13 new "A+H" stocks added this year; Hong Kong IPO backup roster continues to grow

Securities Daily Reporter Mao Yirong

Hong Kong stock IPO enthusiasm continues. As of March 18 this year, 28 new stocks have been listed on the Hong Kong Stock Exchange, a year-on-year increase of 133.33%; IPO fundraising reached HKD 97.166 billion, a year-on-year increase of 537.34%.

Ning Bo, Chief Strategy Analyst at China Merchants Securities (Hong Kong) Research Department, stated that in the long term, the Hong Kong stock market is undergoing structural reshaping. Information technology and healthcare companies are becoming the main force in IPOs, with industries such as artificial intelligence, semiconductors, and innovative drugs gradually forming new asset supplies. Meanwhile, regulators are strengthening oversight of listing quality and sponsor responsibilities, which helps promote the transition of the Hong Kong IPO market from “quantity expansion” to “quality prioritization.” Continuous listings of high-quality enterprises not only expand capital supply but may also attract more global funds to allocate to Chinese assets, thereby improving the market structure and valuation levels of Hong Kong stocks in the medium to long term.

Technology and Consumer Leaders Lead the Way

“A+H” Stock Listing Trend Continues

In the Hong Kong IPO boom, the “A+H” stock model has attracted attention. Data shows that since 2026, 13 A-share companies have listed in Hong Kong, raising a total of HKD 62.577 billion, accounting for 64.40% of this year’s IPO fundraising in the Hong Kong market.

In terms of market capitalization, among these 13 companies are industry leaders like Muyuan Food Co., Ltd. (“Muyuan Shares”) and GigaDevice Semiconductor Inc. (“GigaDevice Innovation”), with market caps of over HKD 100 billion, as well as high-growth companies like Shanghai Longqi Technology Co., Ltd., with a market cap around HKD 20 billion.

Industry distribution shows that these companies mainly come from industrial, information technology, and daily consumer sectors. Many have significant overseas business revenues and strong global competitiveness. Their internationalization strategies mainly include technology-driven, supply chain supporting, and equipment export models. For example, semiconductor and high-end manufacturing companies are accelerating overseas expansion through technological advantages; original design manufacturers serve global consumer electronics brands; and industrial automation firms actively export equipment and technology abroad.

Specifically, in the semiconductor sector, companies like OmniVision Technologies (Group) Co., Ltd. (“OmniVision Group”), GigaDevice Innovation, and Lankou Technology Co., Ltd. (“Lankou Technology”) have attracted long-term international capital during IPO stages, reflecting ongoing market interest in the semiconductor supply chain. In the consumer sector, Muyuan Shares and Dongpeng Beverage Group Co., Ltd. have successfully listed in Hong Kong, indicating that the consumer upgrade trend continues.

Meanwhile, more A-share companies are pushing forward with Hong Kong listings. For example, Shanghai Huanhui Optoelectronics Co., Ltd. and Guangzhou Guanghe Technology Co., Ltd. have passed hearing; Kefu Medical Technology Co., Ltd., Wolong Electric Drive Group Co., Ltd., Luxshare Precision Industry Co., Ltd., and Shenghong Technology (Huizhou) Co., Ltd. have submitted listing applications, currently in “processing” status.

Wind Information data shows that as of March 18, there are a total of 183 “A+H” listed companies. Among them, three A-share companies are expected to list in Hong Kong in 2024, 19 in 2025, and since 2026, 13 companies have already listed.

Gao Zhe, Co-Head of Global Investment Banking at UBS Securities, told Securities Daily that the transition of A-share companies listing in Hong Kong from traditional manufacturing to high-end manufacturing, semiconductors, and strategic emerging industries like new energy reflects China’s economic transformation and upgrading. Listing in Hong Kong not only provides financing channels but also offers a platform for their internationalization strategies.

Hong Kong Market Reform Releases Benefits

Mobilizing More Reserve Resources

Market performance shows that most new stocks perform well on their first day. Among the 28 new stocks mentioned, 16 saw first-day gains of over 10%, with three exceeding 100%. Popular stocks like MiniMax (Xiyu Technology) and Beijing Zhipu Huazhang Technology Co., Ltd. have seen significant gains since listing.

Active participation of cornerstone investors also boosts market confidence. Data shows that from the beginning of the year, 27 of the 28 new stocks have attracted cornerstone investors, with a total of 301 institutional investors involved. For example, in the AI sector, long-term funds come from domestic institutions as well as from the UAE, Singapore, South Korea, and Switzerland.

Additionally, data indicates that there are currently 12 companies with “Listening Passed” status in IPO review, and 377 companies in “Processing” status, meaning the pipeline of IPO candidates in Hong Kong remains large and expanding.

Looking further, the reserve pool of IPO candidates in Hong Kong has two main features: first, industry-wise, hard technology and consumer sectors continue to lead, with semiconductor supply chains remaining hot; second, in terms of sources, cases of A-share companies spinning off subsidiaries for Hong Kong listing, A-share companies going public in Hong Kong, and Southeast Asian companies listing in Hong Kong are increasing significantly.

Li Yujie, Strategist at Huatai Securities Research Institute, said that on one hand, companies tend to apply for IPO when liquidity in the secondary market is ample and valuations are high; on the other hand, active IPO financing, especially high-quality major IPO projects, can attract more investor attention and participation in Hong Kong markets.

Policy-wise, reforms are also continuously releasing benefits. To enhance Hong Kong’s market competitiveness and attract more high-quality enterprises, the Hong Kong Stock Exchange launched the first phase of a consultation on listing system reforms in March, planning to relax the WVR (Weighted Voting Rights) threshold and allow all companies to file “secret” applications.

Yuan Mei, Research Director at Sullivan Jieli (Shenzhen) Cloud Technology Co., Ltd., told Securities Daily, “Reform measures are expected to increase new stock fundraising, boost market trading activity, attract global investors to reallocate assets, and strengthen Hong Kong’s position as an international financial center.”

Qi Menglin, Managing Partner at Huashang Law Firm, said in an interview with Securities Daily that these reforms will facilitate overseas issuers, especially Chinese concept stocks and Southeast Asian companies, to list in Hong Kong. This will enrich the market ecosystem, provide investors with diversified investment options, activate market liquidity, promote market structure upgrades, and help intermediary institutions expand their international business and better serve global clients.