Looking back at 2025, the Hong Kong stock IPO market demonstrated a strong recovery trend, with total funds raised reaching 37.4 billion US dollars. This not only marked the highest level since 2021 but also surpassed the combined total of the previous three years, reclaiming the top position in global IPO fundraising. Entering January 2026, the IPO market remained robust, with all 13 newly listed stocks rising on their first day of trading, setting an optimistic tone for the market throughout the year.
This across-the-board surge not only reflects the marginal improvement in liquidity in the Hong Kong stock market but also highlights the significantly increased willingness of capital to chase high-quality investment targets. Both retail investors and institutional funds actively participated in subscribing to new shares, demonstrating elevated market sentiment.
AI technology became the main profit driver, with Mingminghenmang leading the first-day gains chart.
The IPO market in January, with$BIREN TECH (06082.HK)$、 $MINIMAX-WP (00100.HK)$ 、$GIGADEVICE (03986.HK)$In January's IPO market, AI hardware technology led by MINIMAX emerged as the key profit driver. The AI large-model company MINIMAX surged 109.09% on its first day, showcasing the premium associated with the scarcity of the AI sector; Biren Technology, one of the 'Four Little Dragons of Domestic GPUs,' soared 75.82% on its debut, reflecting the market's long-term confidence in self-controlled technologies; although the leading storage chip company only rose 37.53% on its first day, with the storage sector experiencing a boom, GigaDevice’s share price doubled within just over half a month of listing.
As a representative enterprise of new consumption,$BUSYMING (01768.HK)$Becoming the biggest winner of the month, with a clear offline traffic model and rapid expansion capability, the company has gained high recognition in the market. On its first day of listing, the stock surged by 69.06%, with an impressive profit of over 16,000 Hong Kong dollars for a single lot, successfully topping the new stock first-day earnings list.
In addition, Category B biopharmaceutical stocks continued to attract strong interest. A company specializing in SiRNA therapy rose 41.62% on its first day, generating profits exceeding 6,000 Hong Kong dollars per lot. Another surgical robotics company$RIBOLIFE-B (06938.HK)$The stock rose 41.62% on the first day, earning over 6,000 Hong Kong dollars per lot, surgical robot company.$EDGE MEDICAL-B (02675.HK)$also gained 30.9% on its first day. Both companies successfully garnered capital support due to their technological barriers.
Montage Technology Announces Major IPO! February IPO Momentum Expected to Continue
Entering February, the Hong Kong IPO market is expected to become more vibrant as companies complete their annual audits and the Spring Festival holiday concludes. The number of listing applications is expected to increase significantly. Additionally, the robust performance of new stocks in January will notably boost investor participation in IPO subscriptions, with experts predicting that the scale of frozen capital in February may rise further.
The enthusiasm for new Hong Kong stocks continues to surge. One reason is the Hong Kong Stock Exchange's ongoing optimization of listing rules, particularly the further relaxation of thresholds for specialized technology companies, paving the way for more tech unicorns. Another factor is the sustained interest from long-term capital sources such as Middle Eastern Gulf sovereign wealth funds in allocating Chinese assets, providing solid cornerstone investment support for large-scale IPOs. However, investors should remain cautious about potential volatility risks after market sentiment overheats. Some stocks, if overvalued, may face pressure of a pullback on the first trading day. Rational selection based on fundamentals is advised when subscribing to new offerings.
As of January 30, $GON TECHNOLOGY (02768.HK)$ 、 $EASTROC (09980.HK)$ has concluded its subscription period. $MONTAGE TECH (06809.HK)$ 、 $AXERA (00600.HK)$ 、 $MUYUAN (02714.HK)$ 、 $DISTINCT HEALTH (02677.HK)$ 、 $HANS CNC (03200.HK)$ is currently in the midst of a highly active subscription phase.
Among these, Montage Technology, a company in the memory sector, has garnered significant market attention. Analysts note that this IPO coincides with a golden phase where the supercycle in the memory industry aligns with surging demand for AI computing power. Coupled with the company’s leading position and high-growth performance, the overall outlook for the listing appears positive. Nevertheless, risks such as high inventory levels and customer concentration warrant caution. Valuation pricing and market sentiment will be key variables influencing initial post-listing performance.
[Related Reading]Is there any prospect of Montage Technology, a memory solutions company, pursuing an A+H share listing in Hong Kong?
Overall, Goldman Sachs Group CEO David Solomon stated that the Hong Kong IPO market is poised for a strong recovery in 2026, which is expected to be "a very good year." Goldman Sachs believes that if the macroeconomic environment remains relatively stable and market liquidity continues to improve, Hong Kong is likely to see a significant rebound in both the number of IPOs and fundraising scale by 2026.
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