Today (July 9th), seven IPOs collectively rang the opening bell at the Hong Kong Exchange (HKEX)—
Luxshare Precision, Dingtai High-tech, Puyuan Jingdian, Sanhuan Group, Qiyunshan Food, Luoshi Robot, and Dongfang Kemo, setting a record for the highest number of IPOs on a single day at the HKEX this year.
At the morning open, new shares began to break their issue price: Luxshare Precision broke issue price by 5%, Dingtai High-tech fell over 9%, Puyuan Jingdian's decline approached 20%. Sanhuan Group opened flat, Dongfang Kemo opened lower before rising slightly. On the other hand, Qiyunshan Food surged over 110%, and Luoshi Robot rose slightly, with a market capitalization of about HKD 10 billion.
At this very moment, the procession of companies seeking IPOs in Hong Kong is vast and mighty. However, amidst the bustling scene, an extreme divergence is also playing out.
The HKEX Boils Over: Seven IPOs in One Day
This includes four "A+H" new shares.
Luxshare Precision has created the largest IPO in Hong Kong stocks this year, helmed by a female leader—Wang Laichun. In her early years, she started as an assembly line worker, later founded an OEM factory from scratch, and gained fame through cooperation with Apple. Luxshare Precision was listed on the Shenzhen Stock Exchange in 2010, and its current market capitalization is nearly CNY 450 billion, making it the "Apple supply chain leader" on the A-share market.
For this Hong Kong listing, Luxshare Precision raised approximately HKD 24.3 billion, with equally astonishing subscription demand. Twenty-six cornerstone investors including Temasek, GIC, Abu Dhabi Investment Authority, Tencent, and Hillhouse collectively subscribed over HKD 11 billion.
Dingtai High-tech is also led by a female leader—Wang Xin. Venturing south at age 16, she founded Dingtai High-tech in 2005, building PCB micro tools into a company with nearly CNY 200 billion market capitalization. The public offering for its H-shares was oversubscribed 354 times, with 16 cornerstone investors including Shenghong Technology, Hillhouse, E Fund, and Barings collectively subscribing about HKD 1.991 billion.
Sanhuan Group is a global leader in electronic ceramics, with its Hong Kong listing introducing cornerstones such as Temasek, CPE Source, Alibaba, and Tencent. Puyuan Jingdian is an electronic measurement instrument company; its H-share offering was oversubscribed 78 times, attracting seven cornerstone investors including Hillhouse, Sungrow Power, and Suzhou High-tech Zone.
Luoshi Robot landed on the HKEX, becoming the "first stock of full-series intelligent robots." Its founder, Tuo Hua, is currently a Ph.D. student in Mechanics at Harbin Institute of Technology. The public offering was oversubscribed 156 times, with GF Fund, Huatai Capital, etc., acting as cornerstones.
Qiyunshan Food hails from Jiangxi, specializing in southern sour jujube cakes, dubbed the "first stock of southern sour jujube snacks." Dongfang Kemo is the world's second-largest manufacturer of electronic paper displays. Originally scheduled to list on July 7th, it was delayed until today. Unlike other companies listing on the same day, these two did not introduce cornerstone investors.
Thus, another spectacular scene was born at the HKEX—seven IPOs ringing the bell in one day.
A Warning Sign: Breaking Issue Price Begins
"The HKEX is overwhelmed"—this feeling is complex.
This year, the ringing of the bell at the HKEX has hardly ceased. Counting the five companies listed the previous day and Tongrentang Healthcare listed on July 7th, 13 new stocks have landed on the HKEX this week, with two more tomorrow. Fifteen IPOs within a single week is indeed a rare sight.
In terms of numbers, the HKEX is experiencing a bumper year for IPOs. According to a report by Zero2IPO Research Center, 82 Chinese companies listed on Hong Kong stocks in the first half of the year, a year-on-year increase of 110.3%; the total financing amount was approximately CNY 163.324 billion, a year-on-year increase of 105.8%.
Among these, the "A+H" contingent is particularly prominent. Data shows that 24 companies in Hong Kong stocks during the first half were dual-listed as "A+H," already exceeding the 19 for the whole of 2025. These 24 companies had a total financing scale of CNY 95.651 billion, accounting for nearly 60%.
In other words, the A-share "heavyweights" seeking secondary listings in Hong Kong raised the vast majority of the market's funds.
Recall the fervor for subscribing to Hong Kong new shares a few months ago. At that time, the wealth effect was evident, attracting massive capital inflows. Even companies without outstanding fundamentals could achieve decent grey market or debut performance relying on sentiment premium. An EY report shows that the average first-day return rate for Hong Kong new shares in the first half was 61%, with the highest potential profit from one lot subscription reaching HKD 33,000.
However, entering the second half of the year, the narrative of Hong Kong IPOs has undergone subtle changes. Most newly listed shares performed weakly on their debut, even falling into deep price-breaking territory.
Tongrentang Healthcare's experience was the most profound. As the fourth listed company under the Tongrentang Group, it was originally scheduled to list in Hong Kong in March this year but withdrew at the last moment. After nearly four months of preparation, it finally stepped onto the IPO stage, only to open below its issue price. On July 7th, Tongrentang Healthcare closed down nearly 40% on its debut.
Anker Innovations, with an A-share market capitalization exceeding CNY 60 billion, also failed to escape misfortune. Listing in Hong Kong on July 2nd with 11 institutions providing support, it fell over 9% intraday on its first day. The five companies listed on July 8th also showed lackluster performance: Ruiwei Technology fell over 27% early in the session; Basic Semiconductor, whose Hong Kong public offering was oversubscribed over 4800 times, saw a maximum first-day increase of only about 18%.
As more and more people line up for IPOs, investors are starting to worry quietly: "Can the Hong Kong market absorb it all?"
Scrambling for the IPO Window
The Hot Get Hotter, The Cold Get Colder
The IPO story is diverging.
The price-breaking camp is crowded with companies from traditional manufacturing, food & beverage, non-ferrous metals, hardware equipment, and other industries. Some have issue P/E ratios significantly higher than the industry median, facing rapid corrections upon listing. Among them, small and medium-sized enterprises with relatively small market capitalization and fragile liquidity are predominant; a small amount of selling pressure can trigger a flash crash.
As the AI wave surges, Hong Kong's stock narrative is being reconstructed. Terms like AI large models, computing power chips, and robots have replaced past themes like consumption, real estate, and finance, becoming the new focus in Hong Kong's IPO market. Capital is clearly concentrating on such high-growth innovative tech companies, and only flowing towards large, leading targets.
Stock performance is the most direct indicator. Since Zhixuan listed in Hong Kong in January at an issue price of HKD 116.2, its peak stock price once rose to HKD 2980, with market capitalization surpassing HKD 1.2 trillion. Even after a pullback, its latest cumulative increase still exceeds 15 times. Similarly, MiniMax rose from an issue price of HKD 165 to a peak of HKD 1330.
The much-feared share lock-up expiration wave also shows different trends. On July 8th, Zhixuan faced its first large-scale lock-up expiration after listing. Surprisingly, its share price surged over HKD 100 billion on the first day of expiration, with nearly 70% of cornerstone investors expressing their intention to hold long-term. MiniMax also saw capital inflows before its lock-up expiration, with intraday gains exceeding 20%.
But for most companies, the curse of "expiration leads to a drop" remains unavoidable. The example is right before our eyes—on the one-year anniversary of "Hong Kong's first AGI stock" Yunzhisheng's listing, the day its lock-up shares were unlocked, its intraday maximum decline approached 50%.
The contrast between these two scenarios is stark. Similar scripts continue to replay in Hong Kong stocks: without sustained, realized commercial performance as support, even the most glamorous industry stories cannot withstand the selling pressure from concentrated selling.
Looking ahead, the number of IPO applications (including confidential submissions) on the Hong Kong exchange has exceeded 500, a record high. The queue is long and mighty, with the palpable anticipation of companies waiting to go public. But listing is not the finish line; a successful listing is the real win.
The hot get hotter, the cold get colder. The dividing line has never been so stark.
This article is from the WeChat public account "投资界" (Touzijie), by Zhou Jiali.
