In addition, Coma Materials and Hengyunchang both rose by more than 300% on their first day; Shenglong Co., Ltd. and Zhixin Co., Ltd. rose by more than 200%.

There were a total of 6 H-share stocks whose first-day gains doubled. Among them, Haitian Technology Group ranked first with a gain of 242.2%. Meanwhile, Ji Shi Jiao Jue, De Shi-B, MINIMAX-W, Leshin Outdoors, and Fourier all saw first-day listing gains between 100% and 200%.

From the fundamentals perspective, according to Tonghuashun iFinD statistics, as of now among the 30 A-share new shares within the year, 17 have disclosed their 2025 performance. Of these, Shenglong Co., Ltd. ranked first with attributable net profit of RMB 884 million. After that, Zhenshi Co., Ltd. ranked second with earnings of RMB 734 million; Hongming Electronics’ attributable net profit for 2025 was approximately RMB 319 million, ranking third.

In addition, among the above 17 shares, only Shiy a Technology had a net profit loss in 2025. It is understood that Shiy a Technology is a provider of integrated micro-display end-to-end solutions, whose core products are silicon-based OLED micro-display panels, and which provides value-added services to customers including services such as strategic product development, optical system solutions, and end-to-end XR solutions.

In 2025, Shiy a Technology achieved operating revenue of approximately RMB 513 million, up 83.19% year over year; and it achieved attributable net profit of approximately -RMB 212 million, narrowing the loss year over year. The prospectus shows that, based on the company’s careful assessment of future market space and by combining the estimated sales volumes, selling prices, material costs, and the level of period expenses for the company’s main future products, the company has made a prudent assessment of the realizability of future profitability, and expects to achieve profitability in 2026.

Regarding the relevant situation, Beijing Business Daily sent an interview letter to Shiy a Technology for an interview; but as of the time this article was published, the company had not responded.

As for H-share new shares, of the 40 stocks, 33 disclosed their 2025 net profits. Of these, 20 were profitable, accounting for more than 60%. For full-year 2025, Muyuan Co., Ltd. ranked first with a profit of RMB 15.812 billion, and Eastroc Beverage ranked second with RMB 4.414 billion.

Keeping active

Looking at A-share companies currently in the pipeline for listing, according to the schedule, the ChiNext-listed company Huilu New Materials will land on the A-share market on April 1. In addition, as of now, five companies—Morning Light Motor, Sanrui Intelligent, Red Board Technology, Y ouyan Refractory Materials, and SAIYING Electronics—have completed their applications and are in line, waiting for listing; while multiple companies including Chuangda New Materials and Dapu Micro are in the stage of applying in the queue.

On the H-share side, the “reserve forces” are also sufficient. According to Tonghuashun iFinD statistics, as of now, the total number of companies in statuses of “awaiting listing,” “having passed the hearing,” and “handling” exceeds 300.

“Compared with other capital markets, A shares and H shares have more attractive valuations. In addition, in recent years, the two markets have optimized their market operation mechanisms, which has further strengthened international institutions’ confidence.” Looking ahead, financial practitioner Qu Fang told Beijing Business Daily that the medium- to long-term valuation floors for A shares and H shares are gradually improving, and the structure will be optimized.

Specifically, Zhai Dan, President of the Xinghuo Private Fund, said that in 2026, the A-share new-share market will maintain a steady expansion trend, and companies in hard technology and new-quality productive forces will become the main force behind IPOs. The share of listed companies and fundraising amounts in sectors such as AI, semiconductors, biotech, and commercial aerospace will further increase. At the same time, regulators will pay greater attention to the quality of listed companies, strictly review standards, and promote a transformation of the new-share market from “expanding in number” to “improving in quality.”

Beijing Business Daily reporter Wang Manlei