4 Days, 26 Companies Submit Listings to HKEX: "A+H" Companies Lead, Niche Leaders Compete for "First Stock" Label

Mars Finance News: On May 2, according to the Hong Kong Stock Exchange disclosure, from April 27 to 30, a total of 26 companies submitted IPO applications to the Hong Kong Stock Exchange, covering popular sectors such as AI semiconductors, biomedicine, new energy, and new consumption.
The “A+H” dual-listing model remains popular, with nine of these companies already listed on the A-shares market, including “the first stock in power battery recycling” GEM Green, “the first e-commerce agency operation stock” Ruoyuchen, AI chip leader Yun Tian Lihui, waferless chip design company Fuhuan Micro, intelligent driving company Qianli Technology, industrial automation leader Huichuan Technology, beauty “big brother” Proya, “bulldozer leader” Shantui, and synthetic biology leader Huaheng Biological.
It is noteworthy that some companies show strong intentions of business transformation: Qianli Technology focuses on the “AI + Mobility” concept, but currently still mainly earns revenue from traditional automotive business; while Ruoyuchen, half a month before submitting the application, acquired high-end skincare brand Olay for 299 million yuan.
Several companies aim to be the “first stock” in niche sectors, especially in AI and hard technology fields. Among them, Jiliu Technology, an AI computing cluster provider, was founded only three years ago, with its valuation soaring to 9.16 billion yuan, aiming to become the “first AI infrastructure stock”; Xinbang, a content asset operator, projects AI token usage to reach 1.5 trillion by 2025, aiming to be the “first AI content asset stock”; Daina Technology, leading the market with a 34.2% share in black-light laboratory solutions, is expected to become the “first AI + black-light laboratory stock.”
In the consumer and biomedicine sectors, Ames claims to be “the largest Chinese candy company,” with revenue of 15k yuan in 2025, potentially becoming the “first Chinese candy stock”; Xinhe Flower is rushing to be the “first Chinese herbal medicine decoction piece stock”; Weikang Probiotics plans to challenge the “first domestic probiotic strain stock.”
Additionally, Juxin Micro focuses on high-performance analog and mixed-signal chip design, backed by major manufacturers such as Huawei, OPPO, and Xiaomi. Nason Technology, a leader in China’s intelligent driving steer-by-wire technology, has a latest valuation of 4.05 billion yuan.
Lala Technology, the parent company of Huolala, projects a global transaction volume (GTV) of $13.32 billion in 2025.
Meanwhile, some companies still face challenges: government and enterprise procurement service provider KeliPu has seen revenue growth but no profit increase over the past three years; Chuangzhi Xinlian Semiconductor’s process material gross margin has plummeted by 23 percentage points in two years; professional outdoor apparel brand Tanbor’s total stores in 2025 nearly fell back to 2023 levels.
Apart from initial public offerings, some companies have adopted special listing methods, such as gold mining company Long Resources, which plans to relocate its holding company from Australia to Hong Kong through a legal arrangement and list on the Main Board of the Hong Kong Stock Exchange via “introduction,” with the original company shares to be delisted.
(Tech Stock Bao Report) (National Development and Reform Commission website)