Hong Kong Stock IPO activity continues to surge, with the technology sector becoming the new favorite among investors

● Staff Reporter: Yan Xiuli

On March 30, new listings including Hua Yan Robotics, Jushijiao, Han Tiantiancheng, De Shi-B, and others debuted on the Hong Kong Stock Exchange on the same day, with vitality in the Hong Kong equity IPO market continuing to be released. According to Wind data, as of March 29, this year has seen 34 companies listed in Hong Kong, raising HKD 104.492 billion; both the number of financings and the financing amount have increased significantly compared with the same period last year.

Market participants believe that the Hong Kong IPO market in 2026 is expected to continue the activity levels of 2025, with this being reflected in several aspects, including clusters of hard-tech companies entering the market and rising enthusiasm for the “A+H” dual-listing model. In the future, as various systems aimed at enhancing the competitiveness of Hong Kong listings are continuously improved, more high-quality new-economy companies will list in Hong Kong. This will further solidify Hong Kong’s core role as an international financial center and become an important route for Chinese companies to go global and for global investors to share in the dividends of high-quality development of China’s economy.

The “tech” component is clearly increasing

Wind data shows that, as of March 29, this year has seen 34 companies listed in Hong Kong, up 126.67% from the same period last year; the financing amount totaled HKD 104.492 billion, up 463.75% from the same period last year.

Wang Yajun, Co-Head of the Asia (excluding Japan) equity capital markets at Goldman Sachs, said he maintains an optimistic outlook for the Hong Kong IPO market, believing that Hong Kong IPO heat in 2026 will continue the momentum seen in 2025.

Jiang Jing, a partner at Guoheng Law Firm, said that “quality first” will be the core guiding principle running through the 2026 Hong Kong primary market. Many companies have received oversubscription and have attracted active participation from globally known long-term funds.

From the industry structure, sectors such as technology and biopharmaceuticals have become the main force for companies listing in Hong Kong, making the underlying tone of the Hong Kong new economy more and more prominent.

Taking several companies that centralized listing on March 30 as examples, they cover hot sectors such as artificial intelligence, semiconductor materials, and robotics. There are both industry leaders and “hidden champions” in niche areas.

Looking at the back-up listing pipeline in Hong Kong equities, the “tech” component is clearly increasing. A table recently released by the CSRC on the registration status of domestic enterprises’ offshore issuance of securities and listings (initial public offerings and full circulation) shows that recently, filing materials for multiple companies in areas including pharmaceuticals, semiconductors, and new consumption that are preparing IPOs in Hong Kong have been accepted.

Ning Bo, Chief Strategy Analyst in the Research Department of China Merchants Securities (Hong Kong), said that, in the long run, the Hong Kong market is undergoing structural reshaping.

Information technology and healthcare companies are becoming the main force behind IPOs. New-economy sectors such as artificial intelligence, semiconductors, and innovative drugs are gradually forming a new asset supply. At the same time, regulators have strengthened oversight of listing quality and the responsibilities of sponsors, which helps drive the Hong Kong IPO market’s transition from “expansion in quantity” to “quality first.” High-quality companies continuing to list in Hong Kong can not only expand capital supply, but also attract more global funds to allocate to China assets, thereby improving the Hong Kong market’s structure and valuation levels in the medium to long term.

“A+H” cases are coming up frequently

Driven by the overall market backdrop of Hong Kong IPOs, enthusiasm for the “A+H” dual-listing model is rising. As of March 29, this year has seen 15 A-share companies listed in Hong Kong.

Looking at individual stocks, industry leaders such as Muyuan Shares, Dongpeng Beverage, and Zhaoji Innovations are among them. From an industry perspective, “A+H” companies occupy an important position in fields including technology, pharmaceuticals, and consumer sectors.

Chen Li, a member of the board of the China Chief Economist Forum, noted that this year’s A+H companies going public in Hong Kong feature large scale and high quality. Benefiting from policy dividends from deepening mutual market access between the two places’ capital markets and from improved alignment of listing rules and regulatory cooperation, companies can integrate capital and industrial resources from both markets, helping with global expansion and strengthening international discourse power. Meanwhile, the “A+H” listing entities are transforming from traditional manufacturing to strategic emerging industries such as high-end manufacturing, semiconductors, and new energy, precisely matching China’s domestic economic transformation and upgrading trends.

The “A+H” back-up pipeline continues to grow. Kefu Medical, Wolong Electric Drive, Luxshare Precision, and others have already submitted applications to list in Hong Kong.

Jiang Jing believes that the rising popularity of the “A+H” model is an inevitable choice for mainland leading companies’ globalization development. Optimizing the mutual market access mechanism reduces listing costs in both places, and Hong Kong’s favorable financing environment further attracts high-quality A-share companies to the Hong Kong Stock Exchange. Rare niche-sector leaders are expected to continue attracting international capital, forming a positive market feedback loop. In the future, the proportion of large enterprises, industry-chain leaders, and new-consumption and hard-tech companies going public in Hong Kong is expected to increase steadily.

Reforms are expected to continue to deepen

To enhance the competitiveness of the Hong Kong stock market and attract more high-quality companies, a series of reforms are expected to be continuously deepened so as to better meet the needs of investors and issuers.

The Hong Kong Exchanges and Clearing Limited recently released a consultation document and sought market feedback on a series of proposals aimed at improving the competitiveness of Hong Kong’s listing mechanisms. The main measures include proposals to optimize different-voting-rights listing rules, as well as facilitate overseas-listed issuers to list in Hong Kong, among others.

Wu Jiezhen, person-in-charge of listings at the Hong Kong Exchanges and Clearing Limited, said that the Hong Kong Exchanges and Clearing Limited is committed to ensuring that the listing mechanisms are sound and competitive, and to consolidating Hong Kong’s position as a leading international financial center. In 2018, the Hong Kong Exchanges and Clearing Limited successfully implemented a series of listing reforms, fundamentally reshaping the structure of Hong Kong’s stock market and attracting a large number of innovative companies to list in Hong Kong. These proposals are precisely based on the results of those reforms.

As the supply structure in the Hong Kong equities market continues to expand, some market participants are also concerned that dense IPO issuance may bring about a “blood-sucking effect.” Industry insiders believe that measures to boost market confidence and introduce incremental capital are likely to be introduced, forming a positive closed loop of “capital inflows—active trading—valuation improvement.”

Yan Feng, Chairman of the Board of China International Holdings Company Limited, suggested that, at an appropriate time and in steps, the admission threshold for qualified investors under the Stock Connect Southbound Trading Scheme (Hong Kong Stock Connect) be lowered. Under the premise of ensuring that the capital closed-loop runs and meeting foreign-exchange management requirements, the QDII (Qualified Domestic Institutional Investor) and RQDII (Renminbi Qualified Domestic Institutional Investor) mechanisms should be expanded to individual customers. This would support market valuation, promote the transformation of residents’ savings into investment, and increase residents’ property-based income, thereby releasing potential for domestic demand.

Policy signals to deepen cooperation between the two places’ capital markets are being released continuously. On March 19, Wu Qing, Chairman of the CSRC, met with Chen Maobo, the Financial Secretary of the Government of the Hong Kong Special Administrative Region, and his delegation. The two sides exchanged views on topics including the current domestic and international economic and financial situation, practical cooperation to further deepen capital market collaboration between the two places during the “15th Five-Year Plan period” and supporting Hong Kong in continuously consolidating and enhancing its position as an international financial center.

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