Hong Kong new stocks have stolen the spotlight, with the strongest performer surging over 650% since its IPO!

Since the beginning of 2026, it has been a 'feast for IPO investors', with over 80% of newly listed stocks recording gains on their first day, and several already doubling in cumulative returns.The rise of AI model giants Zhipu and MiniMax has been as high as 659.90% and 445.76%, respectively, since their listing!

Newly listed stocks (within half a year of listing) are actually an overlooked window for asset allocation.

Many people approach IPO investing with a lottery mentality—their goal upon getting allotted shares is to sell quickly during the pre-market or on the first trading day when there’s a perceived 'premium'.

However, if we look back at Zhipu and Minimax'spre-market performances (+6.02% and +24.61%, respectively),and compare them to the returns if held until now(+659.90% and +445.76%, respectively),Will you end up slapping your thigh in regret?

Therefore, for the IPOs of leading companies in popular sectors,the performance in the grey market and on the first day cannot fully determine their performance during the newly-listed stock phase.

It’s not hard to see from the rankings that the main theme of the market in 2026 will still be AI + storage. The demand for data storage brought about by AI applications has created a 'super cycle' in the storage industry, with high-performance storage technology also being a key driver of continuous AI breakthroughs.

$KNOWLEDGE ATLAS (02513.HK)$：+659.90%

As the largest AI large model company in terms of revenue domestically, Zhipu's stock price hitting record highs is backed by a resonance between fundamentals and technological breakthroughs. From a financial perspective, its total revenue in 2025 achieved an astonishing year-on-year growth of 131.9%, reaching 720 million yuan; even more impressive is the ARR (Annual Recurring Revenue) from its cloud-deployed MaaS API platform, which skyrocketed 60 times to 1.7 billion yuan.

On the technical side, Zhipu's latest open-source GLM-5.1 model has been hailed as the 'world's strongest open-source model' in the industry. Not only did it achieve price parity with international leaders among domestic large models for the first time, but it also successfully integrated with Huawei Cloud CodeDao’s intelligent coding assistant, directly triggering a surge in users. In response to such strong business growth, multiple brokerages upgraded their ratings after the release of GLM-5.1, with CICC even raising the target price to HKD 900.

$MINIMAX-W (00100.HK)$：+445.76%

If Zhipu relies on hardcore scale, the main factors behind MiniMax’s continued rise in the post-IPO phase are better-than-expected performance and intensive ecosystem partnerships. According to its 2025 annual earnings report, a significant increase in Token demand and continuous iteration of model capabilities have directly translated into rapid revenue growth.

On this basis, MiniMax has not only officially launched its cloud sandbox 'MaxHermes' recently but also reached an AI content strategic cooperation with Stellar Gravity to accelerate the ecosystem construction of the 'Eastern Fantasy' IP. Meanwhile, it partnered with ThinkingAI to roll out the Agent Engine (Agentic Engine). This rapid commercialization has led CICC to give a 'sector outperform' rating, with a target price of HKD 1,100.

$ILUVATAR COREX (09903.HK)$：+201.38%

In 2025, TianShu ZhiXin not only achieved a historic milestone by surpassing RMB 1 billion in revenue with a record of RMB 1.034 billion (a year-on-year increase of 91.6%), but more notably, its profitability transformation — gross profit reached RMB 558 million, representing a 110.5% year-on-year growth, with gross profit growth surpassing revenue growth.

What supported such steady profit growth? JPMorgan provided the answer: amid global capacity shortages, TianShu ZhiXin can flexibly utilize wafer production capacities both domestically and internationally. This abundant supply capability forms a strong competitive moat, enabling it to potentially secure more business orders from leading cloud service providers.

$GIGADEVICE (03986.HK)$：+185.43%

Unlike the previous companies, GigaDevice's impressive performance during the recent IPO phase demonstrates its precise grasp of macro cycles. With the storage industry entering a super cycle, coupled with the continuous rise in NOR Flash prices, the company's full-year profits in 2025 grew steadily by 49.5%.

Against the backdrop of extremely high demand for AI, there is clearly no sign yet of the industry’s upward trend slowing down. Multiple institutions unanimously believe that the upcycle in the storage industry will likely continue, and GigaDevice, leveraging this cyclical tailwind, may keep benefiting from it.

$BIREN TECH (06082.HK)$：+149.29%

On April 16, Biren Technology surged over 26% during the trading session, hitting a new high since its listing, making it one of the most eye-catching stocks in the Hong Kong market. The strong momentum was driven by a 207.2% surge in annual revenue fueled by the explosive growth of its intelligent computing GPU business.

However, in the capital markets, buying often means purchasing based on expectations. Biren Technology's biggest positive driver currently is the market’s high anticipation for its product iteration capabilities — the next-generation flagship chip BR20X is scheduled for release this year. Riding on the expectation for the new flagship, CLSA gave a 'sector outperform' rating in its initial coverage, setting a target price at HKD 46.3.

$SIGENERGY (06656.HK)$ ：+103.42%

Sigen New Energy saw its stock price double on the first day of its IPO. As a global leader in distributed energy storage systems (DESS), Sigen focuses on stackable distributed photovoltaic-storage integrated machines, serving clients across 85 countries and regions (mainly targeting Europe and Asia-Pacific). Frost & Sullivan data confirms its dominance: as of 2024 shipment volumes, Sigen holds the top global position with a 28.6% market share.

What is most astonishing about this company is its breakneck speed in defying conventions. The flagship product introduced in June 2023, the five-in-one photovoltaic-storage-charging integrated machine SigenStor, typically takes over five years for competitors to develop, yet Sigen generated over RMB 9 billion in revenue in 2025, achieving this feat in less than two years. In the capital markets, relying on the founding team's exceptional R&D, execution, and global expansion abilities, Sigen completed its IPO in under four years from its establishment in May 2022 to April 2026, setting a new record for the fastest Hong Kong IPO by a Chinese company.

Missed this wave? No problem, the IPO boom is just beginning.

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This article provides investment reference information and does not constitute investment advice. The Hong Kong stock market carries risks; specific investment decisions should be made independently based on personal risk tolerance.

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