Five new stocks made their market debut on the Hong Kong Stock Exchange on July 8th, presenting a stark contrast in performance. The listings included Momenta (6880.HK), RECONOVA (7656.HK), Eacon Mining (7687.HK), BASICSEMI (9971.HK), and Baogai New Materials (8090.HK). The day was marked by a clear divergence, with AI visual intelligence firm RECONOVA suffering a severe drop, while the silicon carbide leader BASICSEMI surged at the open.
Momenta: The 'Physical AI' Pioneer
Momenta, a global leader in physical AI, priced its shares at HK$295.6 and opened at HK$301, marking an increase of approximately 1.83% from its offer price. The stock climbed further, at one point gaining over 6%, pushing its total market capitalization beyond HK$70 billion. The company's global offering comprised roughly 19.94 million shares, raising net proceeds of about HK$5.66 billion. Its Hong Kong public offering was oversubscribed by 413.63 times, while the international offering, excluding cornerstone investors, was oversubscribed by about 44 times.
RECONOVA: Sharp Debut Decline for 'Visual AI' Firm
RECONOVA was the day's worst-performing new listing. Priced at HK$21.66, its shares opened below the offer price, falling nearly 17% and later dropping close to 28% intraday. Despite its Hong Kong public offering being oversubscribed by a staggering 3,646.06 times, this enthusiasm did not carry over to secondary market trading. The company provides visual AI technology to enterprise clients, reporting revenue of 443 million yuan for 2025 alongside a net loss of 68.1 million yuan.
Eacon Mining: 'Unmanned Mining' Stock Rises
Eacon Mining, dubbed the "first global unmanned mining driving stock," priced at HK$87.92 and opened at HK$91, a gain of 3.5%. The company's global offering of 26.13 million shares raised net proceeds of approximately HK$2.18 billion. The public offering was oversubscribed by 157.82 times. Specializing in autonomous driving solutions for the mining industry, the company achieved a compound annual revenue growth rate of 130.2% from 2023 to 2025.
BASICSEMI: Silicon Carbide Leader Jumps at Open
BASICSEMI priced its IPO at the top of the range at HK$31.62. It opened strongly, gaining 7.9% to HK$34.12 and later rallying over 18% during the session. The company is described as China's only fully integrated enterprise with capabilities spanning silicon carbide chip design, wafer manufacturing, module packaging, and gate driver design and testing. Its IPO was oversubscribed by 4,812.72 times, the highest level among the day's new listings. However, the company is not yet profitable, reporting a gross loss of 33.9 million yuan for 2025.
Baogai New Materials: Flat Start on GEM
As the sole new listing on the GEM (Growth Enterprise Market), Baogai New Materials priced at HK$6.22 and opened flat at the same price. The company is a leader in China's composite material trench cover board industry. Its offering of 14.47 million shares raised net proceeds of about HK$84.3 million. The public offering was oversubscribed by 3,014.69 times.
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