2026 IPO bonanza! Over 90% of new stocks rose on their debut

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Tengsi | Hong Kong IPOs in 2026: Where Is the 'Anchor'?

The start of 2026 has been very"hot". In less than half a year, HKEX has already welcomed 54 new listings, with total funds raised exceedingHK$159.2 billion, reclaiming the top spot globally for IPO fundraising. $ROBOTPHOENIX (06871.HK)$ The public offering received over 14,000 times subscription, setting a new historical record; $XIZHI TECH-P (01879.HK)$ soaring 383% on its listing day, $HAIZHI TECH GP (02706.HK)$ 、 $SUNMI TECH-W (06810.HK)$ with average first-day gains exceeding 240%. When"Guaranteed profits from IPO subscriptions"The myth is circulating once again. As screenshots of pre-market IPOs doubling in value and soaring on debut flood social media feeds, each market frenzy becomes a litmus test of human nature.

If you’ve quietly revised your annual return target because of this hype; or if you’re watching paper gains in your account rise impressively yet feel uneasy; or if you haven’t opened a trading account yet—feeling increasingly itchy to jump in as prices climb but fearing you’ll buy at the peak—this post is written for you. It explains how to set your investment anchor amid the 2026 Hong Kong IPO gold rush.

This anchor resides in your mind and should also manifest in your actions—it’s your assurance for finding certainty amid market noise.

Cognitive Anchor #1

1. Understand the transformation of the Hong Kong stock market

In the past, Hong Kong wasan offshore market "priced by foreign capital and dominated by financials and real estate";today, it is evolving into"a hub for hard-tech listings returning home, driven by synergy between domestic and international capital."new home. This structural transformation is the greatestβ。

If we plot the IPO fundraising amounts of major global exchanges in Q1 2026 as a bar chart, HKEX willHK$110.4 billion, a year-on-year increase of nearly6 timesand firmly rank first globally. This is not just a numerical leap, but also a microcosm of global capital repricing Chinese assets.

In full-year 2025, Hong Kong IPO fundraising reachedHK$285.7 billion, reclaiming the top spot globally. The momentum in 2026 has been even stronger: as of May, fundraising has already exceededHK$159.2 billion, with over430 companies, setting a historical record for A+H listing applications.

A deeper transformation lies in quality. Among the 54 new listings scheduled for 2026, over 30% are A-share leaders conducting secondary listings in Hong Kong, accounting for more than 60% of total funds raised— $Shenzhen Han’s CNC Technology (301200.SZ)$ 、 $MONTAGE TECH (06809.HK)$ 、 $VGT (02476.HK)$ 、 $Luxshare Precision Industry Co., Ltd. (810856.HK)$ 、 $Suzhou Dongshan Precision Manufacturing Co., Ltd. (810982.HK)$ 、 $SUNGROW POWER SUPPLY CO., LTD. * (810924.HK)$ trillion-HKD market-cap giants such as Alibaba are flocking to list. Meanwhile, the Chapter 18C pathway for specialized technology companies has opened the door for $KNOWLEDGE ATLAS (02513.HK)$ 、 $MINIMAX-W (00100.HK)$ 、 $BIREN TECH (06082.HK)$ 、 $EDGE MEDICAL-B (02675.HK)$ unprofitable hard-tech firms. The HKEX is no longer"a retreat for banks and real estate,"but rather the pricing hub for China's new economy.

The long-term bullish case for Hong Kong IPOs is beyond doubt.

2. Align with the structural upgrade of industries

The pulse of the times lies in national destiny—and also within IPO prospectuses. At its core, industrial transformation reflects an economic restructuring and upgrading. Understanding these shifts makes it easier to identify clear opportunities amid the revaluation of Hong Kong IPOs.

In Q1 2026, the TMT (Technology, Media, and Telecommunications) sector accounted for the entirety of Hong Kong IPO fundraising55%, with eight of these deals ranking among the top ten global TMT IPOs. This clearly reflects China's economic transition from factor-driven to innovation-driven growth and explains why capital is heavily chasing opportunities in AI, semiconductors, and biopharmaceuticals.

Trillion-dollar market capitalization serves as a gauge of industrial rise and decline, and the Hong Kong stock market is becoming a new vessel for the expansion of Chinese hard-tech valuations.

A decade ago, financials, real estate, and consumer sectors dominated Hong Kong IPOs. Today, GPUs, large AI models, surgical robots, and innovative drugs are at the heart of the narrative. Minimax’s market cap surpassed HK$100 billion on its listing day, while Zhipu AI and Biren Technology each raised over HK$5 billion. Capital markets are now repricing assets tied to the energy revolution, the intelligence revolution, and life sciences.

Only by understanding the logic behind this structural shift in industries can investors distinguish genuine growth stories from speculative concepts when subscribing to new listings.

3. Recognize the evolution of capital structure

Among all trends, money is the core variable. Changes in capital structure represent a slow but certain trend that is reshaping pricing power, liquidity, and participation dynamics in Hong Kong IPOs.

Over the past decade, the most significant change in the Hong Kong market has occurred on the funding side: on one hand, mainland capital flowing south has become the dominant force; on the other, global long-term investors are reallocating toward China. This is the foundational variable for understanding today’s IPO subscription logic.

The Hong Kong IPO market in 2026 witnessed a historic reversal: cornerstone investors shifted from"needing to be convinced"to"Rushing to participate". MiniMax attracted 14 cornerstone investors, whose subscriptions accounted for more than 60% of the total fundraising amount, including top-tier institutions such as Alibaba, E Fund, and Aspex. Bank wealth management subsidiaries have also moved from"private banking exclusive"down to"minimum investment as low as RMB 1", aggressively allocating capital southward through IPO subscription strategy products.

Meanwhile, retail investor enthusiasm has been fully ignited. Biren Technology received 2,347x subscription, Zhipu AI 1,159x, Jingcheng Medical 1,091x, $TENNOR THERAP-B (06872.HK)$ 9,026x, and YiFei Technology over 14,000x... When institutional and retail consensus resonates in subscription multiples, the probability of a strong first-day gain increases significantly. Data shows that in Q1 2026, only 12.5% of Hong Kong IPOs broke below issue price on their debut—the lowest since 2017.

Understanding the evolution of capital structure is key to grasping why Hong Kong IPO subscriptions in 2026 differ from previous years—this is not a zero-sum speculative game, but rather a consensus-driven opportunity where both domestic and international capital jointly bet on Chinese tech assets.

Cognitive Anchor②

This part may sound cliché, but it’s especially worth engraving in your mind during IPO frenzy. Truly understanding and internalizing it often requires getting burned on the subscription page. I’m posting this here as a public pledge, for future review and validation.

❶ You can never earn money beyond your level of understanding. Any gains from luck in IPO lotteries will eventually be lost back through lack of skill. Reading and comprehending the prospectus is more important than reading K-line charts.

❷ The core of IPO subscription isn’t“how many you get allocated,”, but ratherbut “whether you can survive when the stock breaks below issue price.”Risk management and position sizing determine whether you’ll still be around to catch the next Zhipu AI or MiniMax.

❸ There’s no linear relationship between oversubscription multiples and first-day gains. A stock with 14,000x oversubscription isn’t necessarily safer than one with only 100x; BBSBINTL surged 400% in the grey market, but its post-listing journey is still long.

❹ As China’s economy and technological advancement continue, the long-term supply of Hong Kong IPOs will remain ample—but liquidity surges won’t last forever. What’s truly scarce isn’t IPO opportunities, but high-quality listings.

❺ The certainty in IPO investing isn’t about having a 100% win rate on every new listing, but about reducing your portfolio’s vulnerability when a破发 (post-listing price drop) occurs. Diversifying applications, strictly limiting position size per IPO, and enforcing stop-loss discipline matter more than stock selection.

❻ New listing prices fluctuate around their fundamentals in the short term, but will inevitably converge toward intrinsic value over the long run. After the euphoria of a 100% first-day pop, comes the reality check within three months…28.89%the破發rate.

❼ There’s no such thing as long-term sentiment—only long-term value. When“Mechanism B”the wealth-creation myth recedes, only those who’ve done their homework will be left on shore.

The Anchor of Action ①

Set goals, build systems, and execute with discipline.

Please abandonthe wishful thinking that “every new IPO should be subscribed to and your account will double in six months,”and instead turn your goal into a concrete set of realistic numbers, along with a clear time frame.

Then—and more importantly than the goal itself—build a system aligned with your goal that you can actually stick to. This system shouldn’t consist only of IPO subscriptions; it should span multiple aspects of your life.

❶ Health System: The goal isn’t living to 100—it’s maintaining high energy every day. Stick to a regular sleep schedule and exercise moderately so you stay sharp during pre-market trading hours.

❷ Career System: If IPO subscription is just a side hustle, build a system where you“study two prospectuses per week and review your profit/loss once a month.”Consistent execution brings you closer to professionalism.

❸ Family System: Don’t let“I’ll spend time with my family once this new stock lists”become an excuse. IPO trading requires screen time, but your life shouldn’t be hijacked by candlestick charts. Set aside fixed weekly time for loved ones—this is how affection stays strong.

❹ Learning System: Hong Kong IPOs involve complex mechanisms like international placements, greenshoe options, clawback rules, and cornerstone investor lock-ups. Set a goal to“master one mechanism each month”to truly harness this tool.

❺ Investment System: This is the topic we talk about most. It addresses the scenario where bottlenecks arise in the above four systems, giving you the confidence to say"I don't rely on this for a living."。

Allocate your wealth into money for living expenses, IPO subscription capital, long-term holdings, and risk-protection funds. IPO subscriptions represent only"growth capital"as one component—not the entirety—and provide lubrication for the smooth, long-term operation of your life system, ensuring you always have a从容 Plan B.

Anchor for Action ②

1. Choose an investment approach you can tolerate

For ordinary investors, the biggest risk of IPO subscriptions isn't failing to win an allotment—it's winning one and then suffering a post-listing price drop below the issue price (a 'break issue'). Your maximum tolerable drawdown determines which IPO strategy suits you best.

Reviewing 2026 Hong Kong IPO data: among 54 new listings, the average first-day gain was 52.83%, yet by April, 13 had already broken issue price, accounting for 28.89%. On March 9, Estun and Youle Sai both broke issue on the same day, ending the"first-day invincibility"record. $TONGSHIFU (00664.HK)$ 、 $ALSCO POOLING (02649.HK)$ Since its listing, the stock has declined by over 60%.

Almost every new IPO has two sides: side A shows oversubscription multiples, while side B carries long-term破发 risk. This illustrates that blindly“subscribing to every new issue”carries considerable risk.

A straightforward allocation approach is to divide IPO subscription capital according to a“core + satellite”framework. Allocate the core position (60%–70%) to A+H market leaders and 18C tech companies backed by reputable cornerstone investors; use the satellite position to selectively participate in highly oversubscribed ChiNext small-cap stocks, but always enforce strict stop-loss discipline.

Data shows that A+H IPOs in 2026 have performed relatively steadily, whereas pure Hong Kong small-cap stocks have exhibited extreme volatility. As Nobel laureate Harry Markowitz stated: Diversification is the only free lunch in investing. In the context of IPO subscriptions, this means avoiding putting all your capital into a single issue or focusing on just one type.

2. Find investment products you can confidently manage

If you can't devote enough time and energy to thoroughly research the pipeline of an unprofitable biotech company, it's better to walk away."Chasing every single one"is a greedy mindset. Instead, focusing on sectors you truly understand offers a more certain investment approach.

At least three clear themes are emerging for Hong Kong IPOs in 2026:

First: A+H mega-cap homecomings. Nineteen A-share leaders have already listed H-shares, with 130 more in the pipeline—including trillion-HKD market cap names like Luxshare Precision, Sungrow Power, and Inovance Technology. These listings offer transparent fundamentals and A-share price anchoring, making them suitable for risk-averse investors.

Second: Chapter 18C specialist tech firms. Unprofitable companies in cutting-edge fields such as AI, semiconductors, and biopharma—including Zhipu AI, Biren Technology, EndoMaster (Jingfeng Medical), and Tano Pharmaceuticals—feature high technical barriers and significant growth potential, but come with high volatility, suiting investors with deep sector knowledge and tolerance for drawdowns.

Third: Small-cap IPOs drawing massive oversubscription. For example, BBSBINTL received over 10,000x subscription interest, and Yifly Technology exceeded 14,000x. These listings suffer from extreme share scarcity, offering high probability of first-day spikes—but poor liquidity and substantial long-term破发 risk, making them ideal only for short-term traders.

Data shows that in Q1 2026, the first-day破发 rate for Hong Kong IPOs was just 12.5%, a multi-year low—but the long-term破发 rate remains significant. Choosing a segment aligned with your circle of competence matters more than chasing the highest subscription multiples.

Written at the End

Hong Kong’s 2026 IPO market got off to a strong start—a reward for those who believe in China’s technological transformation, maintain discipline, and do their homework. May this year’s early gains, combined with inner resolve and consistent action,"anchoring", giving you the confidence to navigate market uncertainties.

We hope everyone can build their own life system, achieve good health, become a dual winner in both career and family, and establish a solid personal wealth management framework through rational Hong Kong IPO subscription—helping you withstand the risks of破发 (IPO price drops below issue price) and drawdowns, move forward steadily, and create more possibilities.

While participating in IPO subscriptions, we'll always be here $GaoTeng WeInvest Money Market Fund (HK0000478930.MF)$ waiting for you.

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