Jin Rong Shi Bao·2026-02-12 01:37Core Viewpoint - The Hong Kong IPO market is experiencing a significant surge in activity, with 22 companies completing IPOs since the beginning of 2026, raising a total of over 67.5 billion HKD, marking a new high for the same period in the last five years [1][2]. Group 1: IPO Market Dynamics - The participation of cornerstone investors has increased significantly, with 19 out of 22 IPOs involving cornerstone investors, achieving a coverage rate of 86.4%, compared to 68% in 2025 [2]. - The average number of cornerstone investors per company has reached 12.74, setting a record for the highest monthly average in Hong Kong IPO history [2]. - The preference of cornerstone investors is concentrated in the information technology and industrial sectors, with 10 technology firms and 5 industrial firms attracting significant interest [2]. Group 2: Notable IPOs and Investor Participation - Notable companies like 澜起科技 (Lianqi Technology) and 先导智能 (Xian Dao Intelligent) have attracted substantial investments from cornerstone investors, with 澜起科技 raising 69.05 billion HKD and 先导智能 raising 49.3 billion HKD [3][4]. - International institutions account for over 60% of cornerstone investors in 先导智能, indicating strong international confidence in China's high-end manufacturing sector [3]. - The involvement of global long-term funds, such as QIA and BlackRock, in cornerstone investments reflects a shift in international investor behavior towards active participation in the Hong Kong market [4]. Group 3: Market Pricing and Mechanisms - The use of the green shoe option has increased, with 10 out of 22 IPOs implementing this mechanism, slightly above the 35% average from 2025 [5]. - Seven companies have fully exercised their green shoe options within 30 days post-IPO, indicating strong market support for high-growth technology and biotech firms [5][6]. - Companies that opted not to use the green shoe mechanism, such as 先导智能 and 爱芯元智, demonstrated confidence in their valuations, with a 77% first-day price increase probability, surpassing the 60% of those that did use the mechanism [6]. Group 4: Future Outlook - The IPO market in Hong Kong is projected to exceed 300 billion HKD in financing and see 150 to 200 new listings in 2026, driven by the rising value of Chinese enterprises and the demand for diversified global investments [7]. - The current favorable IPO performance is creating a positive feedback loop with market valuation advantages, enhancing overall liquidity and providing a conducive environment for companies in emerging sectors like new consumption and biotechnology [7].