The Hong Kong Stock Exchange saw seven new stocks debut simultaneously on July 9th, showcasing extreme performance divergence. The consumer stock, Qi Yun Shan Food (02797.HK), surged by 100%, while several technology and manufacturing-focused new listings experienced significant declines.
Luxshare Precision Industry (02475.HK): 2026's Largest HK IPO
Luxshare Precision Industry (02475.HK) is a global leader in precision manufacturing. Originally an "Apple supply chain" contract manufacturer, it has transformed into a comprehensive technology platform covering consumer electronics, automotive electronics, communications, and data centers. In 2025, these three business segments contributed 79.52%, 11.81%, and 7.39% of revenue, respectively. Financially, 2025 revenue reached 332.344 billion yuan, up 23.64% year-on-year, with net profit attributable to shareholders of 16.6 billion yuan, a 24.20% increase, both setting new records. From 2021 to 2025, revenue grew 1.16 times and net profit grew 1.35 times. For Q1 2026, revenue was 83.888 billion yuan, up 35.77%, and net profit was 3.968 billion yuan, up 17.49%.
Its IPO was priced at HK$63.28 per share, with a global offering of 383.47 million shares raising approximately HK$24.039 billion net, making it Hong Kong's largest IPO in 2026. The offering attracted cornerstone investors including Temasek, Abu Dhabi Investment Authority (ADIA), HHLRA under Hillhouse, Greenwoods Asset Management, Tencent, Fidelity International, GF Fund Management, Bosera International, and Taikang Life Insurance. These cornerstone investors subscribed for a total of US$1.5 billion (approximately HK$11.754 billion), equivalent to 185.7369 million H-shares at the offer price, representing about 48.44% of the total H-shares offered globally. The Hong Kong public offering was oversubscribed 3.78 times, with a 100% allotment rate for one board lot. On its first trading day, the stock closed slightly lower.
Sanhuan Group (06951.HK): Electronic Ceramics Leader Opens Flat
Sanhuan Group (06951.HK) is a leading Chinese manufacturer of electronic ceramic components. Its products include fiber optic ceramic ferrules, ceramic packaging substrates, and MLCCs, among others. The IPO was priced at the top of the range at HK$100.30 per share. The global offering of 71.3643 million shares raised approximately HK$7.046 billion net. Seventeen cornerstone investors participated. The Hong Kong public offering was oversubscribed 327.49 times, with a 0.69% allotment rate for one board lot. The stock opened flat on its debut.
Ding Tai High-Tech (01377.HK): Global PCB Drill Leader Falls Over 13%
Ding Tai High-Tech (01377.HK) is the world's largest supplier of PCB drill bits by sales volume. It provides precision tools like drill bits and milling cutters, as well as smart equipment for the PCB manufacturing value chain. Financially, revenue grew from 1.295 billion yuan in 2023 to 2.084 billion yuan in 2025, representing a compound annual growth rate (CAGR) of 26.9%. Gross profit increased from 454 million yuan to 843 million yuan over the same period, a CAGR of 36.3%.
The IPO was priced at HK$380 per share, with a global offering of 12.632 million shares raising approximately HK$4.665 billion net. The Hong Kong public offering was oversubscribed 354.64 times, with a 3% allotment rate for one board lot. The stock fell over 13% on its first day of trading.
RIGOL (00537.HK): China's Largest Electronic Measurement Instrument Supplier Plunges Over 18%
RIGOL (00537.HK) is China's largest supplier of electronic measurement instruments. Its main products include digital oscilloscopes and spectrum analyzers. The IPO was priced at the top of the range at HK$45.98 per share. The global offering of 24.8022 million shares raised approximately HK$1.041 billion net. Seven cornerstone investors participated. The Hong Kong public offering was oversubscribed 356.86 times, with an 8% allotment rate for one board lot. The IPO did not include a greenshoe option. The stock fell over 18% on its debut, making it the worst performer among the new listings that day.
Luo Shi Robot (03752.HK): "First Full-Series Smart Robotics Stock"
Luo Shi Robot (03752.HK) is an AI robotics supplier. Its product portfolio includes industrial robots, flexible collaborative robots, and embodied intelligent robots, serving over 1,000 clients in more than 40 countries and regions. Its embodied intelligent robots are among the first in the industry to achieve large-scale commercial deployment in the consumer electronics sector. In 2024, revenue was 435 million yuan with a net loss of 182 million yuan. For the first nine months of 2025, revenue reached 559 million yuan, already exceeding the full-year 2024 figure, with adjusted net profit of 24.42 million yuan, achieving profitability.
The IPO was priced at HK$38 per share, with a global offering of 23.0319 million shares raising approximately HK$810.5 million net. Five cornerstone investors, including GF Fund Management and Huatai Capital, participated. The Hong Kong public offering was oversubscribed 156.58 times, with a 10% allotment rate for one board lot. The stock closed with a slight gain on its first day.
Qi Yun Shan Food (02797.HK): Southern Sour Jujube Food Leader Soars 100%
Headquartered in Ganzhou, Jiangxi, Qi Yun Shan Food (02797.HK) is a fruit-based snack company focused on Southern Sour Jujube products, launching its first Southern Sour Jujube cake in 1992. The IPO was priced at the top of the range at HK$8.00 per share. The global offering of 25 million shares raised approximately HK$167 million net. The Hong Kong public offering was oversubscribed 1,688.1 times, the highest oversubscription multiple of the day. The stock surged 100% on its debut to close at HK$16, generating a paper profit of about HK$4,000 per board lot of 500 shares.
Oriental Science & Technology (01770.HK): E-Paper Display Maker Dips Over 1%
Oriental Science & Technology (01770.HK) is an e-paper display module manufacturer. Originally scheduled to list on July 8th, its debut was postponed to July 9th to allow more time to finalize the allotment results announcement. From 2023 to 2025, revenue grew from 1.024 billion yuan to 1.713 billion yuan, while net profit increased from 50.739 million yuan to 80.228 million yuan. The IPO was priced at the bottom of the range at HK$78.64 per share. The global offering of 5.1186 million shares raised approximately HK$356 million net. No cornerstone investors were involved. The Hong Kong public offering was oversubscribed 1,067.54 times, with a 3% allotment rate for one board lot. The stock fell over 1% on its first trading day.
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