Technology and the new economy take center stage: Hong Kong IPO fundraising in Q1 reaches a five-year high

The Securities Times reporter Wang Jun

In the first quarter, the Hong Kong stock IPO market turned in a standout performance of “HK$100 billion in financing,” a figure that hit a quarterly high since Q2 2021. Data from Wind shows that, as of March 31, a total of 40 companies in the Hong Kong stock market completed their IPOs, up 150% year over year; the total amount raised was nearly HK$110 billion, surging 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 are “A+H” dual-listed enterprises. Of the top 10 companies by fundraising size, 7 have already been listed on the A-share market. The combined fundraising size of those 7 exceeds HK$52 billion, accounting for nearly half of the total IPO financing amount in Hong Kong stocks in the first quarter—underscoring the strategic position of the Hong Kong stock market as an important hub for the globalization of capital allocation by mainland enterprises.

Technology and the New Economy Take the Lead

The core driving force behind the Hong Kong stock IPO market in the first quarter comes from large companies rolling out batch listings. Two mainland leaders—Muyuan Shares and Dongpeng Beverage—successively listed in Hong Kong; each raised more than HK$10 billion. In total, they contributed more than HK$23 billion. In addition, the listings of semiconductor and AI-sector leaders such as Ruentex? and Biren Technology? further boosted the scale of fundraising. Data shows that in the first quarter of this year, Hong Kong-listed companies raised HK$109.927 billion through IPOs, up HK$91.258 billion from HK$18.669 billion in the same period of 2025, representing a growth rate of 489%.

By industry distribution, the first-quarter Hong Kong stock IPO market displayed a clear “technology focus.” Data shows that semiconductors, hardware equipment, machinery, pharmaceutical and biologicals, software services, and medical equipment and services together saw 26 companies list, accounting for 65%; the fundraising amount was HK$73.35 billion, accounting for 66.73%.

Among them, companies in areas such as semiconductors, software services, and robotics were densely listed. This includes AI large-model leader Zhipu, MINIMAX-W; semiconductor design company Zhaoyi Innovation; image sensor leader OmniVision Group; memory interface chip leader Ruentex?; as well as multiple robotics companies including Huareng? and Esdin? .

The strong performance of technology companies is also reflected in the secondary market. After Zhipu listed, its share price kept climbing. On April 1, during intraday trading it once rose to HK$938 per share, more than 7 times higher than the offering price, and its total market value at one point exceeded HK$400 billion. After MINIMAX-W listed, it also continued to climb, with the highest price reaching HK$1,330 per share, making it the “highest-priced stock” in Hong Kong. In sharp contrast, traditional consumer and industrial companies performed sluggishly. For example, after listing, companies such as Youlesai Shared, Red Star Cold Chain, and Tong Shifu performed poorly; moreover, some firms’ shares broke the issue price on their first trading day.

According to data from the Hong Kong Exchanges and Clearing Limited, as of March 31, there were still 430 companies in the queue to list in Hong Kong. Of these, 17 had been approved and were awaiting listing, while 413 were still being processed. According to LiveReport big data, as of March 31, seven companies in Hong Kong have passed their hearing, or are expected to list soon. They are Huaqin Technology (A+H), Sigen New Energy, Qunkhe Technology, Shenghong Technology (A+H), Changguang Chensinn? , Hehu? 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 easier liquidity. Huatai Securities said that mainland enterprises still have financing needs, and Hong Kong has carried out targeted reforms. “A+H” listing speed-ups and the reduction of enterprise overseas listing time costs and uncertainty through dedicated tech-company channels have lowered certain thresholds. At the same time, a weak U.S. dollar, low interest rates, and the performance of the secondary market have also prompted enterprises to become more willing to list.

The total cornerstone investment amount increased by more than 7 times

As a distinctive feature of Hong Kong stocks, new shares at the time of IPO typically introduce cornerstone investors. Among the new shares listed in the first quarter, 35 introduced cornerstone investors. The cornerstone investors participating in subscriptions totaled 318, up nearly 280 from the same period last year. The total cornerstone investment amount was HK$45.675 billion, up more than 7 times from the same period last year.

Specifically, in the first quarter, 14 new issues received cornerstone investor subscription amounts of no less than HK$1 billion, among which 10 had cornerstone investment scales of more than HK$2 billion. The top three new issues by cornerstone investment scale were Muyuan Shares, Dongpeng Beverage, and Ruentex? Technology in that order, with subscriptions of HK$5.342 billion, HK$4.990 billion, and HK$3.509 billion, respectively. In addition, cornerstone investment scales for Zhipu, MINIMAX-W, Dahao CNC, Zhaoyi Innovation, and OmniVision Group were all no less than HK$2 billion. Among cornerstone investors, the presence of international and domestic top institutions such as Temasek, BlackRock, UBS, Morgan Stanley, Abu Dhabi Investment Authority, Tencent Holdings, and others was frequently seen.

Subscription enthusiasm for new shares runs hot

Against the backdrop of new shares listing in a hot stretch, investors have also shown elevated enthusiasm for the Hong Kong IPO market.

According to LiveReport big data statistics, in the first quarter, a total of 8 new issues received subscriptions of more than 200,000 shares, including Biren Technology, MINIMAX-W, Ruentex? Technology, Haizhi Technology Group, Mingming Hen Mang, Huareng? Robotics, Zhipu, and Guanghe Technology. There were 4 new issues with public subscription coverage exceeding 5,000 times: BBSB INTL, Youlesai Shared, Haizhi Technology Group, and Huareng? Robotics. Among them, BBSB INTL had more than 10,000 times effective subscription multiples for public sale due to its relatively small offering size.

It should be noted that a high subscription multiple does not necessarily mean the new shares will not break the issue price. For example, Youlesai Shared received a surge of attention and funding during the bookbuilding period, but its share price fell by 43.64% on the first day of listing.

In recent times, the probability of Hong Kong new shares breaking the issue price has increased, which may be related to the market environment. Yuan Mei, head of investment research and technology at Silicon? (Shenzhen) Cloud Technology Co., Ltd., analyzed for The Securities Times reporter that more new shares breaking the issue price in Hong Kong is mainly because the energy crisis triggered by geopolitical conflicts has put pressure on risk assets, and major index levels across multiple markets have clearly pulled back. For IPO “apply-for” investors, new shares’ performance is affected more obviously by short-term capital flows and market sentiment. Meanwhile, long-term gains or losses of stocks are mainly influenced by changes in industry trends and company performance.

In the view of Wen Tianna, CEO of Big Day Capital International in Hong Kong, the valuations of some new share offerings are tilted toward A-share anchors or prior highs, while Hong Kong investors pay more attention to discounted cash flow, dividend returns, and liquidity. At the same time, some companies’ pricing did not fully factor in differences in risk preferences in the secondary market, leading to adjustments after listing. Hot sectors can attract capital, but individual stocks facing pressure from traditional themes or fundamentals are more likely to “cool off.”