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2026 IPO bonanza! Over 90% of new stocks rose on their debut
牛牛新股君
joined discussion · Feb 27 10:37

HKEX IPO Monthly Report | 'Zero Break-even' Continues! Over 80% of February New Stocks Rose on the First Day, Haida Technology Group Netted Over HKD 13,000 per Lot

A total of 11 companies went public on the Hong Kong stock market in February, among which 9 newly listed stocks closed higher on their first day, 2 closed flat, and the month once again saw 'zero losses at IPO', providing investors participating in new stock offerings with a solid safety net.
Following the 'perfect start' in January when all new stocks had a 100% success rate, the IPO market in Hong Kong remained heated in February.
According to Wind data, as of February 24th, 24 enterprises have completed their Hong Kong IPOs this year, an increase of 166.67% year-over-year, raising a combined HKD 89.226 billion, marking a year-over-year increase of 1013.59%.
Currently, another 488 companies are queuing up for listing in Hong Kong. HKEX CEO Julia Leung mentioned that the majority of companies waiting for listing are still from China, but there are also more than ten international firms.
The highest gain of new shares on their first trading day in February was 242%, with the 'zero-breakdown' phenomenon continuing
A total of 11 companies went public on the Hong Kong stock market in February, among which9 new shares closed higher on their first day, and 2 new shares closed flat, achieving 'zero breakdown' within the month again,providing a solid safety cushion for investors participating in IPOs.
Specifically, "the first AI anti-hallucination stock" Hai $HAIZHI TECH GP (02706.HK)$ soared 242% on its first day of listing, with a one-lot return as high as HKD 13,108, becoming the indisputable 'profit king' of IPOs this month.
Under the super cycle of the storage industry, new shares $MONTAGE TECH (06809.HK)$ performed well, with a first-day increase of nearly 64%, earning a net profit of HKD 6,811 per lot.
"The first Hong Kong stock fishing stock" $RIDGE OUTDOOR (02720.HK)$ was another double-digit gainer on its first day this month, surging 102.29% on that day, with a one-lot gain reaching HKD 6,265.
In addition to the leading performance of top-tier stocks, other newly listed companies also generally provided positive feedback to investors on their first trading day. The manufacturer of PCB production equipment $HANS CNC (03200.HK)$ demonstrated solid performance, with a nearly 15% increase on the first day, earning HKD 1,420 per lot. 'Chemical new materials supplier' $GON TECHNOLOGY (02768.HK)$ and private medical service provider $DISTINCT HEALTH (02677.HK)$ closed up 11% and 13% respectively on their first day, allowing for profits of HKD 832 and HKD 400 per lot.
A total of 11 companies were listed on the Hong Kong stock market in February, among which9 new stocks closed higher on their first day, while 2 new stocks closed flat, achieving another month of 'zero losses,'providing a solid safety cushion for investors participating in initial public offerings. Following the 'auspicious start' with a 100% success rate for new stocks in January, the heat in Hong Kong's IPO market remained undiminished in February. Wind data shows that, as of February 24, 24 enterprises have completed IPOs in Hong Kong this year, representing a year-on-year increase of 166.67%, with total financing reaching 89.226 billion Hong Kong dollars, marking a year-on-year increase of 1013.59%. Currently, there are still 488 companies in line waiting to go public in Hong Kong. Nicole Chan, CEO of the Hong Kong Stock Exchange, mentioned that among the companies awaiting listing, the majority are still Chinese-funded enterprises, but there are also more than ten international companies. In February, the highest gain on the first day of new stock listings reached 242%, and the phenomenon of 'zero losses' continued. A total of 11 companies were listed on the Hong Kong stock market in February, among which9 new stocks closed higher on their first day, while 2 new stocks closed flat, achieving another month of 'zero losses,'providing a solid safety cushion for investors participating in initial public offerings. Specifically, the 'first AI de-hallucination stock' $HAIZHI TECH GP (02706.HK)$ surged 242% on its first day of listing, with a one-lot return as high as HKD 13,108, making it the undisputed 'profit king' of new stock offerings this month. Amid a super cycle in the storage industry, new stocks $MONTAGE TECH (06809.HK)$ performed well, with a nearly 64% increase on the first day, yielding a net profit of HKD 6,811 per lot...
Since the beginning of this year, newly listed stocks in the Hong Kong stock market have not experienced any debut-day price drops. Industry insiders analyzed that this is the result of multiple factors such as short-term market sentiment, pricing strategies, and policy-level influences working together.From the perspective of short-term market sentiment, there has been a positive shift in investor psychology, injecting vitality into the market. Issuers’ cautious and pragmatic pricing has left room for post-listing performance of new shares. Cornerstone investor mechanisms have also played a key role in stabilizing share prices.
International capital is actively participating in Hong Kong IPOs
Recently, technology companies listed in Hong Kong are being favored by international long-term funds, especially AI-related enterprises.
Among February's new listings, $MONTAGE TECH (06809.HK)$ introduced 17 cornerstone investors in its Hong Kong IPO, collectively subscribing for USD 450 million, accounting for 49.82% of the issued shares. These cornerstone investors include global long-term funds such as UBS Group Asset Management and JPMorgan Asset Management, traditional European long-term funds represented by Aberdeen, strategic funds like Alibaba and Yunfeng Fund, and mainland China’s traditional long-term funds such as Postal Savings Bank Wealth Management and Taikang Life Insurance.
$EASTROC (09980.HK)$ attracted a consortium of 15 international institutions including Qatar Investment Authority, Temasek, and Blackrock to subscribe for USD 640 million in its Hong Kong IPO, raising a total of HKD 10.141 billion.
Additionally, $WOER (09981.HK)$ Although the first-day gain was relatively moderate, its cornerstone lineup includes Jump Trading, a top global quantitative institution.
Previously in January, among the 'AI Six Tigers', $MINIMAX-W (00100.HK)$ and $KNOWLEDGE ATLAS (02513.HK)$ successively listed on the Hong Kong Stock Exchange and were aggressively sought after by global institutional investors during the offering phase.
Among them, MiniMax introduced 14 cornerstone investors in its IPO, including Abu Dhabi Investment Authority of the UAE, Aspex, Mirae Asset, Eastspring, Alibaba, Taikang Life Insurance, E Fund Hong Kong, and other globally renowned institutions, collectively subscribing for $350 million, accounting for nearly 68% of the subscription.
Driven by international capital, AI-related new listings in Hong Kong have seen impressive gains this year. As of the close on February 26, Minimax, Zhipu, $HAIZHI TECH GP (02706.HK)$ once saw their highest gains exceed fourfold, $GIGADEVICE (03986.HK)$ with gains reaching as high as 162%, $BIREN TECH (06082.HK)$ their share prices have doubled.
A total of 11 companies were listed on the Hong Kong stock market in February, among which9 new stocks closed higher on their first day, while 2 new stocks closed flat, achieving another month of 'zero losses,'providing a solid safety cushion for investors participating in initial public offerings. Following the 'auspicious start' with a 100% success rate for new stocks in January, the heat in Hong Kong's IPO market remained undiminished in February. Wind data shows that, as of February 24, 24 enterprises have completed IPOs in Hong Kong this year, representing a year-on-year increase of 166.67%, with total financing reaching 89.226 billion Hong Kong dollars, marking a year-on-year increase of 1013.59%. Currently, there are still 488 companies in line waiting to go public in Hong Kong. Nicole Chan, CEO of the Hong Kong Stock Exchange, mentioned that among the companies awaiting listing, the majority are still Chinese-funded enterprises, but there are also more than ten international companies. In February, the highest gain on the first day of new stock listings reached 242%, and the phenomenon of 'zero losses' continued. A total of 11 companies were listed on the Hong Kong stock market in February, among which9 new stocks closed higher on their first day, while 2 new stocks closed flat, achieving another month of 'zero losses,'providing a solid safety cushion for investors participating in initial public offerings. Specifically, the 'first AI de-hallucination stock' $HAIZHI TECH GP (02706.HK)$ surged 242% on its first day of listing, with a one-lot return as high as HKD 13,108, making it the undisputed 'profit king' of new stock offerings this month. Amid a super cycle in the storage industry, new stocks $MONTAGE TECH (06809.HK)$ performed well, with a nearly 64% increase on the first day, yielding a net profit of HKD 6,811 per lot...
An analysis by Zhu Zhengqin, Vice Chairman of Asia Pacific Global Investment Banking at UBS Group, stated thatthe market has formed a clear consensus—China is emerging with a group of benchmark companies representing 'China for Global,' especially leaders in technology and semiconductors with global competitiveness, widely recognized by international capital.Even though Hong Kong stocks may not be at a historically low valuation, investors are still actively allocating based on long-term growth potential and prospects for global expansion.
Looking ahead to March, Hong Kong's IPO market is expected to remain vibrant, with an 'industrial robotics company'$ESTUN (02715.HK)$, 'an integrated micro-drive and transmission system product provider'$ZHAOWEI (02692.HK)$, 'a circular packaging service provider'$ALSCO POOLING (02649.HK)$, and 'a wireless communication module provider'$MEIG (03268.HK)$having already launched their subscription today. They are expected to officially list on the Hong Kong Stock Exchange in early March.
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A total of 11 companies were listed on the Hong Kong stock market in February, among which9 new stocks closed higher on their first day, while 2 new stocks closed flat, achieving another month of 'zero losses,'providing a solid safety cushion for investors participating in initial public offerings. Following the 'auspicious start' with a 100% success rate for new stocks in January, the heat in Hong Kong's IPO market remained undiminished in February. Wind data shows that, as of February 24, 24 enterprises have completed IPOs in Hong Kong this year, representing a year-on-year increase of 166.67%, with total financing reaching 89.226 billion Hong Kong dollars, marking a year-on-year increase of 1013.59%. Currently, there are still 488 companies in line waiting to go public in Hong Kong. Nicole Chan, CEO of the Hong Kong Stock Exchange, mentioned that among the companies awaiting listing, the majority are still Chinese-funded enterprises, but there are also more than ten international companies. In February, the highest gain on the first day of new stock listings reached 242%, and the phenomenon of 'zero losses' continued. A total of 11 companies were listed on the Hong Kong stock market in February, among which9 new stocks closed higher on their first day, while 2 new stocks closed flat, achieving another month of 'zero losses,'providing a solid safety cushion for investors participating in initial public offerings. Specifically, the 'first AI de-hallucination stock' $HAIZHI TECH GP (02706.HK)$ surged 242% on its first day of listing, with a one-lot return as high as HKD 13,108, making it the undisputed 'profit king' of new stock offerings this month. Amid a super cycle in the storage industry, new stocks $MONTAGE TECH (06809.HK)$ performed well, with a nearly 64% increase on the first day, yielding a net profit of HKD 6,811 per lot...
Editor/KOKO
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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