Seven companies listed for IPOs on the same day—Hong Kong stock IPOs no longer guarantee profit without risk

On July 9, seven companies were listed on Hong Kong stocks on the same day, approaching the historical peak for the number of companies listed on the same day in Hong Kong (July 12, 2018, when a total of 8 companies were listed on the same day in Hong Kong). By the close of trading that day, Qiyunshan Food rose 162.5%, delivering a strong performance; the other six companies performed less well, and three companies saw their prices fall below their issue price.

Among the seven companies listed this time, Dongfang Kemi was originally supposed to list on July 8, but due to the company needing additional time to finalize the announcement of relevant allocation results, it was forced to delay the listing by one day.

Different from the first half of the market, the number of IPOs in Hong Kong with prices falling below the issue price has noticeably increased recently. At the same time, the subscription enthusiasm for Hong Kong IPOs has clearly declined.

Many well-known institutions appeared

Among multiple new shares listed on July 9, many well-known institutions were involved.

Puyuan Jingdian attracted seven cornerstone investors this time, including HHLR (Hillhouse), CPE Hemlock, Suzhou High-Tech Zone, Huayuan, Sungrow Power Supply, Citic Prudential Fund, Pengnian Group, and others. Dingtai Gaoke introduced 16 cornerstone investors this time, including Shenghong Technology, Hillhouse, E Fund, Baring, and Qidian Asset, among others. Luxshare Precision’s cornerstone investor lineup is the most豪华, with more than 30 institutions; this time it introduced top-tier capital such as Temasek, GIC, the Abu Dhabi Investment Authority, Hillhouse, Tencent, Taikang Life Insurance, Fidelity International, Harvest Fund (Hong Kong), and Bosera International. Huanhuan Group introduced 17 cornerstone investors, including Temasek, JPMAMAPL, CPE River, Alibaba Investment, Yellow River (Tencent-related investment entity), GSAM (Goldman Sachs Asset Management), Industrial and Commercial Bank of China Wealth Management, IvyRock, and others.

Before listing, Luoshi Robotics went through several rounds of financing, and the institutions behind it include the National Manufacturing Transformation and Upgrading Fund, New Hope Group, Shenzhen Capital Venture, Lushun Venture, and others.

Dongfang Kemi is a well-known company in the global electronic paper display industry. Based on 2025 revenue, it is the world’s second-largest electronic paper display manufacturer (market share 20.8%) and, by revenue, the world’s largest commercial electronic paper display manufacturer (market share 24.9%).

Before listing, the institutional shareholders behind Dongfang Kemi include Hongrong Investment, Fuzhou Zhuiyuan, Shenzhen Xinrui, E Ink Technology, Shanghai ChaoYue Moore, and others. Among them, the limited partners of Shanghai ChaoYue Moore include the National Integrated Circuit Industry Investment Fund Co., Ltd. (holding 39.2% of partnership interests) and eight other limited partners, each holding no more than 15% of partnership interests.

Recent changes in Hong Kong IPOs

Since 2026, Hong Kong IPOs have remained hot. Oversubscription of new shares has often reached several thousand times, and on the first day of listing, there have frequently been gains of over 100% or even higher. However, since June 26, some changes have occurred regarding the 27 newly listed companies.

First, subscription heat has cooled down, and the oversubscription multiple has fallen significantly. Securities Times reporter statistics found that for the above 27 companies, the average oversubscription multiple in the Hong Kong public offering segment fell to 1377 times, while in the first five months of this year, this figure was about 2511 times.

In terms of specific figures, the gap is even more obvious—for example, the oversubscription multiple for Luxshare Precision in its Hong Kong IPO on July 9 was only 3.78 times. In addition, other Hong Kong companies with lower IPO subscription multiples include MERDEKAGOLD-DRS (4.42 times), Anke Innovation (27.57 times), and Lingyi Zhizao (96.16 times).

Meanwhile, there were only three Hong Kong companies—MOMENTA-W, Synch Micro, and Basic Semiconductor—with subscription numbers exceeding 200k. For some Hong Kong companies, the number of subscribers was under 100k. Of the 13 companies listed in Hong Kong in May, 11 had subscription numbers exceeding 200k, and four had more than 300k subscribers.

Second, there have been more uncertainties on the eve of listing. In Hong Kong’s history, there have indeed been cases such as withdrawing subscription funds after the prospectus and delaying listings, but they are extremely rare and usually happen only once within several months. But recently, two such cases occurred consecutively: one was the aforementioned delay by one day for Dongfang Kemi, originally planned for July 8; the other was the postponement of listing originally planned for July 13—Yongkang Holdings, which had been in the subscription stage, suddenly announced on July 8 that it has decided that it will not proceed with the global offering and listing at this time.

Third, even a “luxury” cornerstone lineup cannot support the stock price. Previously, the more豪华 the cornerstone investor lineup was, the more it was often believed that the stock price would have stronger support and a higher probability of rising. But among many new shares that have been listed recently, although many companies do have extremely strong cornerstone lineups behind them, their stock prices have nevertheless performed only generally.

Taking Momenta, which listed on July 8, as an example: the company introduced 14 institutions to form its cornerstone investor lineup, including Singapore government investment company, BlackRock Group, Mercedes-Benz, BYD, Gao Yi, Boyu, and others. However, on both July 8 and July 9, the company’s stock price remained at the issue price. Dingtai Gaoke and Luxshare Precision, which listed on July 9, also had豪华 cornerstone lineups, but their stock prices saw prices fall below the issue price.

Not a guaranteed win anymore when placing a new issue

What is worth noting is that the performance of Hong Kong IPOs recently has been extremely unsatisfactory, and the rate of prices falling below the issue price has increased significantly.

Of the seven new shares listed on July 9, three experienced prices falling below the issue price. The first-day gains of Dongfang Kemi and Huanhuan Group were also kept within single-digit percentages, while only Qiyunshan Food performed relatively well, with a first-day gain of 162.50%.

Meanwhile, among the 27 new shares listed on Hong Kong stocks since June 26, nine had prices falling below the issue price on the first day of listing, bringing the falling-below rate to 33.33%. As of now, 14 of these 27 stocks have already seen prices fall below the issue price. Among the 61 new shares listed in the first five months of this year, only six saw prices fall below the issue price on the first day, for a falling-below rate of 9.84%.

The poor performance of Hong Kong IPOs recently is related to multiple factors, including the overall market environment. In particular, the recent issuance has been overly frequent, causing investors’ subscription funds to be heavily dispersed, and the market has also shown a certain degree of “aesthetic fatigue.”

Liang You Ting, deputy chairman of the Greater China division of the CPA Australia accounting firm, previously told reporters that the core of the differentiation in this year’s IPO market performance lies in how funds choose industry directions and company quality. At present, the market’s most focused sectors concentrate on themes such as AI, advanced manufacturing, semiconductors, robotics, AI supply chains, and biotech. Companies with scarcity, clear industrial positioning, and growth elasticity are still likely to attract funding attention after listing; while some companies in traditional industries may have solid fundamentals, but if their growth elasticity is limited, their industry attention is low, or the valuation safety margin is insufficient at the time of listing, then after listing they are likely to revert to dull trading, and even see adjustments.

Therefore, this year is not a simple “placing new issues guarantees profit” market. First-day performance reflects more the issuance window, supply and demand, and pricing. Whether it can continue to perform after listing ultimately still depends on industry direction, fundamental fulfillment, and valuation follow-through.