Core Insights - In the first quarter of 2026, a total of 30 new companies were listed on the A-share market, representing an 11% increase compared to the same period last year, which had 27 new listings [1] - The net fundraising amount for these 30 new companies reached 23.834 billion yuan, a significant increase of 65.25% from 14.423 billion yuan in the same period last year [1] Group 1: Underwriters' Performance Ranking - A total of 17 underwriting institutions were involved in the IPO business for the 30 new listed companies [2] - China International Capital Corporation (CICC) ranked first with 4 deals, while Dongwu Securities, Guojin Securities, and Guotou Securities tied for second place with 3 deals each [3][4] - The top five underwriters also included Guotai Junan, Shenwan Hongyuan, CITIC Securities, and Zhongtai Securities, each with 2 deals [5] Group 2: Law Firms' Performance Ranking - Thirteen law firms provided legal services for the 30 new listed companies during the same period [6] - Beijing Zhonglun ranked first with 5 deals, followed by Shanghai Jintiancheng with 4 deals [7] - Beijing DeHeng, Beijing Kangda, and Beijing Jindu each ranked third with 3 deals [7] Group 3: Accounting Firms' Performance Ranking - Nine accounting firms provided auditing services for the 30 new listed companies [8] - Lixin ranked first with 9 deals, while Tianjian ranked second with 6 deals [9] - Rongcheng and Xinyong Zhonghe followed with 5 and 4 deals, respectively [10]

Summary of Key Points Core Viewpoint - In the first two months of 2026, the A-share market saw a total of 17 new listed companies, marking a 31% increase compared to the same period last year, with total fundraising reaching 13.946 billion yuan, up 118.25% year-on-year [1]. Group 1: New Listings and Fundraising - A total of 17 new companies were listed in January and February 2026, including 4 on the Shanghai Main Board, 4 on the Sci-Tech Innovation Board, 1 on the Shenzhen Main Board, and 8 on the Beijing Stock Exchange [1]. - The net fundraising amount for these new listings was 13.946 billion yuan, significantly higher than the 6.390 billion yuan raised in the same period last year [1]. Group 2: Underwriting Institutions Performance - Eleven underwriting institutions participated in the IPOs of the 17 new companies, with China International Capital Corporation (CICC) leading with 4 deals [2]. - Other notable institutions included Guotou Securities, Dongwu Securities, and CITIC Securities, each handling 2 deals [2][3]. Group 3: Legal Services Performance - Nine law firms provided legal services for the IPOs, with Shanghai Jintiancheng and Beijing Zhonglun both ranking first, each handling 4 cases [5]. - Beijing Kangda followed with 3 cases, while several other firms contributed to the total of 17 cases [5][7]. Group 4: Accounting Firms Performance - Seven accounting firms provided auditing services for the IPOs, with Rongcheng and Lixin both leading with 4 cases each [8]. - Tianjian handled 3 cases, while Xinyong Zhonghe and Zhonghui each managed 2 cases [8][10].

Investment Rating - The report indicates a positive outlook for Hong Kong's IPO market, suggesting potential investment opportunities in newly listed companies and sectors with high demand [2][3]. Core Insights - Hong Kong's IPO market has seen a resurgence with 51 companies listed year-to-date, raising HK$124 billion, compared to 77 listings raising HK$88 billion in 2024 [3][4]. - The increase in IPO activity is attributed to a robust market rally, a slowdown in A-share IPOs, and more accommodating listing rules by HKEX [2][4]. - Cornerstone investors contributed 42% of the capital raised in IPOs, with two-thirds coming from foreign investors, indicating strong international interest [42][43]. - Newly listed companies in 2024/25 have shown significantly higher post-IPO returns compared to previous years, driven by substantial cornerstone investor ownership and growth potential [52][53]. Summary by Sections 1. IPO Market Activity - The resurgence in Hong Kong's IPO market is driven by improved market performance, with HSI and HSTECH gaining 20% and 17% year-to-date [4][26]. - The IPO pipeline remains strong, with over 200 companies in the application process [3][4]. 2. Dual Listings - A-share companies are pursuing dual listings in Hong Kong to access overseas financing and mitigate delisting risks, with regulatory support encouraging this trend [8][10]. - Approximately 80% of US institutional investors in ADRs already have exposure to the Hong Kong market, facilitating smoother transitions for companies [10][12]. 3. Investor Participation - The participation of cornerstone investors has been significant, with their ownership ranging from under 10% to over 80% in recent IPOs [42][43]. - Retail interest in IPOs has reached a multi-year high, reflecting improved risk appetite among investors [47][49]. 4. Post-IPO Performance - Newly listed companies in 2024/25 have delivered an average return of 10% on the first trading day and 41% within the first three months [52][56]. - Companies with cornerstone investor ownership between 30% and 50% tend to outperform, highlighting the importance of investor confidence [53][57]. 5. Spillover Effects - Active IPOs in Hong Kong positively influence A-share market performance, with sectors experiencing new listings generally seeing their peers outperform [63][64]. - The correlation between robust IPO activity and favorable performance in A-share markets suggests a beneficial spillover effect [63][64]. 6. Index Inclusion and Liquidity - New listings that meet specific criteria are eligible for fast-track index inclusion, potentially attracting significant passive investment [66][67]. - Southbound inclusion allows Hong Kong-listed companies to access onshore liquidity, enhancing their market appeal [67][72].