The profitability of new listings in Hong Kong's stock market weakened somewhat in March, but AI-related new shares performed strongly on their first trading day, with the market maintaining enthusiastic sentiment.
Last month, a total of 15 companies went public. Overall, market subscription sentiment remained strong, with more than 227,000 individual subscriptions.$HUAYAN ROBOTICS (01021.HK)$, ranking first in terms of the number of subscribers last month.$DELTON (01989.HK)$The second highest was 202,000 subscribers.$FS.COM (03355.HK)$The third place went to a company with over 196,000 subscriptions.
In terms of oversubscription multiples,$ALSCO POOLING (02649.HK)$the public offering stage saw an oversubscription multiple of 5,297.23 times, ranking first in March and second for the year.$HUAYAN ROBOTICS (01021.HK)$The oversubscription multiple was 5,059.38 times, ranking second for the month.$EXTREME VISION (06636.HK)$With an oversubscription multiple of 4,591.37 times, it ranked third in March and fifth for the year.
$GALAXIS TECH (02729.HK)$The oversubscription multiple was 2,153.26 times.$FS.COM (03355.HK)$It received an oversubscription multiple of 1,579.71 times.$ZHAOWEI (02692.HK)$The subscription multiple was 1,536.76 times.$DIAGENS-B (02526.HK)$、$DELTON (01989.HK)$The subscription multiples all exceeded 1,000 times.
In March, newly listed stocks surged by up to 150% on their first trading day, with over 70% of companies closing higher; newly-listed chip stocks rose collectively.
Last month, the enthusiasm for subscribing to new shares slightly declined, with occasional cases of initial public offerings (IPOs) falling below the issue price on their debut. Among the newly listed stocks in March, more than 70% closed higher on the first day, with 11 out of 15 new shares ending the day with gains while four fell.
The industries of companies listed last month were diverse, including three semiconductor firms, two industrial parts and equipment companies, two digital solution providers, and others such as medical devices and supplies, auto parts, electronic components, and other retailers. The 15 newly listed stocks were associated with various concept sectors; among them, there were four robotics-related stocks, namely$GALAXIS TECH (02729.HK)$、$HUAYAN ROBOTICS (01021.HK)$、$ZHAOWEI (02692.HK)$、$ESTUN (02715.HK)$, except for $ESTUN (02715.HK)$, all of which rose on their debut. Among them,$GALAXIS TECH (02729.HK)$rose by over 84% on its first day.
The three chip stocks$EPIWORLD (02726.HK)$、$NSING TECH (02701.HK)$、$FOURSEMI (03625.HK)$rose collectively on their first day. $FOURSEMI (03625.HK)$ Surged by 100%. Two artificial intelligence concept stocks$DELTON (01989.HK)$and$FS.COM (03355.HK)$rose on their first day. Among them, one is an AI application concept stock,$EXTREME VISION (06636.HK)$rose 150% on its first day; one is an AI healthcare concept stock,$DIAGENS-B (02526.HK)$rose nearly 112% on its first day.
A total of five A+H shares, excluding$ESTUN (02715.HK)$, the remaining four$DELTON (01989.HK)$、$NSING TECH (02701.HK)$、$ZHAOWEI (02692.HK)$and$MEIG (03268.HK)$all rose on their first day.
Looking specifically at individual new stocks, 'an AI computer vision solutions provider'$EXTREME VISION (06636.HK)$soared 150% on its first day, ranking first in March's gains. Excluding handling fees, the return for one lot was HKD 3,000. From filing on January 20 to listing on March 30, Jishijiao took only 69 days, setting a new record for the shortest time to list under Hong Kong Stock Exchange Rule 18C.
'a medical imaging R&D company'$DIAGENS-B (02526.HK)$The stock surged nearly 112% on its debut, earning HKD 5,530 per lot and becoming the most profitable IPO in March. Notably, Deshi's IPO did not involve cornerstone investors or a 'green shoe' mechanism, yet it garnered subscriptions 1,073.37 times over and rose on the first day.
The First AI Audio Chip Stock in Hong Kong$FOURSEMI (03625.HK)$The share price doubled on the first day, yielding HKD 4,000 per lot. The company is a Chinese supplier of power amplifier audio chips and haptic feedback chips, with a product portfolio empowering various industries such as consumer electronics and smart vehicles.
Intralogistics Robotics Provider$GALAXIS TECH (02729.HK)$It performed remarkably, surging over 84% on the first day, earning HKD 2,808 per lot.$EPIWORLD (02726.HK)$As the world’s largest silicon carbide epitaxy supplier, its stock rose over 35% on its debut, earning HKD 1,337 per lot.
PCB Manufacturer for Computing Power Servers$DELTON (01989.HK)$The stock surged over 33%, earning more than HKD 2,400 per lot. Additionally, the world’s second-largest online DTC network solutions provider.$FS.COM (03355.HK)$The stock rose over 13% on its debut. As China’s second-largest and one of the world’s top five collaborative robot companies.$HUAYAN ROBOTICS (01021.HK)$The stock rose over 8% on its debut.
Hong Kong's IPO market remains robust in 2026.
The enthusiasm for new listings on the Hong Kong stock market continues into 2026. As of March 26, more than 200 companies have submitted listing applications to the Hong Kong Stock Exchange this year, reaching at least 203 (excluding undisclosed confidential filings). Among these, 200 are Main Board applications (including four disclosed confidential filings), and three are GEM (Growth Enterprise Market) applications; 140 companies are filing for the first time (including three disclosed confidential filings), while 63 have filed at least twice (including one disclosed confidential filing). A total of 171 companies have applied under the H-share structure, including 47 A-share listed companies planning to adopt a 'List A First, Then H' strategy.
According to Wind data, as of March 30, a total of 38 companies completed their IPOs on the Hong Kong stock market, raising a combined HKD 109 billion, representing 1.5 times and 4.9 times the figures from the same period last year, respectively. This year’s fundraising total surpassed HKD 100 billion in just 78 days, setting a record as the fastest in history to exceed this threshold. In terms of individual company fundraising amounts, two companies raised over HKD 10 billion this year: Muyuan Shares and Dongpeng Beverages, contrasting sharply with predominantly small-scale listings in the first quarter of the previous year.
Recently, Bloomberg reported that Moonshot AI, one of China's 'AI Six Tigers,' is planning to go public in Hong Kong. Moonshot AI developed the Kimi chatbot and reportedly aims to raise up to USD 1 billion in its latest funding round, valuing the company at approximately USD 18 billion (about HKD 140.4 billion), more than four times its valuation three months ago. Additionally, there are market rumors that Syngenta Group, a global leader in agricultural technology, intends to conduct an IPO in Hong Kong, potentially becoming the largest IPO in the Hong Kong stock market in 2026.
Companies such as Qunhe Technology, Sieger New Energy, and Shenghong Technology have passed the hearing process and are set to launch their subscription offerings soon. According to the prospectus, Shenghong Technology is one of the leading suppliers of advanced AI and high-performance computing printed circuit board products, Sieger New Energy is a global leader in distributed energy storage system solutions, and Qunhe Technology is a pioneering cloud-native spatial design software provider.
Charles Tang, Chairman of the Hong Kong Stock Exchange, emphasized that while the number of new listings increases, the exchange will maintain strict oversight of the review process to ensure the high quality of the Hong Kong market and gain international recognition. This year, the Hong Kong Stock Exchange will focus on advancing several initiatives, including the upcoming release of a consultation paper on enhancing the listing regime, a consultation paper on the T+1 settlement mechanism, and the implementation of the second phase of narrowing bid-ask spreads by mid-year.
Furthermore, amid the booming IPO market, the Hong Kong Stock Exchange is considering allowing more companies to submit IPO applications confidentially to solidify its leading position as a global listing hub. The proposal may expand the scope of confidential filings beyond just technology and biotech sectors to include traditional industries.
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Editor/Melody