The Hong Kong stock exchange witnessed a concentrated surge in IPO activity on April 2, as 14 companies submitted listing applications on the same day. These companies span several high-profile sectors including innovative pharmaceuticals, semiconductors, and consumer goods, serving as a snapshot of the vigorous IPO climate in the Hong Kong market in 2026.
Market observers widely believe that with a growing number of hard-tech companies seeking listings and the continued popularity of the dual "A+H" listing model, the Hong Kong IPO market in 2026 is poised to maintain the active momentum seen in 2025, further solidifying Hong Kong's status as an international financial center.
The submission of 14 applications in a single day, with 378 companies currently in the listing pipeline, underscores the market's robust activity level. Among the applicants are industry leaders and niche champions such as New Hope Dairy, CHJ Jewellery, CHANDO, Huilun Pharmaceutical, Anqing Computer, and Tianhua New Energy, covering trending sectors like innovative drugs, new materials, software, and consumer products.
The applicant companies demonstrate distinct industry characteristics and core competitiveness. CHANDO, a multi-brand cosmetics company, ranked as China's second-largest domestic cosmetics brand by retail sales in 2024. By the end of 2025, its primary brand portfolio comprised 554 SKUs. CHJ Jewellery is a leading multi-brand jewelry retailer in mainland China, holding the top position by revenue in 2024 with a market share of 1.4%. It operated 1,670 physical jewelry stores domestically and internationally as of December 31, 2025.
Binhui Biotech is a biotechnology firm focused on oncolytic virus therapies, dedicated to discovering, developing, and commercializing innovative cancer immunotherapies to address urgent, unmet clinical needs globally through breakthrough treatments. Anqing Computer specializes in the development, design, manufacturing, and sales of AI computing equipment, also providing related technical services and support. According to its prospectus, the company reported revenues of RMB 2.2 billion, RMB 2.76 billion, and RMB 5.5 billion for 2023, 2024, and 2025 respectively, with annual profits of RMB 54.435 million, RMB 63.675 million, and RMB 122 million.
Notably, the dual "A+H" listing model was prominent among the applicants. Four of the 14 companies—Rigol Technologies, Raytron Technology, Heli Nanotechnology, and Tianhua New Energy—are already listed on the A-share market. Rigol, Raytron, and Heli Nanotechnology were submitting applications for the second time following an initial filing in September 2025, while Tianhua New Energy was filing for the first time.
The bustling scene of 14 simultaneous filings reflects the current IPO fervor. Wind data shows that as of April 3, 2026, 157 companies had submitted initial listing applications since the start of the year. According to HKEX, 17 applications had received approval from the Listing Committee and were awaiting listing by the end of the first quarter, with 413 applications still under processing.
Substantial application pipelines and strong corporate interest are jointly fueling the heating IPO market. 2026 has seen the most active start for HKEX's IPO market in recent years, with impressive results in both the number of new listings and fundraising scale.
Calculated by listing date, 40 new companies debuted on HKEX in the first quarter, a 150% increase compared to 16 listings in the same period last year. March alone saw 16 new listings, matching the entire first-quarter total from 2025.
Regarding fundraising, the Hong Kong IPO market delivered an outstanding performance, with total proceeds exceeding HKD 100 billion. Data indicates that the 40 newly listed companies raised a combined HKD 109.927 billion in Q1, a surge of 489% year-on-year, marking the highest quarterly fundraising volume since Q2 2021.
Nine companies raised over HKD 5 billion each. Muyuan Foods, Dongpeng Beverages, and Montage Technology were the top three fundraisers year-to-date, securing HKD 12.099 billion, HKD 11.099 billion, and HKD 8.099 billion respectively.
"Dual-listed "A+H" companies were a core driver of Q1 IPO fundraising. Among the 40 new listings, 15 were companies with dual listings in Hong Kong and mainland China. Seven of the top 10 fundraisers were already listed on the A-share market, collectively raising over HKD 52 billion, accounting for nearly half of the total quarterly IPO proceeds.
This structure further highlights Hong Kong's growing role as a hub for the global capital deployment of mainland Chinese enterprises. An increasing number of leading A-share companies are opting for secondary listings in Hong Kong, which helps broaden their international financing channels and enhances the appeal of HKEX for high-quality Chinese assets, according to a securities analyst.
Sector-wise, "hard-tech" fields such as semiconductors, machinery, hardware equipment, and biopharmaceuticals dominated the 2026 Hong Kong IPO landscape. Among the 40 new listings, nine were semiconductor companies—including Montage Technology, Biren Technology, GigaDevice, OmniVision, and Fourier—raising a combined total exceeding HKD 35 billion. The cohort also included AI large model firms like Zhipu AI and MINIMAX, as well as robotics companies such as Huayan Robot and Estun.
This industry distribution contrasts sharply with the same period last year, when new listings were concentrated in traditional sectors like consumer goods and non-ferrous metals, with generally smaller fundraising sizes. The largest IPO in Q1 2025 was the new tea drink brand Mixue Group, which raised HKD 3.973 billion.
Geographically, Guangdong province contributed the most new listings with 11 companies, followed by Shanghai with 7, and Zhejiang and Jiangsu provinces with 5 each. These four regions collectively accounted for approximately 70% of the Q1 2026 listings.
The sustained activity in Hong Kong's IPO market is not coincidental but results from a combination of policy support, efficient review processes, and market attractiveness. Industry insiders suggest that with continued favorable factors, the IPO boom in 2026 is expected to persist, potentially driving market scale to new heights.
On the policy front, deepening cooperation between mainland and Hong Kong capital markets has smoothed the path for companies seeking listings in Hong Kong. Recent years have seen strengthened policy support, laying an institutional foundation for mainland enterprises to list in Hong Kong.
HKEX has continually refined its listing regime. In a recent consultation on IPO reforms, it proposed measures to enhance market inclusivity, such as significantly lowering financial thresholds for companies with weighted voting rights, relaxing voting power ratios, and facilitating listings for overseas-listed companies, aiming to attract a broader range of issuers and enrich investor choice.
Review efficiency is a significant advantage for HKEX. In contrast to periodic adjustments in the A-share IPO pace, HKEX employs an "apply-and-review" electronic process, significantly speeding up approvals and reducing the time cost and uncertainty for companies seeking to list.
Furthermore, as a vital gateway linking global capital markets, the Hong Kong market serves as an accelerator for corporate business and capital internationalization. Recently listed tech companies, in particular, have attracted strong interest from international long-term investors.
For instance, leading chipmaker Montage Technology attracted 17 cornerstone investors upon its listing, with total subscription amounts reaching approximately USD 450 million. Participants included prominent international institutions such as J.P. Morgan Investment Management Inc., UBS Asset Management, abrdn Asia, Mirae Asset Global Investments, Barings (affiliated with MassMutual), and Walden International.
Looking ahead, Deloitte China forecasts in a related report that, supported by a pipeline of over 300 listing applications, the Hong Kong IPO market could see around 160 new listings raising no less than HKD 300 billion for the full year 2026. It is anticipated that seven of these IPOs could each raise at least HKD 10 billion, including listings by leading mainland enterprises. Besides a substantial number of A+H listing candidates, projects from the TMT, healthcare and pharmaceuticals, consumer sectors, international companies, and US-listed Chinese concept stocks are also expected to be focal points for the market.
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