The performance of Guangdong's companies going public has been outstanding, marked by the highest numbers, the largest financing scales, and the most frequent landmark deals.
On July 22, it was learned that in the first half of the year, Guangdong province added 30 new listed companies and raised 77.8 billion yuan in new IPO funds, leading the nation in both metrics. A series of benchmark IPO projects—record-setting, pioneering, and first-of-their-kind—were successfully launched. Among these, Victory Giant Technology(Huizhou) Co.,Ltd. (300476.SZ, 2476.HK) raised HK$20.1 billion, becoming the largest IPO on the Hong Kong stock exchange this year. Nine high-quality, yet unprofitable, companies successfully went public, demonstrating the province's leading position in cultivating hard-tech enterprises. On July 2, China Resources New Energy Holdings Company Limited (001248.SZ) set a new historical record for an IPO on the Shenzhen Stock Exchange with 24.5 billion yuan in financing. To date, the total number of companies listed domestically and overseas from Guangdong has reached 1,256, including 899 A-share listed companies and 357 overseas-listed companies, maintaining its top national ranking.
Leading the Nation in Growth
In terms of the number of listed companies, as of July 9, the province added 35 new listed companies domestically and overseas. This includes 24 overseas IPOs, 10 domestic IPOs, and one company relocated from another province, representing a 106% increase compared to 17 in the same period last year, leading the nation in incremental growth.
Regarding financing from listings, the total amount raised from new domestic and overseas IPOs in the first half was 134.5 billion yuan. This marks a substantial increase of 114 billion yuan, or 556%, compared to 20.5 billion yuan in the same period last year.
By industry, hard-tech enterprises accounted for over 90% of the new listings, comprehensively covering core sectors such as semiconductors, artificial intelligence, new energy, biopharmaceuticals, and high-end equipment. This precisely reflects the capital market's core orientation of serving technological innovation and fostering new quality productive forces.
Landmark projects have continued to emerge. The listing of China Resources New Energy Holdings Company Limited on July 2, with its single financing of 24.5 billion yuan, set a new record for the highest IPO financing in the history of the Shenzhen Stock Exchange. This helped propel the province's total IPO financing for the first half beyond the 100-billion-yuan mark, establishing a core benchmark for capital empowering the development of the new energy industry cluster.
Furthermore, leading A-share companies such as Luxshare Precision Industry Co.,Ltd. (002475.SZ, 2475.HK), Victory Giant Technology(Huizhou) Co.,Ltd., Eastroc Beverage(Group)Co.,Ltd. (605499.SH, 9980.HK), and Lingyi Itech(Guangdong)Company (002600.SZ, 1688.HK) subsequently listed in Hong Kong, raising HK$24.3 billion, HK$20.1 billion, HK$10.1 billion, and HK$8.3 billion, respectively. They secured the first, second, fourth, and fifth positions on the Hong Kong stock market's financing leaderboard since 2026.
Additionally, regarding the pipeline of companies preparing for listing, there are currently 92 companies under domestic review, 78 companies filing for overseas listing, totaling 170 prospective listing candidates in Guangdong.
Multiple First-of-Their-Kind Projects Launched
In the first half of this year, Guangdong capitalized on the policy dividends from reforms on the ChiNext and STAR Market boards. It precisely matched the needs of tech innovation enterprises across different sectors and stages, promoting the launch of several national firsts and industry pioneering projects, creating a "Guangdong model" for institutional innovation.
As a red-chip structured company, China Resources New Energy Holdings Company Limited became the first red-chip company nationwide to complete the entire IPO process on the main board of the Shenzhen Stock Exchange following the full implementation of the registration-based system. It also marked the first "H-share spin-off to A-share" return listing in the Greater Bay Area. The project took only 10 working days from the listing committee's review approval to registration effectiveness.
On April 16, Dapustor Corporation (301666.SZ) listed on the ChiNext board, becoming the first nationwide case under the board's third set of listing criteria for unprofitable companies. Leju Robotics became the first company nationwide to apply under the ChiNext board's fourth set of criteria, helping Guangdong's humanoid robot and embodied AI industries gain a foothold in the capital market. Zhuhai Trinomab Pharmaceutical Co.,Ltd. (688806.SH) became the first nationwide project to achieve registration effectiveness after the resumption of the STAR Market's fifth set of listing criteria, filling the gap for high-end innovative drug listings within the province. YueXin Semiconductor became the first unprofitable 12-inch wafer manufacturer to pass a listing committee review after the ChiNext reform, addressing a weakness in the Greater Bay Area's semiconductor industry chain.
Simultaneously, the cultivation of unprofitable enterprises has yielded significant results. In the first half of the year, Guangdong added 9 unprofitable listed companies, including 2 on the A-share market and 7 on the Hong Kong market, ranking first nationally in quantity. Leveraging the dual-platform advantages of A-shares and Hong Kong shares, and flexibly utilizing the unprofitable listing rules of the STAR Market and ChiNext board along with the Hong Kong Exchange's Chapter 18A and 18C rules, a new pattern has formed for cultivating unprofitable tech innovation companies for listing. This pattern features bidirectional empowerment between "A-shares + Hong Kong shares" and parallel development across multiple sectors.
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