Deep Dive into the HK IPO Market in 2026 Year, 6 Month: 87 Companies File Applications in Clusters to Hit Three-Year Peak; 25 Entities List; A+H Markets Enter New Phase of Premium Development
As the closing window for Hong Kong's first-half capital market in 2026, Year 6, the IPO primary market witnessed a phased surge in both supply and demand:87 companies on the Main Board and GEM submitted their initial IPO applications via the declaration portal.setting a new high for the number of initial filings in Hong Kong stocks within a single month over the past three years;A total of 24 companies have completed their initial public offerings on the main board.叠加亮晴控股 from Growth Enterprise Market to Main Board, a total of 25 market entities listed on the Hong Kong Stock Exchange this month.（Data on application submissions and details on new share performance are provided at the end of the article.）
From an issuance structure perspective, the previously widespread A+H dual-listing model is gradually shifting toward a premium-focused approach.Only 5 A-share industry leaders chose to dual-list in Hong Kong this month.，Semiconductors, New Energy, Innovative Biomedicine, Smart VehiclesThe four hard-tech sectors continue to occupy core positions in IPO supply, coupled withKazakhstan National Railway and other "Belt and Road" initiativesWith major overseas infrastructure firms entering the market, the HKEX's role as a global capital hub is further highlighted.
I. Market Overview: End-of-Month Surge on the Filing Side; Diverse Structures Rolling Out in Batches on the Listing Side
(I) Submission Portal: 87 companies submitted their initial applications, with a concentrated release of IPO reserves in the first half of the year.
During this reporting period, 85 companies submitted their initial IPO prospectuses on the Main Board of the HKEX, while 2 new entities filed applications on the Growth Enterprise Market (GEM), bringing the monthly total to.87 new enterprisesInitiate the HK IPO filing process; this statistical scope includes onlySubmit Applicationenterprises, excluding updates to prospectuses for existing projects; data is authoritative.
6 filings show a distinct end-of-month surge.On 6/30, a single day saw 15 companies submit their applications in a concentrated batch.(Including major holdings such as Kazakhstan National Railway, Shanghai Senyi Smart, and Beijing Silicon Flow.)
From a regional perspective, 87 applicant companies are predominantly based in mainland China. Companies from the Greater Bay Area and Yangtze River Delta account for over 40% of the total. Shenzhen, Shanghai, and Jiangsu emerge as the top three regions with the highest concentration of applicants. Additionally, this month marks a major cross-border IPO target:Kazakhstan Temir Zholy JSCThe formal listing marks the largest infrastructure project backed by a Central Asian sovereign entity accepted by the HKEX in the past five years, underscoring the continued realization of Hong Kong's role in facilitating cross-border investment and financing along the Belt and Road Initiative, as reported by Caixin.
Under the listing framework, HKEX's differentiated rules have been fully leveraged: throughout the month, a total of8 companies have filed under the 18B rule for unprofitable biopharmaceuticals.(Including Anmai Bio, Guangzhou Zhiyi Bio, and Shanghai Junse Bio), focusing on innovative drugs, cell therapy, and in vitro diagnostics.Beijing Silicon Flow applied under the P architecture of the Specialized and New "Little Giant" Enterprise Rules with 18C.The diversified listing rules precisely match the financing needs of tech enterprises throughout their entire lifecycle.
(2) IPO Market: 25 entities listed on the HKEX; A+H delisting from mass expansion toward premium listings
This month, 24 companies completed their main board IPOs. Including Liangqing Holdings' transition from the GEM to the main board, a total of 25 trading entities listed on the HKEX this month.
Based on the IPO filing timeline, 24 main board companies submitted their initial applications during2026 5-22, 26-6All are reserve projects with application submission periods from the end of month 5 to mid-to-late month 6, not the centralized filing in months 3-4 as previously stated. This reflects a concentrated listing release for projects that passed hearings in the first half of the year.
Refined Classification of Listing Structures for 24 Main Board IPO Companies
A+H listed companies：5 homes
OnlyDajin Heavy Industry, Sinoma Science & Technology, Lingyi iTech, Hefei Core Microelectronics, Sungrow Power Supply5 leading companies in A-share sub-sectors have chosen to issue H-shares and list on the Hong Kong Stock Exchange, concentrated in three high-growth hard-tech sectors: new energy, semiconductors, and high-end equipment. These are also the most closely watched IPOs this month. Most will be included in the Stock Connect program upon listing, gaining liquidity support from mainland northbound capital. The A+H dual-listing model has evolved from early-stage follow-the-trend expansion to a strategic dual-capital platform for top-tier industry leaders. Industry valuation and global industrial layout are now the core factors driving companies' decision to pursue an A+H listing.
B-H Shares (18B Unprofitable Biomedicine + H Shares)：5
Tianchen Bio, Huajian Future, Shaanxi Maikuo Auto, Lipang Medicine, Zhenjiankang Medical5 innovative drug companies have listed using this architecture, achieving capitalization under HKEX's specialized biopharmaceutical listing rules despite not yet being profitable. Raised funds are primarily used for new drug clinical trials and overseas pipeline expansion.
Purely domestic H-shares (no A-share listed entity; direct H-share IPO in Hong Kong)：11 homes
forShougang Langze, Liuliumei, Xinjie Electronics, Haiqing ZhiyuanLeading companies in niche local sectors, not listed on the A-share market, are directly going public in Hong Kong via an H-share structure to leverage international capital markets for capacity expansion and global brand growth.
Mainland private enterprises directly listing on the Hong Kong Stock Exchange (non-H share structure): 2
Longfeng Group Holdings and Baige Online, listed under the Hong Kong Stock Exchange's Main Board rules, represent a leading example of private enterprise capitalization in traditional consumer goods and internet services.
realmForeign Enterprise Global Depository Receipts (DR) Listing: 1
PT Merdeka Gold Resources Tbk, an Indonesian gold resource company, listed on the Hong Kong Stock Exchange via Depositary Receipts (DR), further diversifying the types of overseas-listed assets available on the exchange.
Looking at the performance of new stock trading, more than 70% of the 24 main board IPOs closed higher on their first day, with average first-day gains reaching relatively high levels for the year. During the international placement phase, industry capital, top-tier PE firms, and mainland public funds concentrated as anchor investors. Market demand for quality hard-tech companies and leading innovative pharmaceutical enterprises has significantly recovered, reflecting steady restoration of confidence in the Hong Kong IPO market.
II. Four Key Trends Reshaping the Underlying Logic of Hong Kong's 6 IPO Market
Trend 1: Hard Tech Maintains Top Position in IPO Supply; Capitalization Wave for New Quality Productive Forces Continues
Among 87 submitted applications,Enterprises in five hard-tech sectors—semiconductors, smart driving, industrial automation, artificial intelligence, and new energy—account for over 65% of the total.It is the core supply source for this month's IPOs. Specialized unicorns such as Avatr Technology, Longxun Semiconductor, and Shenzhen Basic Semiconductor have concentrated their filings.
At the same time, AI companies with mature commercial applications in healthcare AI, smart in-vehicle systems, and industrial big data are filing for IPOs. Companies such as Senyi Wisdom, Shuoshuo Story, and Dingdinpai have gained recognition from international investors, signaling that the digital economy sector has moved from the R&D phase into a capitalization window focused on commercial realization.
Trend 2: A+H IPOs enter an era of premium quality, where strategic planning replaces trend-chasing listings.
Unlike the early surge in A+H IPO applications from a large number of SMEs in the first half of the year,Only 5 A+H companies listed in 6 month, all of which are industry leaders with global competitiveness across their respective sectors., indicating that the A+H model has moved beyond a phase of mass expansion and imitation to one focused on premium strategic positioning. The 5 A+H listed companies are strategically positioned in new energy wind power, lithium battery materials, precision manufacturing for consumer electronics, semiconductor lithography equipment, and analog chip sectors—all core enterprises leading domestic high-end manufacturing import substitution and global expansion.
Trend 3: Hong Kong stocks' internationalization level continues to rise, while "Belt and Road" cross-border assets expand financing boundaries.
Kazakhstan National Railway filed its IPO on 6 30, marking this month's most significant milestone in the Hong Kong equity market. As a core infrastructure enterprise in Central Asia, it is represented by a leading Chinese investment bank as the sole sponsor. This highlights the professional capabilities of domestic banks in cross-border capital markets and underscores the Hong Kong Stock Exchange as the preferred listing venue for major infrastructure and energy assets along the Belt and Road Initiative.
Trend 4: Industry sectors diverge significantly; consumer sector rebounds, biopharma funding returns to rational levels
A recovery in domestic consumption has fueled a resurgence in IPOs for offline chains, cultural tourism, and entertainment companies. Firms such as Banu International, Kidswant, Fubei Pet, Taihe Music, Kaifeng Qingming Shanghe Garden, Yueyuan Group, and Saviors Group have submitted their listing applications, diversifying supply away from an overreliance on hard tech and injecting a broader range of assets into Hong Kong's primary market.
The biopharma sector shows clear signs of rationalized financing: although 8 unprofitable 8B-listed pharmaceutical companies filed prospectuses this month, the capital market's investment logic has shifted from early-stage bets on R&D pipelines to commercialization execution. Among the 5 B-H listed biotech firms that went public this month, those with mature marketed products and stable cash flows secured oversubscription multiples, while Biotechs still in early clinical stages faced downward valuation adjustments and weak international placement demand. The industry valuation reset is complete, with top-tier commercialized pharma companies continuing to enjoy capital premiums.
Data Description: The reporting period is from 6 to 1, 6 of 2026. A total of 84 companies filed for IPO on the Main Board and 3 on the GEM, totaling 87 first-time IPO applications. 24 companies went public on the Main Board, and 1 transferred from the GEM to the Main Board, resulting in 25 entities listed for trading this month. 24 Main Board IPO filings were concentrated between 2026 and 5 of 26 to 6 of 22. All data on IPO applications and listings are sourced from official HKEX announcements and the Exchange's listing schedule.
6 submissions
Performance of listed companies in 6
