Hong Kong Stocks Q1 2026 IPO Review: Nearly HKD 110 Billion Raised to New Highs, AI Newcomers Lead Market, Increasing Segmentation

Ask AI · Why Are New AI Giants Performing So Impressively in Hong Kong Stock IPOs?

Everyday Economics Reporter: Zeng Zijian Everyday Economics Editor: Yuan Dong

In the first quarter of 2026, the Hong Kong stock IPO market delivered an impressive performance. In just 79 days, fundraising exceeded HKD 12.1B, reaching a five-year high.

However, behind the prosperity, there are underlying currents — the rate of new stock price declines below the issue price has risen significantly, and the market shows clear structural differentiation. AI large model companies Zhipu and MINIMAX-W have surged over 5 times since listing, while traditional industry new stocks are generally under pressure. What kind of new pattern does this “ice and fire” IPO feast reflect in the Hong Kong stock market?

Fundraising Reaches Five-Year High, Decline Rate Significantly Rises

In the first quarter of 2026, the Hong Kong IPO market experienced a strong rebound. Wind data shows that by March 31, 40 companies (39 on the main board, 1 on GEM) completed IPOs, a 150% increase from 16 companies in the same period last year; total fundraising was about HKD 109.9 billion, a 488.81% year-on-year increase. This fundraising scale not only far exceeds the total for 2023 and 2024 but also hits a new high since the second quarter of 2021.

Looking at the pace of fundraising, the Hong Kong IPO market completed HKD 8.1B in just 79 days, whereas last year it took nearly half a year to reach the same goal. By month, the IPO initial fundraising amounts from January to March were HKD 42.3 billion, HKD 50.1 billion, and HKD 17.5 billion, respectively, with 13, 11, and 16 new listings.

The return of large IPO projects has become the backbone of this round of financing boom. Leading mainland companies like Muyuan Foods and Dongpeng Beverage listed successively on Hong Kong stocks, each raising over HKD 10 billion, greatly boosting the overall market financing scale. The top three IPOs by fundraising are Muyuan Foods (HKD 65.87B), Dongpeng Beverage (HKD 11.099 billion), and Lankou Technology (HKD 8.099 billion), all of which are dual-listed in A+H shares.

However, behind this impressive report card, the performance of newly listed stocks is increasingly differentiated. As of the close on April 1, 16 out of 40 listed stocks had fallen below their issue prices, with a decline rate of about 40%.

Information Technology Sector Dominates, New Economy Companies Account for Over Half

From an industry perspective, the first quarter of 2026 shows a clear “tech shift” in the Hong Kong IPO market. According to Tonghuashun’s primary industry classification, among companies listed in Hong Kong, the most numerous are from the information technology sector, with 22 companies, accounting for 56.41% of the total; fundraising amounted to HKD 65.869 billion, accounting for 67.79% of the total.

Specifically, industries such as semiconductors, software services, robotics, and medical technology have become the main forces in IPOs. The number of semiconductor, software service, and industrial engineering companies listed reached 8, 7, and 7, respectively, including companies in algorithm vision, robotics, and other niche fields. The consumer goods sector ranks second, with a total of 7 companies listed in non-daily and daily consumer goods.

Analysts point out that Hong Kong is shifting from a past structure biased toward finance, real estate, and consumption to one more focused on technology and innovation-driven sectors. This aligns with the changing global capital allocation logic.

Post-listing performance shows obvious sector differentiation. AI, semiconductors, new energy, and other track companies tend to perform relatively strongly after listing, with some AI companies achieving several times gains in the short term, becoming core assets sought after by funds. In contrast, traditional consumer, healthcare, and some industrial companies are more prone to price declines or weak fluctuations.

Top 5 Bull Stocks and Top 5 Bear Stocks: AI Giants Lead, Traditional Industries Under Pressure

Top 5 Bull Stocks: AI Large Model Companies Perform Remarkably

1. Zhipu (HK02513): As of April 1, Zhipu was trading at HKD 915, up 687.44% from HKD 116.2.

As a leading AI large model enterprise, Zhipu has performed brilliantly since its listing on January 8. By March 31, its market value had surpassed HKD 400 billion. From 2022 to 2024, the company’s revenue soared from HKD 57.49 million to HKD 312 million, with half-year 2025 revenue reaching HKD 191 million, a year-on-year increase of over 300%.

2. MINIMAX-W (HK00100): As of April 1, MINIMAX was trading at HKD 1,060, up 542% from the issue price of HKD 165. Its highest price since listing reached HKD 1,330, making it the highest-priced stock in Hong Kong.

Minimax is a globally leading general artificial intelligence technology company. On March 18, the company released its new generation flagship large model M2.7, demonstrating a “model self-evolution” path, pushing AI from passive execution to active evolution.

3. GigaDevice (HK03986): As of April 1, GigaDevice was trading at HKD 366, up 125.9% from HKD 162.

GigaDevice is a leading fabless semiconductor company dedicated to developing advanced memory technology and IC solutions. It successfully listed on the Shanghai Stock Exchange in August 2016 and has become a leading semiconductor company in A-shares.

4. Lexin Outdoors (HK02720): As of April 1, Lexin Outdoors was trading at HKD 25.58, up 108.8% from the issue price of HKD 12.25.

Lexin Outdoors is a representative of the new consumer track, focusing on the R&D and manufacturing of fishing gear, aiming to provide high-quality, one-stop professional services for global fishing enthusiasts. Driven by innovation, combining modern technology with traditional craftsmanship, it creates practical, efficient, and personalized fishing equipment; with craftsmanship at its core, emphasizing details and durability to meet diverse needs of fishing lovers.

5. Dashi-B (HK02526): Listed on March 30 on the Hong Kong Stock Exchange, as of April 1, Dashi-B was trading at HKD 246.2, up 148.7% from the issue price of HKD 99.

Dashi-B focuses on biopharmaceutical R&D and is a leading enterprise in global medical imaging AI and medical imaging equipment, with business covering worldwide markets.

Apart from Lexin Outdoors, these bullish stocks share a common feature: they are all high-growth technology sectors, especially in AI, benefiting from new technological frameworks like OpenClaw, with high market expectations for their future growth.

Top 5 Bear Stocks: Traditional Industries Valuation Reverts

1. Youlesai Sharing (HK02649): The worst-performing new stock, with a decline of 64.55% as of March 30.

This company focuses on providing circular packaging sharing operation services for the automotive industry. Lacking bright fundamentals, its stock price plummeted after listing. Due to delayed disclosure of 2025 performance, Youlesai Sharing has suspended trading.

2. Red Star Cold Chain (HK01641): As of April 1, down 46.98% from the issue price.

A cold chain logistics service provider, its performance has been weak since listing.

3. Zhuozheng Medical (HK02677): As of April 1, down 36.96% from the issue price.

A medical service company, its stock has continued to decline after listing.

4. Tongshifu (HK00664): The last new stock to list in the first quarter, with an immediate 49.17% decline on its first day, making it the worst performer on the first day of this quarter.

5. Aixin Yuanzhi (HK00600): As of March 31, trading at HKD 18.5, with a decline of 34.4% from the issue price.

A semiconductor design company, despite being in the tech industry, performed poorly after listing.

Outlook: Over 400 Companies Queuing, Total Fundraising May Reach HKD 440 Billion

Looking ahead beyond 2026, the Hong Kong IPO market is expected to remain active.

According to Hong Kong Stock Exchange data, as of March 31, besides the 39 listed main board companies, 17 companies have been approved by the Listing Committee and are awaiting listing, with 409 main board IPO applications still in process.

CICC pointed out that the active IPO and refinancing activities in 2025 lay the groundwork for capital needs in 2026. Based on current queue data and potential fundraising scales, the Hong Kong IPO fundraising in 2026 could further increase from last year’s HKD 285.8 billion to approximately HKD 440 billion.

The market generally expects the IPO fundraising scale to remain active, but pace and quality will become more critical variables. On one hand, with more large projects in reserve, fundraising capacity still has upward potential; on the other hand, continuous expansion of IPOs may divert some existing funds, especially as many new listings in 2026 approach the end of their lock-up periods, potentially increasing market volatility.

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