Four IPOs in one day, the Hong Kong Stock Exchange's gong is no longer enough.

March 30, the Hong Kong Exchanges and Clearing (HKEX) bell rang four times—Hua Yan Robotics, Desai Bio, Hantian Tiánchéng, and Jishi Angle—four companies listed simultaneously.

This is the second time in three months that HKEX has welcomed a multi-company simultaneous listing event. The previous one was December 30, 2025: IntelliSense, Five One Vision, WoAn Robotics, Lin Qingxuan, Xunce, and MeiLian Co., Ltd., six companies appearing together, with six bells ringing in unison, and the echoes still not fully faded.

The bells are the signal; the curtain rises.

What differences are there in market performance between these two collective listings? Why did they all, independently and simultaneously, choose HKEX? For these companies from different cities and different tracks, what is each one’s core competitive strength?

01

Same bells, different quality

First, let’s look at the results of these two rounds of collective listings. On December 30, 2025, HKEX rang six bells in unison:

On March 30, 2026, HKEX rang four bells in unison：

Desai Bio, from Hangzhou, focuses on medical imaging large models. In the first three quarters of 2025, revenue was RMB 112 million, up a remarkable 470% year over year, with a gross margin as high as 75.9%.

Jishi Angle, from Qingdao, operates an AI algorithm marketplace. In 2024, revenue was RMB 257 million, gross margin 44.9%, and it has already turned profitable. From filing to listing in 69 days, it set a record for listing speed at HKEX; the public offering was oversubscribed by 4,590 times, and the one-lot allocation rate was only 5%, with a market cap exceeding HK$9 billion.

Hantian Tiánchéng, from Xiamen, is the global leader in silicon carbide epitaxial wafers. Cumulative revenue from 2022 to 2024 exceeded RMB 2.5 billion, firmly securing the position of the world’s largest silicon carbide epitaxial supplier.

Now look at Hua Yan Robotics, from Foshan, ranked among the global top five in collaborative robots. In 2024, revenue was RMB 310 million—not small in scale. Supported by nine top institutions including Morgan Stanley, Hillhouse Capital, and GF Fund, the public offering was oversubscribed by 5,059 times; the one-lot subscription fill rate was only 5%, and its market cap exceeded HK$9 billion.

Judging by the data alone, Hua Yan Robotics is not bad. It has the largest revenue scale, the most formidable institutional lineup, and extremely high market attention. But the problem is precisely here—it has scale, yet lacks a truly durable moat.

The collaborative robot track is too crowded. The top five globally have already taken up 42.1% of market share. Although Hua Yan Robotics is among them, it does not have that kind of monopoly-like advantage where “you can’t do without them.” Rivals are waiting in the wings, product homogenization is obvious, and a price war could erupt at any moment. A slight drop on open and the lowest gains at close are the market’s most direct response to this.

By contrast, Desai Bio’s medical imaging large model has a technology barrier; Hantian Tiánchéng’s silicon carbide epitaxial wafers have capacity and process thresholds; Jishi Angle’s AI algorithm marketplace has a platform and ecosystem moat. These three each have their own “exclusive specialties.”

Same bells, different outcomes.

02

Why did they all rush to HKEX?

There is another detail worth pondering: these four companies, coming from Hangzhou, Qingdao, Xiamen, and Foshan respectively, all headed for HKEX.

This is not a coincidence. In particular, it’s worth noting that Hantian Tiánchéng had previously tried to pursue the STAR Market. After it voluntarily withdrew its application in June 2024, it switched to Hong Kong stocks—this shift in itself already indicates a lot.

HKEX is rolling out a round of unprecedented listing reforms. The “same-share-different-rights” eligibility threshold has been lowered from RMB 40 billion to RMB 20 billion, directly bringing a large batch of new economy companies into scope. More importantly, confidentiality in applications has been fully opened—companies can submit filings quietly and advance in a low-profile way, without having to expose themselves early under the spotlight in the way they do in A-shares.

Jishi Angle’s 69-day lightning listing is a typical example of this new channel. Put in the past, this speed would have been almost unimaginable.

As for the STAR Market, although its positioning is clear, compared with HKEX’s new measures, the review tempo, information disclosure requirements, and tolerance for unprofitable companies appear more conservative. For companies that already have self-generated cash flow capability and do not want to be exposed excessively before listing, HKEX becomes a more controllable and certain choice.

03

The balance of capital has already tilted completely

With four bells ringing in unison today, one truth has been awakened: the balance of capital has tilted completely. In today’s market, “the ‘Kexue’ (science/innovation) content” is crushing “the ‘chain’ content.”

Previously, when investors assessed a company, they asked how much of its supply chain it had, how much capacity it had, and how far it could stretch upstream and downstream. That was the logic of the manufacturing era—scale is right, and capacity is a barrier.

Now it’s different. The market only asks one question: Does it have a core competitive advantage that others can’t learn and can’t steal?

For Desai Bio, its moat lies in the algorithm and data closed loop of its medical imaging large model. For Hantian Tiánchéng, its moat is the accumulation of processes for silicon carbide epitaxy and its global market share. For Jishi Angle, its moat is the platform effects and developer ecosystem of its AI algorithm marketplace.

And as for why Hua Yan Robotics can stand on a market cap of HK$9 billion, it’s not because it has built an absolute monopoly. Instead, it’s because being in the “global top five” position proves it survived the first round of elimination and earned a seat at the table.

Four bells ringing in unison—both the same day’s spotlight and a footnote to different fates. For all companies still on the road, the four bells on March 30 are a mirror: capital no longer blindly worships scale, and the market no longer buys mediocrity.

A moat is the only hard currency.

(Editor: Cao Yanyan HA008)

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