Hong Kong stocks' first-quarter IPO fundraising increased by 489%, approaching HKD 110 billion, with tech stocks taking the lead

On April 2, 14 companies, including Chando (自然堂), Chaohongji (潮宏基), New Hope Dairy (新希望乳业), submitted Hong Kong stock IPO applications and updated prospectuses on the same day.

This is only a snapshot of the continued intense momentum of Hong Kong stock IPOs at the start of 2026. Data show that as of March 31, 2026, in the first quarter, a total of 40 companies in the Hong Kong stock market completed IPO listings, a year-on-year surge of 150%. Total proceeds amounted to HK$8B, up sharply by about 489% year-on-year. It broke through the HK$100 billion fund-raising threshold in just 78 days, setting a record for the fastest time to surpass HK$100 billion, and also reaching a quarterly high in fund-raising since 2021.

Hard-tech companies become the main force behind listings

The most core change in the Hong Kong IPO market in Q1 2026 is the significant increase in the “tech” share of listings—over half of the fundraising portion is firmly locked to the technology sector.

According to Wind data, a total of 24 companies were listed across industries such as semiconductors, hardware equipment, machinery, software services, and electrical equipment, accounting for 60%. The fundraising amount was HK$8B, accounting for 66.81%.

From the perspective of sub-sectors, semiconductors, AI large language models, and industrial robots have become the three major core hot areas, with a number of sub-sector leading companies that have strong technological barriers to entry making dense appearances on the Hong Kong stock market.

The semiconductor track has seen a wave of listings. Companies such as Biren Technology (壁仞科技), Tianshu Zhixin (天数智芯), OmniVision Group (豪威集团), GigaDevice (兆易创新), and Ruentex?—Ruent? (澜起科技) have appeared in concentrated fashion, covering key links such as AI chips, memory interface chips, and image sensors. In the AI field, star companies have crowded into listings; Zhipu (智谱) and MINIMAX—two major AI large model leaders—have been highly sought after by capital, and their performance in the secondary market after listing has been extraordinary. The industrial robot track has also remained just as hot, with companies such as Hualian Robotics (华沿机器人), Eston (埃斯顿), and Dahua? CNC (大族数控) gradually landing on the Hong Kong stock market.

The performance in the secondary market further confirms the capital-raising appeal of hard-tech. The trend of sector differentiation has become even more pronounced, and hard-core technology stocks such as AI large language models and semiconductors have entered a frenzy for capital.

After Zhipu’s listing, its share price continued rising, at one point touching HK$938 per share during intraday trading on April 1, more than 7 times higher than the issue price, with its total market capitalization once surpassing HK$400 billion. After MINIMAX’s listing, its highest price surged to HK$1,330 per share, setting a new record high for an individual stock price in the Hong Kong market. In Q1, GigaDevice’s cumulative gain reached 45.96%; hard-tech targets have become the core of capital pursuit.

In sharp contrast, traditional manufacturing, food and beverage, non-ferrous metals, hardware equipment, and other industries have seen a wave of listings trading down (breaking issue prices). Companies such as Yoles? Share? (优乐赛共享), Red Star Cold Chain (红星冷链), and Copper Master (铜师傅) have all suffered significant post-listing declines. By the end of Q1, Yoles? Share? (优乐赛共享) had already fallen 48%. Even industry leaders such as Muyuan Co., Ltd. (牧原股份) and Dopharma?—Eastroc? (东鹏饮料) could not escape the fate of trading down.

“A+H” shares continue to expand

While hard-tech leads the way, the “A+H” two-market listing model continues to expand, becoming another key feature of the Hong Kong IPO market in Q1. The trend for mainland leading companies to leverage the Hong Kong stock platform to advance global capital-structure and capital-allocation layouts has become increasingly evident.

Data show that among the 40 newly listed companies in Q1, 15 are “A+H” listings, accounting for nearly 40%. Meanwhile, among the top 10 companies by financing size in Q1, 7 have already been listed on A-shares. They are Muyuan Co., Ltd. (牧原股份), Dopharma?—Eastroc? (东鹏饮料), Ruentex?—? (澜起科技), Dahua? CNC (大族数控), GigaDevice (兆易创新), OmniVision Group (豪威集团), and Leader Intelligent (先导智能). The 7 companies together raised more than HK$52 billion, accounting for nearly half of the total fundraising in Hong Kong IPOs in Q1, becoming a core force among the fundraising mainstays.

Top 10 IPOs in Hong Kong in Q1

Unlike in previous years, A-share companies going public in Hong Kong this year have the characteristics of large scale, high quality, and strong core competitiveness. Leading companies in scarce sub-sectors have become the focus of competition for capital.

Consumption leaders such as Muyuan Co., Ltd. and Dopharma?—Eastroc? each raised more than HK$10 billion; together they contributed over HK$23 billion in fundraising, becoming the backbone of fundraising scale in Q1. Semiconductors such as GigaDevice (兆易创新) and Ruentex?—? (澜起科技), as well as high-end equipment companies such as Hualian Robotics (华沿机器人), have opened up capital channels both within and outside the mainland through the “A+H” model.

In terms of the queued lineup, the “A+H” back-up pool continues to grow, and the trend toward expansion is unlikely to slow down. As of March 31, among the 430 companies queued for listings in Hong Kong, 106 A-share listed companies have reached the stage, accounting for nearly 30%. Seven companies—including Huqin? Technology (华勤技术), Sig? New Energy (思格新能源), Quank? Technology (群核科技), SunWin? Technology (胜宏科技), Long? Optoelectronics (长光辰芯), and King? Optoelectronics (和辉光电), as well as Sunmi? Technology (商米科技)—have already passed the HKEX hearing process and are about to land on the Hong Kong market, with many of them being “A+H” targets.

Looking ahead to 2026, multiple institutions have forecast that IPO fundraising may exceed HK$300 billion.

According to HKEX data, as of March 31, 2026, there are still 430 companies waiting to list in Hong Kong (excluding investment vehicles). Of these, 17 have already been approved and are awaiting listing, and 413 are still being processed.

HKEX has also initiated reforms to its listing mechanisms. The consultation documents released in March indicate that it will optimize the listing rules for different voting rights, facilitate overseas listing issuers to list in Hong Kong, and at the same time restrict intermediary personnel from being responsible for multiple IPO projects concurrently, strictly control listing quality, and further attract high-quality hard-tech companies to take root.

CICC pointed out that the active pace of IPOs and refinancing in 2025 has laid the groundwork for capital needs in 2026. Based on the number of companies currently queued for listing on HKEX and estimates of potential financing scale, the financing size for Hong Kong IPOs in 2026 may further increase from last year’s HK$285.8 billion to about HK$440 billion.

Guotai Junan Securities? / Huatai? Securities? (华泰证券) stated that mainland companies still have financing demand. Hong Kong is carrying out targeted reforms to address this. The acceleration of “A+H” listings and the establishment of a dedicated channel for tech companies reduce the time and uncertainty costs and other barriers for enterprises to list in Hong Kong. At the same time, factors such as a weaker US dollar and low interest rates, as well as performance in the secondary market, have also prompted companies’ listing intentions to rebound.

Deloitte expects that in 2026 as a whole, the Hong Kong new stock market will have around 160 new listings, raising at least HK$300 billion. It is expected that among them, 7 new listings will raise at least HK$10 billion each, including leading mainland enterprises. In addition to a large number of “A+H” listing applicants, technology, media and telecommunications, healthcare and pharmaceuticals, consumer sectors, international companies, as well as IPO projects of China concept stocks listed in the US will also become key focus areas for the market.

(Source: The Paper (澎湃新闻))