Hong Kong IPO Fundraising Surges Tenfold At Start Of Year As 110 A‑Share Companies Queue For Listings

Wind data indicate that, as of February 24, twenty‑four companies have completed Hong Kong initial public offerings, raising a combined HKD 89.226 billion, roughly ten times the amount raised in the same period last year and already accounting for more than one quarter of last year’s total IPO proceeds. At the same time, the pipeline of firms awaiting listing on the Hong Kong Exchange has expanded to 388.

The post‑holiday session also saw AI concept stocks rally, aided by high‑profile Spring Festival technology showcases such as robot performances. Against this backdrop, market participants are assessing whether the current momentum in Hong Kong equities can be sustained and how the market structure may evolve.

By February 24, the year‑to‑date tally of 24 IPOs represented a year‑on‑year increase of 166.67%, while aggregate fundraising rose 1,013.59%. The composition of capital raising has shifted markedly: financial and real estate issuers have receded from prominence, while artificial intelligence, semiconductors and biopharmaceuticals have emerged as the primary capital magnets. Among the headline deals, consumer leaders such as Muyuan Foods and Dongpeng Beverage remained prominent, but AI issuers including Biren Technology, Zhipu and MINIMAX attracted the most attention, each securing more than HKD 5 billion in proceeds and recording first‑day gains exceeding 50%.

Investment banks showed differentiated participation in the new‑issue pipeline. Wind reports that 24 brokerages acted as sponsors for Hong Kong IPOs this year, with CICC International leading the league with 11 mandates and a 20.37% market share. Huatai International followed with five mandates and a 9.26% share, while UBS and Morgan Stanley each sponsored four deals. Other firms participated in one to two transactions.

The queue for Hong Kong listings reached 388 companies as of February 24, and the composition of this cohort reveals three notable trends. First, A‑share “scarce assets” are increasingly seeking dual A+H listings: 110 of the queued firms are A‑share listed companies, representing 28.4% of the total. Since 2025, nineteen A‑share issuers, including Contemporary Amperex Technology and Seres, have submitted listing applications in Hong Kong, and their targeted fundraising accounted for 49% of the market’s total proceeds last year. These applicants are concentrated in advanced manufacturing and TMT sectors.

Second, new‑economy sectors dominate the pipeline, with information technology leading at 152 queued firms (38.9%), followed by healthcare with 90 firms (23.3%) and consumer with 43 firms (11.2%), underscoring Hong Kong’s appeal as a financing venue for technology and innovation companies. Third, the queue is becoming more international, with more than ten overseas firms—primarily from Southeast Asia—seeking listings; these entrants span fintech, retail and mobility services, and they reinforce Hong Kong’s role as a bridge between mainland China and global capital.

At the Hong Kong Exchange’s New Year opening ceremony on February 20, CEO Bonnie Chan highlighted rising international interest in Asian markets and reiterated the Exchange’s commitment to promoting Hong Kong’s investment story on global platforms.

Institutional research suggests multiple positive catalysts for a spring market in Hong Kong. With external conditions showing marginal improvement, industry‑level catalysts materializing and capital continuing to return, AI‑related technology listings are expected to be among the most resilient segments. Huatai Securities observed that market divergence widened over the holiday, with AI newcomers and internet giants moving in different directions and consumption data failing to lift the broader consumer complex; gains remained concentrated in technology and cyclical sectors. The firm cautioned investors to manage volatility around index and Stock Connect adjustments while maintaining technology and cyclical consumables as medium‑term allocation themes.

Industrial Securities’ overseas research team argued that a combination of external improvement, concentrated industry catalysts and substantial capital inflows could drive a spring rally that combines valuation repair with growth resilience. They noted that expectations of tariff‑framework adjustments following the IEEPA ruling, together with market anticipation of high‑level diplomatic engagement, may compress China asset risk premiums and encourage foreign allocation. On the funding side, renminbi stabilization and appreciation have supported asset attractiveness, and active foreign inflows have persisted for five consecutive weeks since early 2026. Stock Connect inflows returned to elevated levels before the holiday, and renewed domestic participation is expected to provide additional support.

From a strategic perspective, institutions recommend positioning for the spring season around three themes: new technology IPOs, cyclical recovery at low valuation entry points, and dividend‑oriented beta. Among these, new technology listings are viewed as the most flexible short‑term opportunity, with potential to replicate the new‑consumption and innovative‑drug IPO momentum observed in 2025.