Hong Kong Stock Market IPO fundraising hits a new high, with technology and new economy leading the way

Securities Times reporter Wang Jun

In the first quarter, the Hong Kong stock IPO market delivered an eye-catching performance of “HK$100 billion in financing,” a figure that set a quarterly high since the second quarter of 2021. Data from Wind shows that, as of March 31, there were 40 companies in the Hong Kong stock market that completed IPOs, up 150% year over year; the total amount raised was nearly HK$110 billion, up a sharp 489% year over year. These figures highlight the appeal and financing capacity of the Hong Kong stock market.

“A+H” companies became the core force behind fundraising in the first quarter. Among the 40 newly listed Hong Kong stock companies, 15 were “A+H” dual-listed entities. Of the top 10 companies by fundraising scale, 7 are already listed on A shares. The combined fundraising scale of these 7 exceeds HK$52 billion, accounting for nearly half of the total IPO financing in Hong Kong in the first quarter, underscoring the strategic position of the Hong Kong stock market as an important hub for Mainland enterprises to deploy capital globally.

Technology and the new economy take the lead

The key driving force behind the Hong Kong stock IPO market in the first quarter came from large companies listing in batches. Two Mainland leading enterprises, Muyuan Shares (002714) and Dongpeng Beverage, successively listed on the Hong Kong bourse; each raised more than HK$109.93B. Together, they contributed more than HK$23 billion. In addition, the listings of leading semiconductor and AI companies such as Lantian Technology (688008) and Biren Technology further pushed up the fundraising scale. According to data, in the first quarter of this year, Hong Kong stock companies raised HK$18.67B through IPOs, up by HK$73.35B from HK$45.68B in the same period of 2025, an increase of 489%.

By industry distribution, the first-quarter Hong Kong stock IPO market showed a clear “technology-focused” profile. Data show that semiconductor, hardware equipment, machinery, pharmaceutical and biologicals, software services, as well as medical equipment and services accounted for a total of 26 listed companies, representing 65%; the amount raised was HK$5.34B, accounting for 66.73%.

Among them, companies in areas such as semiconductors, software services, and robots (300024) saw particularly dense listings. These include AI large-model leader Zhipu, MINIMAX-W, the semiconductor design company GalaxyCore (603986), image sensor leader OmniVision Group, memory interface chip leader Lantian Technology, and multiple robot companies such as Hualian Robotics and Eston (002747).

The strong performance of technology companies is also reflected in the secondary market. After Zhipu listed, its share price climbed one after another. During trading on April 1, it briefly rose to HK$938 per share, more than seven times higher than the issue price, and its total market capitalization briefly surpassed HK$400 billion. After MINIMAX-W listed, its share price also climbed steadily. Its highest price briefly surged to HK$1,330 per share, making it the “highest-priced stock” in Hong Kong equities. In sharp contrast, traditional consumer and industrial companies performed poorly. After listing, some companies such as YouleSai Shared, Red Star Cold Chain, and Tong Shifu performed worse, and some even broke issue price on the first day.

According to data from the Hong Kong Exchanges and Clearing Limited (HKEX), as of March 31, there were still 430 companies in the pipeline for a Hong Kong listing, including 17 that had been approved but not yet listed, and 413 that were still being processed. According to LiveReport big data, as of March 31, there were 7 companies in Hong Kong that had passed hearing, or would be listed soon, namely Huaqin Technology (A+H), Sig Energy, Quanh He Technology, Shenghong Technology (300476) (A+H), Changguang Centra Chip, Hehui Optoelectronics (A+H), and Sunmi Technology.

The rapid rebound in the Hong Kong IPO market is the result of a resonance between institutional optimization and looser liquidity. Huatai Securities (601688) said that Mainland enterprises still have financing needs, and that Hong Kong is carrying out targeted reforms in response; “A+H” listing acceleration and dedicated channels for tech companies have lowered the time costs and uncertainties for enterprises to list in Hong Kong, among other thresholds. At the same time, a weaker US dollar, low interest rates, and performance in the secondary market have also prompted enterprises’ willingness to list to rebound.

Anchor investor total increases by more than 7 times

As a distinctive feature of Hong Kong stocks, new shares at IPO time typically introduce anchor investors. In the first quarter, among newly listed shares, 35 introduced anchor investors. The number of anchor investors participating in the subscription totaled 318, up nearly 280 from the same period last year. The total amount of anchor investment reached HK$4.99B, up more than 7 times from the same period last year.

More specifically, in the first quarter, 14 new issues received subscriptions from anchor investors of no less than HK$1 billion, including 10 issues with anchor investment scales exceeding HK$2 billion. The top three new issues by anchor investment scale were Muyuan Shares, Dongpeng Beverage, and Lantian Technology, with HK$3.51B, HK$200k, and HK$10k subscribed, respectively. In addition, the anchor investment scale for Zhipu, MINIMAX-W, Dahua CNC, GalaxyCore, OmniVision Group, and others was no less than HK$2 billion. Anchor investors include global and domestic leading institutions such as Temasek, BlackRock, UBS, Morgan Stanley, Abu Dhabi Investment Authority, and Tencent Holdings, whose presence appeared frequently.

Subscription enthusiasm for new shares surges

Against the backdrop of hot trading for newly listed shares, investors have also shown rising enthusiasm for the Hong Kong IPO market.

According to statistics from LiveReport big data, in the first quarter, a total of 8 new shares received subscriptions of more than 200k shares, including Biren Technology, MINIMAX-W, Lantian Technology, Haizhi Technology Group, Mingming Hen Mang, Hualian Robotics, Zhipu, and Guanghe Technology. There were 4 new shares with a public subscription ratio exceeding 5,000 times: BBSB INTL, YouleSai Shared, Haizhi Technology Group, and Hualian Robotics. Among them, BBSB INTL, due to its relatively small issue size, had an effective public sale subscription ratio exceeding 10k times.

It is worth noting that a high subscription multiple does not necessarily mean that the new shares will not break issue price. For example, while YouleSai Shared attracted strong interest and funding during the bookbuilding period, its share price fell 43.64% on the first day of listing.

Recently, the probability of newly listed Hong Kong stocks breaking issue price has increased, likely related to market conditions. Yuan Mei, an investment research and corporate development director at Sullivan Jieli (Shenzhen) Cloud Technology Co., Ltd., analyzed for Securities Times reporters that more new shares are breaking issue price mainly because geopolitical conflict has triggered an energy crisis, leading to pressure on risk assets and causing major index levels in multiple markets to pull back noticeably. For “bidding for new issues,” new shares’ performance is more clearly affected by short-term funds and market sentiment. Meanwhile, long-term stock price rises and falls are mainly influenced by changes in industry trends and company performance.

In the view of Wen Tianna, General Manager of International at BoDa Capital in Hong Kong, some new share issue valuations lean toward A-share anchors or previous highs, while Hong Kong investors focus more on discounted cash flows, dividend returns, and liquidity. At the same time, some companies’ pricing did not fully consider differences in risk preferences in the secondary market, leading to adjustments after listing. Hot sectors can attract capital, while individual stocks with pressure from traditional business or fundamentals are more likely to “cool off.”

(Editor: Dong Pingping)

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