Since 2026, the Hong Kong stock IPO market has continued to be hot, with the pace of new stock listings accelerating and the scale of fundraising rising simultaneously. In terms of the number of new shares, as of February 25, the Hong Kong stock market has welcomed 24 new shares. There are no new listing arrangements for the Hong Kong stock market from February 26 to 28. The number of new shares has increased significantly by 166.67% compared with 9 in the first two months of 2025. According to the arrangement, the next new stock to attract much attention is Lantu Automobile, which will be officially listed on the Hong Kong Stock Exchange on March 19. The performance of the new stock fundraising side is even more impressive. According to statistics from Flush iFinD, the total raised funds of the 24 new stocks that have been listed exceeds HK$89 billion, a 10-fold increase from the first two months of 2025. It is worth mentioning that the capital boom set off by the AI track is still continuing, and AI companies such as Biren Technology, Zhipu, and MINIMAX have all completed listings on the Hong Kong stock market.
Lantu Automobile will appear on the scene
According to iFinD statistics, as of February 25, 24 companies have completed Hong Kong stock IPOs. According to the latest arrangements, there are no new stock issuance and listing arrangements in the Hong Kong stock market from February 26 to 28. This also means that in the first two months of the new year, Hong Kong stocks will usher in 24 new stocks, which is an increase of 166.67% compared with the 9 new stocks listed in the same period last year.
In terms of fundraising performance, it has been calculated that the total amount of funds raised by the 24 new stocks listed on Hong Kong stocks in 2026 will reach HK$89.226 billion. Among them, the amount of funds raised by Muyuan Holdings and Dongpeng Beverage exceeded 10 billion Hong Kong dollars.
According to the latest arrangements, Lantu Automobile will land on the Hong Kong stock market on March 19. However, Lantu Automobile has not yet disclosed specific fundraising data.
In terms of fund-raising scale, among the 24 stocks that have been listed, Muyuan shares ranked first in terms of total funds raised, reaching HK$10.684 billion; Dongpeng Beverage ranked second with a fund-raising amount of HK$10.141 billion; Montage Technology ranked third and fourth respectively in fund-raising amount. , Biren Technology, approximately HK$8.099 billion and HK$6.42 billion respectively; listed companies with fundraising amounts between HK$5 billion and HK$6 billion include MINIMAX, GigaDevice, OmniVision Group, and Wisdom; the remaining stocks have raised funds below HK$5 billion.
On the other hand, there are 9 new stocks listed in the first two months of 2025, and there are no stocks that have raised more than 10 billion Hong Kong dollars. Specifically, Guming has the highest amount of funds raised, with a total amount of HK$2.03 billion raised; the remaining 8 new stocks have raised amounts of less than HK$2 billion.
After calculation, the total amount of funds raised by 24 new stocks on the Hong Kong Stock Exchange reached HK$89.226 billion, an increase of 1013.65% from the total amount of HK$8.012 billion raised in the first two months of last year.
In addition, in the new year's craze for Hong Kong stock IPOs, A-share listed companies are particularly prominent. As of February 25, there were a total of 10 "A+H" new stocks in Hong Kong stocks this year, accounting for more than 40%.
Eye-catching performance on the AI track
Since the beginning of the year, new technology stocks represented by AI have been quite prominent. Among them, AI companies such as Biren Technology, Zhipu, and MINIMAX have successively been listed on the Hong Kong stock market, and each raised more than HK$5 billion in a single transaction, becoming the most eye-catching force in the IPO camp at the beginning of the year.
Judging from the listing time, Biren Technology, one of the "Four Little Dragons of Domestic GPUs", was listed on the Hong Kong Stock Exchange on January 2, becoming the "first domestic GPU stock" in the Hong Kong market and the first stock to be listed on the Hong Kong stock market in 2026. On the first day of listing, Biren Technology closed up 75.82%.
It is reported that Biren Technology has raised a total of HK$6.42 billion. The company develops general graphics processing unit (GPGPU) chips and GPGPU-based intelligent computing solutions to provide the basic computing power required for artificial intelligence. By integrating self-developed GPGPU-based hardware and proprietary BIRENSUPA software platform, the company's solutions support a wide range of AI model training and inference applications from the cloud to the edge.
After Biren Technology, Zhipu listed on the Hong Kong stock market on January 8, raising a total of HK$5 billion. As an artificial intelligence company, Zhipu is committed to developing advanced general-purpose large models. According to Frost & Sullivan, the company ranks first among independent general model developers in China and second among all general model developers in terms of revenue in 2024, with a market share of 6.6%. In the secondary market, as of the close of trading on February 25, Zhipu closed at HK$560.5 per share, and its latest total market value was approximately HK$249.9 billion.
Following Zhipu, MINIMAX, a large AI model company, was listed on the Hong Kong stock market on January 9. On the first day of listing, the company's stock price closed up sharply by 109.09%. The increase on the first day of listing was second only to Haizhi Technology Group, ranking second among new stocks in Hong Kong stocks.
Lawyer Sun Yuhao, senior partner of Shanghai Haihuayongtai Law Firm, pointed out that the Hong Kong Stock Exchange has customized differentiated listing standards for qualified companies including AI by adding Chapter 18C (Listing Mechanism for Specialized Technology Companies) to the Listing Rules, which to a certain extent solves the obstacle of mismatch between traditional financial indicators and the development stage of the company.
In addition, according to iFinD statistics, among the new stocks that can show the S&W industry to which they belong, Hong Kong-listed companies whose S&W industry is semiconductor include Montage Technology, GigaDevice, and OmniVision Group. All three stocks are "A+H" dual-listed. Judging from the total amount of funds raised, Montage Technology, GigaDevice, and OmniVision Group raised approximately HK$8.099 billion, HK$5.387 billion, and HK$5.318 billion respectively.
Hong Kong Stock Exchange responds to market rumors
Recently, there are rumors that Hong Kong is considering expanding the scope of confidential IPO applications to allow a wider range of companies to submit confidential initial public offering (IPO) applications in order to consolidate Hong Kong's position as the world's leading listing destination. On February 25, the Hong Kong Stock Exchange responded.
A spokesman for the Hong Kong Stock Exchange said that the Hong Kong Stock Exchange is committed to optimizing market infrastructure and listing mechanisms to ensure that it keeps pace with the times. In the past few years, the Hong Kong Stock Exchange has launched a number of important reforms, including the launch of new rules in 2018 that allow companies with different voting rights to be listed, allowing biotech companies with no operating income to be listed, and the launch of a listing mechanism for specialized technology companies in 2023. HKEX will continue to work closely with the Securities and Futures Commission of Hong Kong to further enhance the competitiveness of the exchange in various aspects, and HKEx will announce relevant progress to the market in a timely manner.
Yuan Shuai, deputy secretary-general of the Zhongguancun Internet of Things Industry Alliance, said that the reason why the adjustment of the IPO confidentiality system has become the current focus is essentially the result of the dual effects of the increasing popularity of the Hong Kong IPO market and the intensifying competition among global listing destinations. The adjustment in the scope of confidentiality applications can adapt to more diversified corporate needs and further attract high-quality global companies to choose Hong Kong as a listing destination. It echoes the direction of the listing mechanism reform that the Hong Kong Stock Exchange has continued to promote in recent years, and also reflects the market's expectations for the Hong Kong stock listing system to keep pace with the times.
In addition, from the perspective of the "reserve army" of the Hong Kong Stock Exchange, according to statistics, as of now, there are nearly 400 companies in the queue of the Hong Kong Stock Exchange that are "pending listing", "passed the hearing" and "processing", of which more than 100 are A-share listed companies.
However, while market enthusiasm continues to rise, hidden concerns in the sponsorship of Hong Kong stock IPOs have also begun to slowly emerge, and are now attracting regulatory attention. On January 30, the Hong Kong Securities and Futures Commission issued a circular. In response to the improper performance of sponsors and poor quality of listing documents that were exposed during the surge in new listing applications for Hong Kong stocks in 2025, the Hong Kong Securities Regulatory Commission clearly required relevant sponsors to quickly carry out comprehensive internal reviews and strengthen resource management and compliance control. It also announced that as of December 31, 2025, the review process of 16 listing applications had been suspended.
Beijing Business Daily reporter Ma Huan changed Li Jiaxue
