Core Insights - The Hong Kong stock market has seen a strong start in 2026, with eight companies completing their IPOs within just six trading days, including notable firms in the GPU, surgical robotics, and biotechnology sectors [2][3][5] - The initial public offerings (IPOs) have been well-received, with first-day price increases ranging from 8.44% to 109.09%, indicating strong market enthusiasm for sectors like large models, domestic chip alternatives, and surgical robotics [2][3][5] IPO Performance - MiniMax, a key player in the large model sector, achieved a remarkable first-day closing price increase of 109.09%, with a market capitalization reaching HKD 106.7 billion, and was oversubscribed by 1,836.17 times in public offerings [3][5] - Wallen Technology, the first GPU stock in Hong Kong, also performed impressively with a first-day increase of 75.82% [4] - The average first-day increase for the new batch of IPOs was 40.16%, with a cumulative average increase of nearly 62% since listing, reflecting strong market recognition of high-quality hard tech assets [5][6] Market Dynamics - The current IPO market in Hong Kong is characterized by a large backlog of over 300 companies waiting to list, indicating a robust supply pipeline [6] - In December 2025, 32 companies submitted IPO applications, and 26 companies have done so in January 2026 alone, showcasing sustained enthusiasm for new listings [6] Sector Trends - The successful performance of new IPOs has broken the previous trend of "hot IPOs followed by cold market performance," suggesting that the sectors these companies operate in are gaining market confidence [5][6] - Companies like MiniMax and Zhizhu have shown significant cumulative price increases since their IPOs, with MiniMax achieving a total increase of 141.21% and Zhizhu 79.35% [5][6] Regulatory Environment - The Hong Kong Securities and Futures Commission has emphasized the need for high-quality IPO submissions, responding to concerns about the quality of some recent applications [8] - This regulatory focus aims to shift the IPO market from quantity-driven to quality-driven, which may temporarily slow down the listing process for some companies [8]
【IPO追踪】港股开年新股全线飘红，热潮背后亦有隐忧