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

What is the underlying logic behind AI · The rapid surge in stock prices of hard-tech companies after listing?

On April 2nd, a total of 14 companies including Nature Hall, Chao Hongji, and New Hope Dairy submitted applications for Hong Kong IPOs and updated their prospectuses on the same day.

This is just a microcosm of the continued hot IPO market in Hong Kong at the beginning of 2026. Wind data shows that as of March 31, 2026, a total of 40 companies completed IPO listings in the first quarter, a significant increase of 150% year-on-year; total funds raised reached 73.5B HKD, a surge of about 489% year-on-year, breaking the 100 billion HKD mark in just 78 days, setting the fastest record in history for crossing the 100 billion mark, and also refreshing the quarterly fundraising high since 2021.

Hard-tech companies become the main force of listings

The most core change in the Hong Kong IPO market in the first quarter of 2026 is the significant increase in companies containing “tech,” with more than half of the fundraising share firmly locked in the technology sector.

Wind data shows that the semiconductor, hardware equipment, machinery, software services, electrical equipment, and other industries together listed 24 companies, accounting for 60%; the total fundraising amount was 73.495 billion HKD, accounting for 66.81%.

From the segmented tracks, semiconductors, large AI models, and industrial robots have become the three major hot areas, with a batch of core technology barrier-leading niche leaders landing in Hong Kong stocks.

A wave of IPOs in the semiconductor track has arrived, with companies like Bairen Technology, Days Intelligence, Powerleader Group, GigaDevice, and Lankai Technology appearing in succession, covering key links such as AI chips, memory interface chips, and image sensors; the AI field has seen star companies clustering for IPOs, with AI giants Zhipu and MINIMAX highly sought after by capital, with secondary market performance leading the way after listing; the industrial robot track remains hot as well, with companies like Huayuan Robotics, Estun, and Daqo CNC landing in Hong Kong stocks one after another.

The performance in the secondary market further confirms the capital appeal of hard-tech, with industry differentiation becoming more apparent. Hard-core tech stocks like AI large models and semiconductors are experiencing a capital frenzy.

Zhipu’s stock price has been rising steadily after listing, reaching a peak of 938 HKD per share during trading on April 1, more than 7 times the issue price, with a market value exceeding 400 billion HKD at one point; MINIMAX’s highest price after listing soared to 1,330 HKD per share, setting a new high for individual stock prices in the Hong Kong market; GigaDevice’s first-quarter cumulative increase reached 45.96%, making these core tech targets the focus of capital pursuit.

In stark contrast, traditional manufacturing, food and beverage, non-ferrous metals, hardware equipment, and other industries experienced significant declines after listing, with companies like Youlesai Sharing, Red Star Cold Chain, and Copper Master experiencing sharp drops. As of the end of the first quarter, Youlesai Sharing had fallen by 48%, and even industry leaders like Muyuan Foods and Dongpeng Beverage could not escape the fate of falling below the listing price.

“A+H” stocks continue to expand

While hard-tech leads the way, the “A+H” dual-market listing model continues to expand, becoming another major feature of the Hong Kong IPO market in the first quarter, with a clear trend of mainland leading enterprises leveraging the Hong Kong platform to promote global capital deployment.

Data shows that among the 40 newly listed companies in the first quarter, 15 are “A+H” dual-listed companies, accounting for nearly 40%. Meanwhile, among the top 10 companies by financing scale in the first quarter, 7 are listed on the A-shares market, including Muyuan Foods, Dongpeng Beverage, Lankai Technology, Daqo CNC, GigaDevice, Powerleader Group, and Chuangdao Intelligence. These 7 companies raised a total of over 52 billion HKD, nearly half of the total IPO funds raised in Hong Kong in the first quarter, becoming the core force of fundraising.

Hong Kong’s top ten IPOs in the first quarter

Unlike in previous years, the A-share companies listing in Hong Kong this year are characterized by large scale, high quality, and strong core competitiveness, with rare niche track leaders becoming the focus of capital competition.

Muyuan Foods and Dongpeng Beverage, two major consumer giants, each raised over 10 billion HKD, together contributing over 23 billion HKD in fundraising, becoming the main pillars of the first quarter’s fundraising; semiconductor companies like GigaDevice, Lankai Technology, and high-end equipment companies like Huayuan Robotics are opening up domestic and international capital channels through the “A+H” model.

Looking at the queue, the “A+H” backup team continues to grow, with the expansion trend expected to continue. As of March 31, among 430 companies queued in Hong Kong, 106 are A-share listed companies, accounting for nearly 30%; companies like Huaqin Technology, Sige New Energy, Quannuclear Technology, Shenghong Technology, Changguang Chenxin, Hehui Optoelectronics, and Sunmi Technology have passed the Hong Kong Stock Exchange’s consultation and are about to list, many of which are “A+H” targets.

Looking ahead to 2026, many institutions predict that IPO fundraising may exceed 300 billion HKD.

According to HKEX data, as of March 31, 2026, there are still 430 companies queued for Hong Kong listing (excluding investment tools), including 17 approved and awaiting listing, and 413 in process.

HKEX has also initiated reforms to the listing mechanism. The consultation document released in March shows plans to optimize different voting rights listing rules, facilitate overseas issuers to list in Hong Kong, and restrict intermediaries from handling multiple IPO projects simultaneously, strictly controlling listing quality, further attracting high-quality hard-tech companies to settle.

CICC pointed out that the active IPOs and refinancing in 2025 laid the groundwork for the capital needs in 2026. Based on the current number of companies queued for listing and potential financing scale, the IPO financing scale in Hong Kong in 2026 could further increase from last year’s 285.8 billion HKD to about 440 billion HKD.

Huatai Securities stated that mainland enterprises still have financing needs, and Hong Kong’s targeted reforms, including accelerated “A+H” listings and dedicated channels for tech companies, have reduced the time costs and uncertainties associated with listing in Hong Kong. Meanwhile, a weak US dollar, low interest rates, and strong secondary market performance have also encouraged companies’ willingness to go public.

Deloitte predicts that in 2026, about 160 new stocks in Hong Kong will raise at least 300 billion HKD. Among them, 7 new stocks are expected to raise at least 10 billion HKD each, including leading mainland enterprises. Besides numerous “A+H” listing applicants, projects for tech, media, telecom, healthcare, consumer sectors, and Chinese concept stocks listed in the US will also attract market attention.