What happened
Hong Kong's IPO market has been on a tear this year, with total fundraising exceeding HK$360 billion including over-allotment, placing it among the top exchanges globally, according to China Securities Journal.
As of September 15, 108 new stocks had listed in Hong Kong this year, raising HK$364.176 billion. Compared with the same period in 2025, the number of new listings rose 60% and total fundraising jumped 161.38%.
Among the 108 new stocks, 34 were A-share companies completing H-share listings in Hong Kong, accounting for more than 30% of listings and over HK$240 billion, or more than 60%, of first-time fundraising. Zhongji Innolight, Luxshare Precision and Victory Giant Technology led the pack, raising HK$61.422 billion, HK$25.060 billion and HK$23.135 billion respectively.
Why it matters
The wave of A-share heavyweights listing in Hong Kong reflects a structural shift in how mainland companies approach capital strategy, moving beyond a single A-share platform toward global capital layouts, according to market observers.
While the primary market booms, the secondary market has lagged, with the Hang Seng Index, Hang Seng Tech Index and Hang Seng China Enterprises Index all down this year as of September 15. Analysts describe this as a divergence between primary and secondary markets.
Over the medium to long term, the addition of quality, globally competitive companies is seen as improving the Hong Kong market's industrial structure and supporting its long-term fundamentals, even if short-term supply pressure arises.
Key facts
As of September 15, 108 new stocks had listed in Hong Kong this year, raising HK$364.176 billion.
34 A-share companies completed H-share listings in Hong Kong this year, raising over HK$240 billion.
Zhongji Innolight raised HK$61.422 billion, Luxshare Precision HK$25.060 billion and Victory Giant Technology HK$23.135 billion.
382 companies were queued for Hong Kong listings as of September 15, including 105 already listed in A-shares.
The average first-day gain for the 108 new stocks was 53.86%, with 27 rising over 100% and 22 breaking issue price on debut.
What to watch next
Whether the pipeline of more than 380 queued companies, including 105 A-share firms, sustains the IPO momentum through the rest of the year.
How the divergence between a hot primary market and a weak secondary market resolves, and whether new listings continue to see post-debut price declines.
Whether policy measures such as the HKEX's tech-enterprise channel and confidential filing reforms continue to draw hard-tech issuers to Hong Kong.
