On March 9, the Hong Kong stock market welcomed its first new listings following the Lunar New Year holiday. Three companies debuted on the main board: circular packaging service provider ALSCO POOLING (HK02649), industrial robotics firm Estun Automation (HK02715, SZ002747), and micro-drive system leader Zhaowei Machinery & Electronics (HK02692, SZ003021).
Trading diverged sharply on the first day. Zhaowei's shares surged over 10% at one point, while ALSCO POOLING and Estun fell more than 30% and 9%, respectively.
Since the beginning of 2026, 27 new stocks have listed in Hong Kong. The vast majority opened higher on their debut, making ALSCO POOLING and Estun the only two that broke issue price immediately.
Retail subscription for all three stocks was strong. Estun was oversubscribed 19.67 times, Zhaowei saw 1,536.76x oversubscription, and ALSCO POOLING led with a massive 5,297.23x oversubscription. However, this狂热contrasted sharply with their first-day performance.
By the market close, Zhaowei's shares moderated to HK$73.00, up 2.41%, with a market cap of HK$19.53 billion. Estun declined 16.02% to HK$12.90, valuing the company at HK$12.49 billion. ALSCO POOLING experienced the steepest fall, closing at HK$6.20 after a 43.64% plunge, nearly halving its value and leaving it with a market capitalization of just HK$560 million.
Why did the most oversubscribed stock perform the worst? An analyst identified the primary reason as ALSCO POOLING's low fundraising amount. Its IPO raised approximately HK$224 million. After deducting estimated listing expenses of HK$48.18 million, net proceeds were only about HK$176 million. "With such a small base, the high oversubscription multiple loses some significance," the analyst noted.
Secondly, retail enthusiasm did not fully mirror institutional sentiment. The international offering segment of ALSCO POOLING was only 4.20 times subscribed. "The limited scale of institutional participation affected the overall investment atmosphere," the analyst added.
Company fundamentals also played a role. ALSCO POOLING provides circular packaging services primarily to automotive parts manufacturers and OEMs in China. Its business involves managing reusable packaging like pallets and crates for clients, including storage, distribution, and maintenance, often via third-party logistics partners.
"The company operates in a relatively traditional industry. Historical performance shows moderate growth without a standout trend," the analyst commented. According to its prospectus, ALSCO POOLING reported revenues of RMB 648 million, RMB 794 million, RMB 838 million, and RMB 533 million for 2022, 2023, 2024, and the first eight months of 2025, respectively. Net profits were RMB 31.2 million, RMB 64.15 million, RMB 50.74 million, and RMB 26.89 million for the same periods.
"The core issue is its small size. Smaller companies can see significant gains in bullish markets but experience much higher volatility during downturns," the analyst concluded.
Regarding Zhaowei's stable debut and slight gain, the analyst explained that its H-share pricing was largely benchmarked against its A-share price. Since its Hong Kong offering began on February 27, Zhaowei's A-share price showed relative stability amid broader market declines, supporting its H-share pricing. "Furthermore, the significant discount of its H-share price compared to the A-share price was a key factor for its steady first-day performance."
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