Three New Stocks See Dramatic Dark Pool Trading: One Surges Over 275%, Yielding HKD 11,000+ Per Lot

Deep News07:50

On December 22, three new stocks debuted in Hong Kong's dark pool trading, but their performances diverged sharply.

The disparity largely reflected recent trends in their respective sectors. NUOBIKAN, specializing in AI industrial applications, skyrocketed 275.75% in dark pool trading. QINGSONG HEALTH, offering digital health services and insurance solutions, surged 127.95%. In contrast, HANXBIO-B, an innovative biotech firm, barely moved, closing with a modest 2.06% gain.

**Top Gainer: NUOBIKAN** Futu's dark pool data showed NUOBIKAN closing at HKD 300.60 per share, up 275.75%, yielding HKD 11,030 per lot (50 shares). After opening, its price climbed steadily, stabilizing near HKD 300 by the close, with total turnover hitting HKD 65.23 million.

Founded in 2015, NUOBIKAN focuses on AI and digital twin technologies for transportation, energy, and urban governance. Its IPO was oversubscribed over 150x. Despite claiming to be China’s second-largest AI-powered power inspection provider, its 2022–2024 revenue ranged from RMB 253 million to RMB 403 million, with profits between RMB 63.2 million and RMB 115 million.

**Strong Performer: QINGSONG HEALTH** QINGSONG HEALTH, operating in AI-driven healthcare, rose 127.95% to HKD 51.70 per share, yielding HKD 5,804 per lot (200 shares). With 168 million registered users as of June 2025, its IPO was oversubscribed over 1,000x, far outpacing NUOBIKAN’s demand.

**Underwhelming Debut: HANXBIO-B** Despite being the most sought-after during subscription (2,600x oversubscribed) and securing four cornerstone investors, HANXBIO-B opened at just 25% above its IPO price (HKD 40/share) before fading to HKD 32.66 (+2.06%). Selling at opening would yield only HKD 800 per lot (100 shares).

**IPO Market Outlook** Hong Kong’s IPO market rebounded in 2025, raising over HKD 250 billion from ~100 mainboard listings. UBS forecasts 150–200 IPOs in 2026, potentially exceeding HKD 300 billion, while Deloitte predicts ~160 listings.

This year, nearly 70% of new stocks rose on debut, with 16 surging over 100%. Standouts included Golden Leaf International Group (+330%), Xipuni and Yinnuo Pharma-B (+200%). Changfeng Pharma led per-lot gains at HKD 12,000, followed by Yingen Bio-B (HKD 11,000+).

However, Huatai Securities notes Q4’s rising first-day slump rate. Historical data suggests most IPO profits come from a few high-conviction picks, making stock selection critical in 2026. Sectors with strong secondary-market momentum tend to deliver better post-IPO returns. Yet, when average debut gains exceed 30%, subsequent IPOs often underperform.

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