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Hong Kong Stock IPO Weekly Report: All four new stocks, DeShi-B, HuaYan Robotics, and others, rose in the unofficial market; 21 companies, including Maiwei Biotech-B, have submitted their listings.
Source: Live report
Since 2026, 34 new stocks have listed on the Hong Kong Stock Exchange (including 1 listing by introduction), raising a total of about HK$104.493 billion. In the most recent week (Mar 22~Mar 28), 4 companies listed, 7 companies were in the bookbuilding stage, 0 held listing hearings, and 21 submitted listing applications.
In the past week, 4 companies successfully completed listings: Zejing Co., Ltd., Kalis Technology, National Tech (AH), and Fast Innovation. On their first day of trading, Kalis Technology surged 84.27%, while Fast Innovation and National Tech rose 13.46% and 4.17%, respectively. Zejing Co., Ltd. fell 36.92% on its first day, but its share price jumped 62.70% on the second trading day after listing.
In the past week, 7 companies went public via bookbuilding: Hua Yan Robotics (18C), Desi-B, Tong Ren Tang Healthcare (T&CM Health and Care), Han Tian Tiancheng, Extreme Vision (18C), Tong Shuifu, and Fourier (18C); all have completed bookbuilding and are awaiting listing.
Among them, four new stocks have conducted gray-market trading and all recorded gains. Desi-B’s gray-market listing recorded a 95.56% rise, Extreme Vision’s gray-market listing rose 55.5%, Han Tian Tiancheng’s gray-market listing rose 37.29%, and Hua Yan Robotics—having the hottest momentum—saw the smallest gray-market gain, up only 5.35%.
In the past week, 0 companies passed listing hearings.
In addition, in the past week, 21 companies submitted listing applications, namely HUAQIN Technology (AH), Xian Wei Da Bio-B, Ke Sheng Technology, Xinghuan Technology (AH), Yuanjie Technology (AH), Maita Bio-B (AH), Jitai Technology-P, Yidian Tianxia (AH), Ruiwei Information, Siwei Zhilians, Shuanglin Co., Ltd. (AH), EftXing Technology, Xingchen Technology (AH), Suishoubo, Xiaokuo Technology, Jinjiang Hotel (AH), Shanjin International (AH), Yingpai Pharmaceutical-B, Tian Ci Materials (AH), Shougang Langze, and High Energy Environment (AH).
I. New listings (4 companies)
On March 24, Zejing Co., Ltd. (2632.HK) listed on the Hong Kong Stock Exchange. The joint sponsors are Cathay Securities and CICC. No green shoe option.
On its first day of trading, Zejing Co., Ltd.’s share price met with a cool response. The opening price was HK$43.9, slightly down 0.68% from the offering price. During trading, the share price continued to decline and finally closed down 36.92%, at HK$27.88. By the close of the first day, the total market capitalization was approximately HK$3.44 billion; the H-share market cap was approximately HK$3.04 billion; and total trading value for the day was about HK$230 million.
On March 24, Kalis Technology (2729.HK) listed on the Hong Kong Stock Exchange. The joint sponsors are Cathay Securities and CICC. The green shoe option was ineffective.
On its first day of trading, Kalis Technology performed strongly. It opened at HK$32, up 92.1% from the offering price. During the day, the share price briefly climbed to HK$34.98 and ultimately closed at HK$30.7, up 84.27%. By the close of the first day, the total market capitalization was approximately HK$13.136 billion; the H-share market cap was approximately HK$13.136 billion; and total trading value for the day was about HK$335 million.
On March 23, another AH new stock—National Tech (2701.HK)—formally listed on the Hong Kong Stock Exchange. The sole sponsor is CITIC. Because no stabilization mechanism was set, National Tech was included in the Hong Kong Stock Connect on its first trading day.
On its first day, the company’s share price opened up 32.41%, to HK$14.30. The opening peak reached HK$16.5. Afterwards, it opened high and then fell, and the final gain narrowed to HK$11.25, up 4.17%.
By the close of the first day, National Tech’s total market capitalization was HK$7.629 billion, and total trading value for the day was about HK$747 million. Based on the closing price, each lot of successful subscription earned about HK$90.
On March 23, Fast Innovation (3355.HK) successfully started trading on the Hong Kong Stock Exchange. The joint sponsors are CICC, China CITIC Construction Investment, and J.P. Morgan International.
On its first day, the company’s share price showed an up-open and then down trend. It opened at HK$56.0, up 34.62% versus the HK$41.6 offering price. Intraday, it peaked at HK$57 and then bottomed at HK$43.3. It finally closed at HK$47.2, up 13.46% from the offering price. By the close of the first day, the total market capitalization was approximately HK$18.88 billion; the H-share market cap was approximately HK$18.88 billion; and total trading value for the day was about HK$707 million.
II. Bookbuilding (7 companies)
On March 20, Hua Yan Robotics (1021.HK) started its bookbuilding. The bookbuilding dates were March 20, 2026 to March 25, 2026, and it is expected to list on March 30, 2026 on the Hong Kong Stock Exchange.
The company plans to globally offer 80.785 million shares (with an option to adjust the offering size, plus a 15% green shoe). The offering ratio is 15.20%. The IPO price is HK$17.00. The total fundraising amount is approximately HK$1.373 billion. The total market capitalization after the offering is HK$9.035 billion, and the H-share market cap is HK$8.729 billion.
This offering uses mechanism 18C. The initial allocation for public offering is 5%, with the maximum possible back-allocation to 20%. The domestic placement introduced 9 cornerstone investors (HHLRA under Hillhouse, GF Fund, MSIP, Shengxin Group, Haojun Investment, Eternal Summer, Shrewd Pioneer, Quanshun, and VVC Technology), with subscriptions of approximately HK$770 million, representing 56% of the globally offered shares.
Desi-B (2526.HK), a company with a medical imaging foundation model, began its bookbuilding on March 20. The bookbuilding period is March 20, 2026 to March 25, 2026, and it is expected to list on March 30, 2026 on the Hong Kong Stock Exchange.
The company plans to globally offer 7.9992 million shares (no over-allotment option, no option to adjust the offering size), with an offering ratio of 9.00%. The IPO price range is HK$95.60 to HK$112.50. The public portion offers only about 16,000 lots for subscription, with a low number of lots; if the number of applicants is high, it is likely not enough to allocate. The entry fee for one lot is about HK$5,681.73.
If calculated based on the mid-point IPO price of HK$104.05, the total fundraising amount is approximately HK$832 million. This offering uses mechanism B for allocation, with a fixed 10% public portion and no mandatory reallocation. The domestic placement can subscribe approximately HK$749 million; according to market news, the domestic placement already received over 2x subscriptions on the first day. The total market capitalization after the offering is about HK$9.248 billion, and the H-share market cap is also HK$9.248 billion (near the Stock Connect eligibility threshold).
Tong Ren Tang Healthcare (2667.HK), originally planned to list on the Hong Kong Main Board on March 30, suddenly “stopped” three days before the countdown to listing. On March 27, the company issued an announcement stating that, after considering multiple factors including the prevailing market conditions, it decided to delay the global offering and the listing plan.
On March 20, Han Tian Tiancheng (2726.HK) started its bookbuilding. The bookbuilding dates were March 20, 2026 to March 25, 2026, and it is expected to list on March 30, 2026 on the Hong Kong Stock Exchange.
The company plans to globally offer 21.492 million shares (no option to adjust the offering size, no green shoe). The offering ratio is 5.05%. The IPO price is HK$76.26. The total fundraising amount is approximately HK$1.639 billion. The total market capitalization after the offering is HK$32.455 billion, and the H-share market cap is HK$9.069 billion.
This offering uses mechanism B. The public offering accounts for 10%, with no mandatory reallocation. The domestic placement introduced 1 cornerstone investor (Xiamen Advanced Manufacturing Industry), with subscriptions of approximately HK$775 million, representing 46.80% of the globally offered shares.
On March 20, Extreme Vision (6636.HK) started its bookbuilding. The bookbuilding dates were March 20, 2026 to March 25, 2026, and it is expected to list on March 30, 2026 on the Hong Kong Stock Exchange.
The company plans to globally offer 12.48 million shares (no option to adjust the offering size, no green shoe). The offering ratio is 11.05%. The IPO price is HK$40.00. The total fundraising amount is approximately HK$499 million. The total market capitalization after the offering is HK$4.517 billion, and the H-share market cap is HK$4.494 billion.
This offering uses mechanism 18C. The initial allocation for the public offering is 5%, with the maximum possible back-allocation to 20%. The domestic placement introduced 2 cornerstone investors (China Zhengjin International and GKI), with subscriptions of approximately HK$47 million, representing 9.46% of the globally offered shares.
Tong Shuifu (0664.HK) has bookbuilding dates from March 23, 2026 to March 26, 2026, and it is expected to list on March 31, 2026 on the Hong Kong Stock Exchange.
The company plans to globally offer 7.4068 million shares (with a 15% over-allotment option, no option to adjust the offering size). The offering ratio is 11.5%. The IPO price range is HK$60.00 to HK$68.00. Maximum fundraising is HK$504 million. The total market capitalization after the offering is HK$3.864 billion to HK$4.380 billion, and the H-share market cap is HK$3.734 billion to HK$4.231 billion.
This offering uses mechanism B. The public offering accounts for 10%, with no mandatory reallocation. The domestic placement introduced 1 cornerstone investor (Jian Investment International), with subscriptions of approximately HK$30 million, representing only 6.33% of the globally offered shares.
Fourier (3625.HK) has bookbuilding dates from March 23, 2026 to March 26, 2026, and it is expected to list on March 31, 2026 on the Hong Kong Stock Exchange.
The company plans to globally offer 12 million shares (no option to adjust the offering size, plus a 15% green shoe). The offering ratio is 10.71%. The IPO price range is HK$40.00 to HK$50.00. The total fundraising amount is HK$480 million to HK$600 million. The total market capitalization after the offering is HK$4.48 billion to HK$5.6 billion, and the H-share market cap is HK$4.436 billion to HK$5.544 billion.
This offering uses 18C allocation. The public offering accounts for 5%, with the maximum back-allocation at 20%. The domestic placement did not introduce any cornerstone investors.
III. Passed listing hearings (0 companies)
In the past week, there were no newly added companies that passed listing hearings.
IV. Submitted listing applications (21 companies)
In the past week, 21 companies submitted listing applications to the Hong Kong Stock Exchange, and new listing applications have continued to come in.
On March 23, 2026, HUAQIN Technology submitted its prospectus to the Hong Kong Stock Exchange for the second time, with plans to list on the Hong Kong Main Board. The joint sponsors are CICC and BofA. The company had previously submitted its prospectus to the Hong Kong Stock Exchange for the first time on September 16, 2025.
HUAQIN Technology: Previously, it announced that the listing hearing was held by the Hong Kong Stock Exchange’s Listing Committee on February 5, 2026. The company had already obtained the China Securities Regulatory Commission’s overseas issuance and listing filing notice on January 28, and it can issue no more than 101,573,100 shares of overseas-listed ordinary shares and list them on the Hong Kong Exchanges and Clearing.
HUAQIN Technology (603296.SH) was listed on the Shenzhen Stock Exchange on August 8, 2023. As of the close of trading on March 24, 2026, its total market capitalization was about RMB 90.756 billion.
The company is an intelligent products platform-based company. In 2024, revenue was RMB 109.878 billion, net profit was RMB 2.916 billion, and gross margin was 8.99%. In 2025, revenue was RMB 171.437 billion, net profit was RMB 4.132 billion, and gross margin was 7.72%.
On March 23, 2026, Xian Wei Da Bio-B submitted its prospectus to the Hong Kong Stock Exchange for the second time, with plans to list on the Hong Kong Main Board. The joint sponsors are Morgan Stanley and CICC. The company had previously submitted its prospectus to the Hong Kong Stock Exchange on September 19, 2025.
The company is focused on the R&D of innovative weight management therapies for obesity and related diseases. In 2024, R&D expenditure was RMB 284 million, with a net loss of RMB 486 million. In 2025, R&D expenditure was RMB 159 million, with a net loss of RMB 320 million.
On February 24, 2026, Xian Wei Da Bio and Pfizer China announced that they reached a strategic agreement. Pfizer will pay up to US$495 million to obtain exclusive commercialization rights for the product enocuglutide injection (XW003) in Mainland China.
On March 24, 2026, Ke Sheng Technology submitted its prospectus to the Hong Kong Stock Exchange for the second time, with plans to list on the Hong Kong Main Board. The sole sponsor is CITIC Jian Sheng International.
The company is a provider of solutions for tower-type solar thermal power generation and molten-salt energy storage. In 2024, revenue was RMB 2.189 billion, up 155.19% year over year; net profit was RMB 540 million, up 117.48% year over year; gross margin was 31.73%. In 2025, revenue was RMB 2.193 billion, net profit was RMB 568 million, and gross margin was 37.66%.
On March 25, 2026, Xinghuan Technology submitted its prospectus to the Hong Kong Stock Exchange for the second time, with plans to list on the Hong Kong Main Board. The sole sponsor is Cathay Securities and Tong. The company was listed on the A-share STAR Market in October 2022, with stock code 688031.SH. As of March 25, the company’s total market capitalization was about RMB 17.4 billion.
The company is a leading provider of AI infrastructure software in China. In 2024, revenue was RMB 371 million, with a net loss of RMB 344 million, and gross margin of 48.21%. In 2025, revenue was RMB 447 million, with a net loss of RMB 245 million, and gross margin of 52.79%. Its losses narrowed in 2025 and profitability improved.
On March 25, 2026, Yuanjie Technology submitted its prospectus to the Hong Kong Stock Exchange for the first time, with plans to list on the Hong Kong Main Board. The joint sponsors are Cathay Securities and GF Securities. The company was listed on the STAR Market of the Shanghai Stock Exchange in December 2022, with stock code 688498. As of the close of trading on March 26, 2026, its total market capitalization reached RMB 97.981 billion.
The company is a supplier of laser chip products. In 2024, revenue was RMB 252 million, up 75.00% year over year; net loss was RMB 6 million; gross margin was 23.36%. In 2025, revenue was RMB 601 million, up 138.50% year over year; net profit was RMB 191 million; gross margin was 55.67%.
On March 25, 2026, Maita Bio-B submitted its prospectus to the Hong Kong Stock Exchange for the third time, with plans to list on the Hong Kong Main Board. The joint sponsors are CITIC and Cathay Securities and Tong.
The company has been listed on the STAR Market of the Shanghai Stock Exchange since January 2022 (stock code: 688062.SH). As of the close of trading on March 26, 2026, its total market capitalization reached RMB 13.646 billion.
The company is a biopharmaceutical company. In 2024, revenue was RMB 200 million, net loss was RMB 1.047 billion, and gross margin was 84.78%. In 2025, revenue was RMB 659 million, up 229.97% year over year; net loss was RMB 972 million, gross margin was 90.54%.
On March 25, 2026, Jitai Technology-P first disclosed its Hong Kong stock listing prospectus. It plans to list on the Hong Kong Main Board under the 18C rules. The joint sponsors are Jefferies, Deutsche Bank, and CICC.
The company previously submitted a confidential application and has already been filed with the China Securities Regulatory Commission on March 17, 2026. It plans to issue no more than 273 million shares of overseas-listed ordinary shares and list them on the Hong Kong Exchanges and Clearing. The company’s 39 shareholders plan to convert an aggregate of 852 million shares of unlisted domestic shares held by them into overseas-listed shares, and list them for trading on the Hong Kong Exchanges and Clearing.
The company is a leader in innovative AI nanomaterials. In 2024, revenue was RMB 1 million, net loss was RMB 499 million, and gross margin was 55.53%. In the first nine months of 2025, revenue was RMB 102 million, net loss was RMB 247 million, and gross margin was 99.68%. The company’s performance has shown relatively high volatility during the reporting period.
On March 26, 2026, Yidian Tianxia submitted its prospectus to the Hong Kong Stock Exchange for the first time, with plans to list on the Hong Kong Main Board. The sole sponsor is CITIC Securities. The company was listed on the Shenzhen Stock Exchange in August 2002, with stock code 301171.SZ. As of March 26, 2026, the A-share market cap was RMB 20.574 billion.
The company is a provider of digital marketing services. In 2024, revenue was RMB 2.547 billion, net profit was RMB 230 million, and gross margin was 18.58%. In 2025, revenue was RMB 3.83 billion, up 50.39% year over year, net profit was RMB 155 million, and gross margin was 14.33%.
On March 26, 2026, Ruiwei Technology submitted its prospectus to the Hong Kong Stock Exchange for the second time, with plans to list on the Hong Kong Main Board. The joint sponsors are Huatai International, Jianyin International, and Agricultural Bank International.
The company is an artificial intelligence company that provides visual intelligence technologies and products for enterprise customers. In 2024, revenue was RMB 395 million, up 63.22% year over year; net profit was RMB 8 million, and it turned from losses to profit year over year, with gross margin of 39.79%. In 2025, revenue was RMB 443 million, net loss was RMB 68 million; it turned from profit to loss and losses expanded year over year, with gross margin of 37.72%.
On March 26, 2026, Siwei Zhilians submitted its prospectus to the Hong Kong Stock Exchange for the second time, with plans to list on the Hong Kong Main Board. The sole sponsor is CITIC Securities. The company previously submitted its listing application to the Hong Kong Stock Exchange on June 27, 2025.
The company is a provider of China’s intelligent cockpit solutions. In 2024, revenue was RMB 479 million, net loss was RMB 378 million, and gross margin was 29.16%. In 2025, revenue was RMB 706 million, net loss was RMB 514 million, and gross margin was 24.41%.
On March 26, 2026, Shuanglin Co., Ltd. submitted its prospectus to the Hong Kong Stock Exchange for the second time, with plans to list on the Hong Kong Main Board. The joint sponsors are CITIC Securities and GF Securities. The company previously submitted its prospectus to the Hong Kong Stock Exchange on September 24, 2025.
The company was listed on the Growth Enterprise Market of the Shenzhen Stock Exchange in 2010, code: 300100.SZ. As of the close of trading on March 27, the company’s latest market cap was RMB 17.508 billion.
The company is a manufacturer of transmission-driven components. In 2024, revenue was RMB 4.91 billion, net profit was RMB 498 million, and gross margin was 17.25%. In 2025, revenue was RMB 5.484 billion, net profit was RMB 503 million, and gross margin was 20.3%.
On March 26, 2026, EftXing Technology submitted its prospectus to the Hong Kong Stock Exchange for the second time, with plans to list on the Hong Kong Main Board. The sole sponsor is Huatai International. The company previously applied to list on the STAR Market of the Shanghai Stock Exchange in 2021, and withdrew its A-share listing application in May 2022.
The company is an agricultural robotics company. In 2024, revenue was RMB 1.066 billion, up 73.40% year over year; net profit was RMB 70 million, and it turned from losses to profit year over year, with gross margin of 31.86%. In 2025, revenue was RMB 1.166 billion, net profit was RMB 124 million, up 75.81% year over year, and gross margin was 35.67%.
On March 27, 2026, Xingchen Technology submitted its prospectus to the Hong Kong Stock Exchange for the third time, with plans to list on the Hong Kong Main Board. The joint sponsors are CICC and CITIC. The company was listed on the Growth Enterprise Market of the Shenzhen Stock Exchange in 2024, stock code 301536.SZ. As of March 27, 2026, the company’s total market capitalization was about RMB 29.2 billion.
The company is a leading provider of global visual AI SoC waferless design and supply. In 2024, revenue was RMB 2.353 billion, net profit was RMB 256 million, and gross margin was 36.04%. In 2025, revenue was RMB 2.97 billion, net profit was RMB 308 million, and gross margin was 34.05%.
On March 27, 2026, Suishoubo submitted its prospectus to the Hong Kong Stock Exchange for the second time, with plans to list on the Hong Kong Main Board. The sole sponsor is Ping An Securities.
The company is a comprehensive solution provider based in Guangzhou, China. In 2024, revenue was RMB 99 million, net profit was RMB 38 million, and gross margin was 50.82%. In 2025, revenue was RMB 515 million, net profit was RMB 42 million, and gross margin was 14.18%.
On March 27, 2026, Xiaokuo Technology submitted its prospectus to the Hong Kong Stock Exchange for the first time, with plans to list on the Hong Kong Main Board. The sole sponsor is CMB International.
The company is the fastest-growing and leading oral care product group in China. In 2024, revenue was RMB 1.369 billion, net profit was RMB 34 million, and gross margin was 69.83%. In 2025, revenue was RMB 2.498 billion, net loss was RMB 18 million, and gross margin was 71.93%.
On March 27, 2026, Jinjiang Hotel submitted its prospectus to the Hong Kong Stock Exchange for the second time, with plans to list on the Hong Kong Main Board. The sole sponsor is Orient Securities. The company was listed on the Shanghai Stock Exchange Main Board in 1996, stock code 600754.SH. As of March 27, 2026, its total market capitalization was about RMB 26.5 billion.
The company is a hotel group with operations across the globe. In 2024, revenue was RMB 14.063 billion, net profit was RMB 1.144 billion, and gross margin was 38.41%. In 2025, revenue was RMB 13.811 billion, net profit was RMB 989 million, and gross margin was 37.37%.
On March 27, 2026, Shanjin International submitted its prospectus to the Hong Kong Stock Exchange for the second time, with plans to list on the Hong Kong Main Board. The joint sponsors are CITIC, CICC, and UBS. The company has been listed on the A-share market since 2000 (code: 000975.SZ). As of the close of trading on March 27, its latest market cap was RMB 78.442 billion.
The company is a gold producer. In 2024, revenue was RMB 13.58 billion, up 67.76% year over year; net profit was RMB 2.438 billion, up 55.68% year over year; gross margin was 29.97%. In 2025, revenue was RMB 17.09 billion, net profit was RMB 3.282 billion, up 34.61% year over year; gross margin was 31.89%.
On March 27, 2026, Yingpai Pharmaceutical-B submitted its prospectus to the Hong Kong Stock Exchange for the second time, with plans to list on the Hong Kong Main Board. The joint sponsors are Goldman Sachs and CICC.
The company is a biotech company at commercialization stage. In 2024, revenue was RMB 34 million, net loss was RMB 255 million, and gross margin was 95.36%. In 2025, revenue was RMB 38 million, net loss was RMB 296 million, and gross margin was 95.89%.
On March 27, 2026, Tian Ci Materials submitted its prospectus to the Hong Kong Stock Exchange for the second time, with plans to list on the Hong Kong Main Board. The joint sponsors are JPMorgan Chase, CITIC, and GF Securities. The company was listed on the Shenzhen Stock Exchange Main Board in 2014, with stock code 002709.SZ. As of March 27, 2026, the company’s total market capitalization was about RMB 93.8 billion.
The company is a globally leading新能源 and advanced materials company driven by technological innovation. In 2024, revenue was RMB 12.518 billion, net profit was RMB 478 million, and gross margin was 18.89%. In 2025, revenue was RMB 16.65 billion, net profit was RMB 1.344 billion, and gross margin was 22.24%.
On March 27, 2026, Shougang Langze submitted its prospectus to the Hong Kong Stock Exchange again after two failed bookbuilding attempts in the previous year, with plans to list on the Hong Kong Main Board. The sole sponsor was changed from the previous Guotai Junan International to Yuexiu Financing.
The company is in the carbon capture, utilization, and storage industry. In 2024, revenue was RMB 564 million, net loss was RMB 246 million, and gross margin was 7.46%. In 2025, revenue was RMB 522 million, net loss was RMB 325 million, and gross margin was 8.14%.
The company launched a bookbuilding process on June 30, 2025, planning to list on July 9. Just one week before the original scheduled listing date, the company suddenly issued an announcement, deciding to delay the listing because it received a civil lawsuit filed by the shareholder Jiyuan Junyi of its subsidiary Shoulang Jiyuan and was listed as a defendant. Later, on July 7, the bookbuilding was restarted, and within the next four days prior to the expected listing, the company again issued an announcement delaying the listing and refunded the application funds.
The prior announcement stated that Jiyuan Junyi is a shareholder holding 42% equity in Shoulang Jiyuan, a subsidiary of Shougang Langze. The shareholder had long been dissatisfied with investment returns and hoped to withdraw its investment in Shoulang Jiyuan. In the past period, there had been ongoing communications regarding this matter, but the company’s PRC legal counsel confirmed that Jiyuan Junyi has no right to demand Shougang Langze, or any third party, to buy its equity in Shoulang Jiyuan.
According to the latest prospectus disclosure, the litigation between Shougang Langze and Jiyuan Junyi has been settled under a litigation settlement agreement entered into on March 3, 2026, and those lawsuits have been withdrawn.
On March 27, 2026, High Energy Environment submitted its prospectus to the Hong Kong Stock Exchange for the first time, with plans to list on the Hong Kong Main Board. The sole sponsor is Jianyin. The company was listed on the Shanghai Stock Exchange Main Board in 2014, stock code 603588.SH. As of March 27, 2026, the company’s total market capitalization was about RMB 22.2 billion.
The company is a solid waste and hazardous waste resource recycling company with a broad portfolio of products and services. In 2024, revenue was RMB 14.5 billion, net profit was RMB 543 million, and gross margin was 13.72%. In 2025, revenue was RMB 14.732 billion, net profit was RMB 1.04 billion, and gross margin was 18.22%.
V. Recent IPO market conditions in Hong Kong stocks
According to LiveReport big data, among the recent 10 newly listed stocks, the average offering market capitalization was HK$14.227 billion; the largest was Guanghe Technology, and the smallest was Youlesai Share. The average offering PE was 46.54x, with PE levels in the mid-to-high range. The average number of subscription applicants was 116,346, and the average subscription multiple was 1260.18x. The average cornerstone allocation ratio was 25.96%, and the average cornerstone proportion has slightly declined.
In the gray market, the average rise for the past 10 new stocks was 19.97%, and the average rise on the first day was 4.58%. Performances among recent new stocks have varied; occasionally, there have been cases of sharp declines in individual stocks.
Special Statement: The content above only represents the author’s personal opinions or positions and does not represent the views or positions of Sina Finance Headline. If you need to contact Sina Finance Headline regarding the content of the work, copyright, or other issues, please do so within 30 days after the above content is published.
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