Hong Kong Stock Market IPO Monthly Overview: Over HKD 17.5 billion raised in March IPOs, with Guanghe Technology and Zhaowei Electromechanical among the top fundraisers

Ask AI · More Than 370 Companies in the IPO Queue—What Signals Does the Slow Review Progress Reveal?

Xinhua Finance and Bread Finance researchers, based on information disclosed by the Hong Kong Stock Exchange, have compiled and analyzed the companies in the Hong Kong stock IPO queue and the newly listed companies. Among them, the criteria used to select companies in the Hong Kong IPO queue are that the review status is “application version published” and “post-hearing materials published.”

In March, the Hong Kong Stock Exchange had 16 new listings, with total funds raised reaching HK$17.54 billion, representing a 65% decline in scale month-on-month. Among them, Guanghe Technology and Zhaowei Electromechanical ranked at the top in terms of first-time total funds raised, reaching HK$3.306 billion and HK$1.907 billion, respectively.

As of April 1, 2026, there were a total of 375 companies in the Hong Kong IPO queue, of which 8 companies have already passed the hearing.

16 New Stocks Listed in March

In March 2026, the Hong Kong Stock Exchange had 16 new stocks listed, with total funds raised reaching HK$17.54 billion, which was more than a 65% decline compared with the scale of funds raised from the 16 stocks listed in February 2026.

Among the new stocks listed in March, Guanghe Technology raised HK$3.306 billion in total funds, the largest scale. Zhaowei Electromechanical, Feisu Innovation, Hantiancheng, and Hualan Robotics raised more than HK$1.5 billion each.

Figure 1: New stocks listed on the Hong Kong Stock Exchange in March 2026

The information shows that Guanghe Technology was listed on the Hong Kong Stock Exchange on March 20, 2026, with an issue price of HK$71.88 per share. Its fundraising scale was the largest among Hong Kong stocks listed in March, reaching HK$3.306 billion. After listing, the company’s share price initially surged to as high as HK$147.9 per share before falling back.

Dersh is a medical device company focused on developing medical imaging products and services. The company was listed on March 30, 2026, with a Hong Kong offering price of HK$99 per share. On its first trading day, its share price rose by more than 100%, and in the following days, the highest share price reached HK$259 per share. As of the close on April 2, its share price was about HK$234 per share, and its market capitalization was about HK$20 billion.

UleSai Share and Tong Shifu’s first-day opening performance was relatively poor, falling by 31.82% and 40.97%, respectively.

Over 370 Companies in the IPO Queue

Based on publicly available information, as of April 1, 2026 (the same applies below), there were 375 companies in the Hong Kong Stock Exchange’s IPO queue in total. Of these, 371 companies were in the Main Board IPO queue, while 4 companies were in the Growth Enterprise Market (GEM) queue.

Based on the progress of the review, there were 367 companies with published application versions, and 8 companies have already passed the hearing.

Figure 2: Companies in the IPO queue of the Hong Kong Stock Exchange (partial)

Yongkang Holdings submitted multiple applications for a Hong Kong Main Board IPO in 2024, and on April 1, 2026, it updated its materials again. The company is a Singapore container yard operator. In 2025, it achieved revenue of RMB149 million, down 9.61% year on year; net profit of RMB13 million, up 18.1% year on year.

Huaqin Technology updated its H-share post-hearing materials in March 2026. The company is a global intelligent hardware platform-type enterprise, with businesses covering multiple areas such as smartphones, computers, and robots. In 2025, the company achieved revenue of RMB171.437 billion, up 56.51% year on year; net profit of RMB40.81 billion, up 39.47% year on year.

【Check New Stocks】 is a column co-built by Xinhua Finance and Bread Finance, with its main content focused on interpreting new stocks and recently listed stocks. Xinhua Finance is the national financial information platform constructed by Xinhua News Agency, providing comprehensive coverage of financial markets such as global stock markets, FX markets, and bond markets, and offering authoritative, professional, and comprehensive financial information services.

（Article sequence number: 2039620803514994688/PLH）

Disclaimer: This article does not constitute any investment advice to any person.
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