13 new "A+H" stocks added this year; Hong Kong IPO backup roster continues to grow

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Hong Kong stock IPOs remain hot. As of March 18 this year, 28 new stocks have listed on the HKEX, a 133.33% increase year-over-year; IPO fundraising reached HKD 97.166 billion, a 537.34% increase.

Ning Bo, Chief Strategy Analyst at China Merchants Securities (Hong Kong) Research Department, said that in the long term, the Hong Kong stock market is undergoing structural reshaping. Information technology and healthcare companies are becoming the main drivers of IPOs, with industries like artificial intelligence, semiconductors, and innovative medicines gradually forming new asset supplies. Meanwhile, regulators are strengthening oversight of listing quality and sponsor responsibilities, which helps shift the Hong Kong IPO market from “quantity expansion” to “quality prioritization.” Continued listings by high-quality companies not only expand capital supply but may also attract more global funds to allocate to Chinese assets, thereby improving the market structure and valuation levels of Hong Kong stocks in the medium to long term.

Tech and consumer giants lead the way

The “A+H” stock listing trend continues

Amid the IPO boom, the “A+H” stock model has attracted attention. Data shows that since 2026, 13 A-share companies have listed in Hong Kong, raising a total of HKD 62.577 billion, accounting for 64.40% of this year’s IPO fundraising in Hong Kong.

In terms of market capitalization, these 13 companies include industry leaders like Muyuan Food Co., Ltd. and GigaDevice Semiconductor Group Co., Ltd. (“GigaDevice”), with market caps of over HKD 100 billion, as well as high-growth companies like Shanghai Longqi Technology Co., Ltd., with a market cap around HKD 20 billion.

Industry-wise, these companies mainly come from industrial, information technology, and daily consumer sectors. Many have significant overseas business revenues and strong global competitiveness. Their internationalization strategies include technology-driven, supply chain supporting, and equipment export models. For example, semiconductor and high-end manufacturing firms are expanding overseas markets through technological advantages; original design manufacturers serve global consumer electronics brands; industrial automation companies actively export equipment and technology abroad.

Specifically, in the semiconductor sector, companies like OmniVision Technologies, GigaDevice, and Lianqi Technology have attracted long-term international capital during their IPOs, reflecting ongoing market interest in the semiconductor supply chain. In the consumer sector, companies like Muyuan and Dongpeng Beverage Group have successfully listed in Hong Kong, indicating that consumer upgrading trends continue.

Meanwhile, more A-share companies are pushing for Hong Kong listings. For example, Shanghai Huanhui Optoelectronics and Guangzhou Guanghe Technology have completed hearings; Kefu Medical Technology, Wolong Electric Drive Group, Luxshare Precision, and Shenghong Technology (Huizhou) have submitted applications, currently in “processing.”

According to Wind data, as of March 18, 183 “A+H” listed companies have been registered. Among them, three are expected to list in Hong Kong in 2024, 19 in 2025, and since 2026, 13 A-share companies have already listed.

Gao Ge, Co-Head of Global Investment Banking at UBS, told Securities Daily that the shift of A-share companies from traditional manufacturing to high-end manufacturing, semiconductors, and new energy industries reflects China’s economic transformation and upgrading. Listing in Hong Kong not only provides financing channels but also offers a platform for their internationalization strategies.

Reforms in Hong Kong’s market are unleashing benefits

Unlocking more reserve resources

Most new stocks perform well on their first day. Among the 28 new stocks mentioned, 16 saw gains of over 10% on their debut, with three exceeding 100%. Popular stocks like MiniMax (Xiyu Technology) and Beijing Zhipu Huazhang Technology have seen significant increases since listing.

Active participation by cornerstone investors also boosts market confidence. Data shows that, year-to-date, 27 of these 28 new stocks have attracted cornerstone investors, with a total of 301 institutions involved. For example, in AI-related companies, long-term funds come from domestic institutions as well as from the UAE, Singapore, South Korea, and Switzerland.

Additionally, there are currently 12 companies with “Listening Approved” status in IPO review, and 377 in “Processing,” indicating that the pipeline of Hong Kong IPOs remains large and expanding.

Looking ahead, the reserve pool of Hong Kong IPOs shows two main features: first, industry-wise, hard tech and consumer sectors continue to lead, with semiconductor supply chains remaining hot; second, source-wise, cases of A-share companies spinning off subsidiaries for Hong Kong listings, A-share companies directly listing in Hong Kong, and Southeast Asian companies listing in Hong Kong are increasing significantly.

Li Yujie, Strategist at Huatai Securities Research Institute, said that companies tend to apply for IPO when liquidity in the secondary market is ample and valuations are high. The active IPO financing, especially high-profile projects, can attract more investors’ attention and participation in Hong Kong’s market.

Policy reforms are also continuously delivering benefits. To enhance Hong Kong’s market competitiveness and attract more high-quality companies, the Hong Kong Stock Exchange launched the first phase of a reform consultation in March, planning to relax the WVR (Weighted Voting Rights) threshold and allow all companies to submit “secret” applications.

Yuan Mei, Research Director at Sullivan & Cromwell (Shenzhen), told Securities Daily that these reforms are expected to increase new stock fundraising and market activity, attract global investors to reallocate assets, and strengthen Hong Kong’s status as an international financial center.

Qimeng Lin, Managing Partner at Huashang Law Firm, said that these reforms will facilitate overseas issuers, especially Chinese concept stocks and Southeast Asian companies, to list in Hong Kong. This will enrich the market ecosystem, provide investors with diversified options, activate market liquidity, upgrade market structure, and help intermediary institutions expand their international business and serve global clients better.