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Junzheng Group announces IPO lottery results! Approximately 80% of new listings in 2026 rose on thei
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Hong Kong IPO Monthly Report | July's top new listing surged 162% on debut; Qiyunshan Foods generated HK$6,500 profit per lot on its first day

In July, although the profitability of Hong Kong IPOs weakened somewhat, several leading stocks still delivered strong performances.
A total of 17 companies listed on the Hong Kong stock exchange this month, with investor subscription enthusiasm remaining robust,$MOMENTA-W (06880.HK)$、$NEXCHIP (02249.HK)$with fundraising amounts exceeding HK$160 billion,$BASICSEMI (09971.HK)$、$CCTC (06951.HK)$fundraising amounts surpassed HK$14 billion.
In terms of subscription multiples,$BASICSEMI (09971.HK)$oversubscription in the public offering reached over 4,812 times, ranking first on this month's subscription list;$RECONOVA (07656.HK)$came second this month with 3,646.06 times oversubscription;$BAOGAI (08090.HK)$received 3,015.69 times oversubscription,$QIYUNSHAN FOOD (02797.HK)$Subscription multiple exceeded 1,688 times,$DKE (01770.HK)$The subscription multiple was 1,067.54 times.
Heat and Divergence: July's new listings showed varied first-day performance
Among the 17 newly listed companies, 9 belonged to the technology sector, 5 to industrials, 2 to consumer sectors, 1 to healthcare, and 1 to materials. A total of 8 companies saw their share prices rise on the first day, including 2 from the consumer sector:$QIYUNSHAN FOOD (02797.HK)$、$ANKER (00668.HK)$; 3 from the technology sector:$ROKAE ROBOTICS (03752.HK)$、$EACON (07687.HK)$and$BASICSEMI (09971.HK)$; and 3 from industrials:$CCTC (06951.HK)$、$BAOGAI (08090.HK)$、$DKE (01770.HK)$。
Some traditional or niche-sector companies surprisingly stood out, including a fruit snack company specializing in jujube cakes$QIYUNSHAN FOOD (02797.HK)$Rose 162.50% on its first trading day, generating HK$6,500 profit per lot, ranking first in both July’s first-day gain and profitability; smart hardware$ANKER (00668.HK)$Gained 15.69% on its debut, ranking second on the gainers list, with a per-lot return of nearly HK$1,558; primarily engaged in electronic ceramic materials and components$CCTC (06951.HK)$Rose 4.69% on its first day.
In July, although the profitability of Hong Kong IPOs weakened somewhat, several leading stocks still delivered strong performances. A total of 17 companies listed on the Hong Kong stock exchange this month, with investor subscription enthusiasm remaining robust,$MOMENTA-W (06880.HK)$、$NEXCHIP (02249.HK)$with fundraising amounts exceeding HK$160 billion,$BASICSEMI (09971.HK)$、$CCTC (06951.HK)$fundraising amounts surpassed HK$14 billion. In terms of subscription multiples,$BASICSEMI (09971.HK)$oversubscription in the public offering reached over 4,812 times, ranking first on this month's subscription list;$RECONOVA (07656.HK)$came second this month with 3,646.06 times oversubscription;$BAOGAI (08090.HK)$received 3,015.69 times oversubscription,$QIYUNSHAN FOOD (02797.HK)$Subscription multiple exceeded 1,688 times,$DKE (01770.HK)$The subscription multiple was 1,067.54 times. Heat and Divergence: July's new listings showed varied first-day performance Among the 17 newly listed companies, 9 belonged to the technology sector, 5 to industrials, 2 to consumer sectors, 1 to healthcare, and 1 to materials. A total of 8 companies saw their share prices rise on the first day, including 2 from the consumer sector:$QIYUNSHAN FOOD (02797.HK)$、$ANKER (00668.HK)$; 3 companies were from the technology sector...
Tech IPOs faced pressure, with only 3 out of 9 rising on their first trading day: intelligent robotics company$ROKAE ROBOTICS (03752.HK)$Closed up 15.21% on its first day, ranking third among July’s best performers; autonomous driving solutions provider$EACON (07687.HK)$Rose nearly 10% on its debut; semiconductor power devices$BASICSEMI (09971.HK)$Gained over 5% on its first day.
Wafer foundry supplier$NEXCHIP (02249.HK)$, autonomous driving companies$MOMENTA-W (06880.HK)$Closed flat on its listing day; AI vision company$RECONOVA (07656.HK)$Fell more than 3% on its first trading day.
"Apple supply chain leader"$LUXSHARE ICT (02475.HK)$It closed at HK$62.3 per share on its listing debut, down slightly by 1.55%. For this giant with a market capitalization exceeding HK$400 billion, its massive size means sustained upward momentum in its share price requires enormous capital inflows.
On July 30, the optical module leader$ZJ INNOLIGHT (03308.HK)$saw its Hong Kong listing debut end below its offer price, closing down 2.04%, possibly linked to the recent continuous pullback in its A-share price. If the 15% over-allotment option is fully exercised, Zhongji Xuchuang’s total fundraising amount will reach approximately HK$61.4 billion, ranking as the largest IPO in Hong Kong this year and the biggest since Alibaba’s 2019 secondary listing.secondary listingInstitutions note that short-term volatility does not alter the medium-term fundamentals; as the dominant player in the pluggable optical module segment, Zhongji Xuchuang continues to benefit from strong market demand.
Listing mechanisms undergo reform to attract more companies
On July 24, HKEX released its 'Consultation Conclusions' on proposals to enhance the competitiveness of its listing regime, lowering the market capitalization thresholds for weighted voting rights (WVR, or dual-class share) structures and secondary listing applicants, relaxing shareholding requirements for WVR beneficiaries, and expanding eligibility for confidential filings from specific company types to all new applicants.
In July, although the profitability of Hong Kong IPOs weakened somewhat, several leading stocks still delivered strong performances. A total of 17 companies listed on the Hong Kong stock exchange this month, with investor subscription enthusiasm remaining robust,$MOMENTA-W (06880.HK)$、$NEXCHIP (02249.HK)$with fundraising amounts exceeding HK$160 billion,$BASICSEMI (09971.HK)$、$CCTC (06951.HK)$fundraising amounts surpassed HK$14 billion. In terms of subscription multiples,$BASICSEMI (09971.HK)$oversubscription in the public offering reached over 4,812 times, ranking first on this month's subscription list;$RECONOVA (07656.HK)$came second this month with 3,646.06 times oversubscription;$BAOGAI (08090.HK)$received 3,015.69 times oversubscription,$QIYUNSHAN FOOD (02797.HK)$Subscription multiple exceeded 1,688 times,$DKE (01770.HK)$The subscription multiple was 1,067.54 times. Heat and Divergence: July's new listings showed varied first-day performance Among the 17 newly listed companies, 9 belonged to the technology sector, 5 to industrials, 2 to consumer sectors, 1 to healthcare, and 1 to materials. A total of 8 companies saw their share prices rise on the first day, including 2 from the consumer sector:$QIYUNSHAN FOOD (02797.HK)$、$ANKER (00668.HK)$; 3 companies were from the technology sector...
Additionally, the new rules lower the threshold for overseas issuers seeking a secondary listing. Applicants already listed or planning to list in the U.S., if seeking adual primary listingsor secondary listing in Hong Kong, may apply for exemptions allowing them to use U.S. GAAP. Furthermore, the new rules no longer require applicants delisted from the U.S. to switch back to Hong Kong Financial Reporting Standards (HKFRS) or International Financial Reporting Standards (IFRS) for their financial statements.
In July, although the profitability of Hong Kong IPOs weakened somewhat, several leading stocks still delivered strong performances. A total of 17 companies listed on the Hong Kong stock exchange this month, with investor subscription enthusiasm remaining robust,$MOMENTA-W (06880.HK)$、$NEXCHIP (02249.HK)$with fundraising amounts exceeding HK$160 billion,$BASICSEMI (09971.HK)$、$CCTC (06951.HK)$fundraising amounts surpassed HK$14 billion. In terms of subscription multiples,$BASICSEMI (09971.HK)$oversubscription in the public offering reached over 4,812 times, ranking first on this month's subscription list;$RECONOVA (07656.HK)$came second this month with 3,646.06 times oversubscription;$BAOGAI (08090.HK)$received 3,015.69 times oversubscription,$QIYUNSHAN FOOD (02797.HK)$Subscription multiple exceeded 1,688 times,$DKE (01770.HK)$The subscription multiple was 1,067.54 times. Heat and Divergence: July's new listings showed varied first-day performance Among the 17 newly listed companies, 9 belonged to the technology sector, 5 to industrials, 2 to consumer sectors, 1 to healthcare, and 1 to materials. A total of 8 companies saw their share prices rise on the first day, including 2 from the consumer sector:$QIYUNSHAN FOOD (02797.HK)$、$ANKER (00668.HK)$; 3 companies were from the technology sector...
Further reading:HKEX Publishes Consultation Conclusions on Proposals to Enhance the Competitiveness of Its Listing Regime
Wu Jiejuan, Head of Listing at HKEX, stated that this reform marks a significant step toward enhancing the flexibility and diversity of Hong Kong’s listing regime, ensuring it remains up-to-date and capable of addressing intensifying global competition. She added that HKEX will continue striving to bolster the competitiveness of Hong Kong’s listing framework and will seek market feedback on further reforms in the coming months.
PwC has revised its full-year forecast for Hong Kong IPO fundraising from the initial range of HK$320 billion to HK$350 billion to HK$380 billion—an increase of 8.6% to 18.8%—potentially positioning Hong Kong among the top three global IPO markets.
The upcoming month of August still holds strong promise for the Hong Kong IPO market.
Brake-by-wire solutions company$NASN TECH (02261.HK)$Launched its IPO subscription on July 30, with the subscription deadline set for 10:00 AM on August 4. Gray market trading will take place from 4:15 PM to 6:30 PM on August 6, followed by its official listing on August 7. Additionally, global cross-border e-commerce giant SHEIN recently passed its listing hearing and has been approved to issue no more than 342 million overseas-listed ordinary shares. It is expected to debut on the Hong Kong Stock Exchange as early as August, targeting a valuation exceeding HK$312 billion and raising approximately HK$15.6–23.4 billion.
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In July, although the profitability of Hong Kong IPOs weakened somewhat, several leading stocks still delivered strong performances. A total of 17 companies listed on the Hong Kong stock exchange this month, with investor subscription enthusiasm remaining robust,$MOMENTA-W (06880.HK)$、$NEXCHIP (02249.HK)$with fundraising amounts exceeding HK$160 billion,$BASICSEMI (09971.HK)$、$CCTC (06951.HK)$fundraising amounts surpassed HK$14 billion. In terms of subscription multiples,$BASICSEMI (09971.HK)$oversubscription in the public offering reached over 4,812 times, ranking first on this month's subscription list;$RECONOVA (07656.HK)$came second this month with 3,646.06 times oversubscription;$BAOGAI (08090.HK)$received 3,015.69 times oversubscription,$QIYUNSHAN FOOD (02797.HK)$Subscription multiple exceeded 1,688 times,$DKE (01770.HK)$The subscription multiple was 1,067.54 times. Heat and Divergence: July's new listings showed varied first-day performance Among the 17 newly listed companies, 9 belonged to the technology sector, 5 to industrials, 2 to consumer sectors, 1 to healthcare, and 1 to materials. A total of 8 companies saw their share prices rise on the first day, including 2 from the consumer sector:$QIYUNSHAN FOOD (02797.HK)$、$ANKER (00668.HK)$; 3 companies were from the technology sector...
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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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