Hong Kong IPO Monthly Report | May new listings delivered a win rate exceeding 80%, DeepIntent Intelligence generated nearly HK$15,000 in first-day gains per lot, and Yifly Technology crowned 'All-Time Oversubscription King'

In May 2026, the Hong Kong IPO market continued its explosive recovery trend seen since the beginning of the year, exhibiting overallhigh issuance activity, large fundraising scale, optimized industry composition, and strong institutional recognitionas its four defining characteristics, with market activity firmly ranking among the top global capital markets.

According to Wind data, as of the end of May, the total funds raised from Hong Kong IPOs this year have exceeded HK$163 billion, a year-on-year increase of approximately 110%. The number of new listings reached 60, significantly higher than the same period last year. Institutional participation surged notably in May. Wind data shows that cornerstone investors accounted for over 40% of subscriptions for this year’s new listings—the highest level since 2018—with overseas capital comprising more than half of cornerstone subscription volume. Middle Eastern sovereign wealth funds, top-tier global asset managers, and industrial-chain-focused capital have all entered the market en masse, highlighting the growing institutionalization of new listings.

May’s new listings delivered strong returns, with Yifly Technology crowned the all-time oversubscription champion

This month’s new listings were heavily concentrated in hard-tech sectors, reflecting increasingly distinct industrial characteristics, with AI supply chains and robotics emerging as dominant listing themes. Additionally, the A+H dual-listing wave continues to gain momentum—15 A-share industry leaders have already listed in Hong Kong this year. High-end manufacturing and export-oriented tech firms are accelerating their pace of accessing Hong Kong markets via the A+H route, becoming a core driver of Hong Kong IPO growth.

Hong Kong’s May IPOs delivered strong first-day returns: 11 out of 13 new listings closed higher on their debut, with 10 gaining more than 75%, resulting in a success rate exceeding 80%., among which the “AI-powered marketing decision platform” $DEEPZERO (02723.HK)$ soared nearly 266% on its first day, generating a profit of HK$14,750 per lot, ranking it top among all May IPOs in both percentage gain and absolute return. $TENNOR THERAP-B (06872.HK)$ 、 $LDROBOT (01236.HK)$ 、 $METIS TECHBIO-P (07666.HK)$ 、 $STAR SPORTS MED (01609.HK)$ 、 $IMPACT THERAP-B (07630.HK)$ also posted gains exceeding 100%.

Moreover, this month witnessed the emergence of Hong Kong’s most oversubscribed IPO in history, $ROBOTPHOENIX (06871.HK)$ which attracted subscriptions 14,855.4 times its offering size, surpassing the listing in October 2025 of $GOLDEN LEAF INT (08549.HK)$ 11,464 times that of , successfully crowned.

From the perspective of capital flows and profit-generation dynamics, the current strong profit effect stems from the confluence of multiple favorable factors:

First, institutional pricing has become more rational. With cross-border regulatory frameworks becoming standardized, new stock performance is gradually shifting from sentiment-driven speculation to fundamentals-based valuation. Premium valuations for high-quality companies continue to materialize, while speculative fervor around low-quality listings is cooling off, significantly improving the quality of market returns.

Second, long-term capital continues to enter the market. Cornerstone investors, foreign institutional investors, and southbound capital are acting in concert, providing robust support for new listing prices and substantially reducing the risk of post-listing price declines.

Third, industry tailwinds remain strong. Sectors such as hard-tech and biopharmaceuticals are benefiting from a combination of supportive policies and industrial momentum, underpinning sustained valuation expansion for newly listed companies through robust growth expectations.

IPO activity is intensifying! The high-activity trend in Hong Kong IPOs is expected to continue.

Based on forecasts from authoritative institutions such as Deloitte and UBS Group, along with the pipeline of market-ready projects, the Hong Kong IPO market is poised for its strongest recovery in recent years in 2026. Annual performance is expected to firmly place it among the top tier of global capital markets, with comprehensive upgrades anticipated across fundraising scale, listing quality, and investor profitability.

In terms of scale,The total number of Hong Kong IPOs in 2026 is expected to exceed 160, with mainboard fundraising likely to stabilize above HK$300 billion and potentially approach HK$310 billion—reaching its highest level since 2019 and positioning Hong Kong to remain among the top three global IPO fundraising markets.Compared with previous years, the focus of new listings this year has shifted from quantitative expansion to quality enhancement, with large-cap industry leaders, hard-tech unicorns, and specialized, sophisticated, and innovative enterprises becoming the primary drivers of listings.

Regarding sector trends,The composition of Hong Kong IPO sectors will continue to improve throughout the year, further strengthening its technological innovation characteristics.The full AI value chain, high-end robotics, semiconductors, and innovative biopharmaceuticals will serve as core themes for the year. Over 60% of the 410 pipeline projects are focused on sci-tech innovation, with subsequent listings set to materialize steadily. This will drive the Hong Kong market’s transformation from traditional finance- and consumption-led sectors toward technology-driven growth segments. Meanwhile, the A+H dual-listing model will become the norm, with more than 100 A-share companies expected to queue for Hong Kong listings this year, continuously optimizing the structure of Hong Kong-listed firms and enhancing the market’s overall growth potential.

However, investors should remain vigilant about two key risk factors:

First, significant share lock-up expirations in the second half of the year will weigh on Hong Kong equities, with July and October marking peak months; large-scale expirations could temporarily dampen market sentiment and exert downward pressure on select stocks.

Second, fluctuations in global liquidity and shifts in cross-border capital flows may trigger temporary valuation adjustments for new listings.

Overall, opportunities in the Hong Kong IPO market in 2026 will outweigh challenges. The long-term investment value of high-quality tech and innovation-driven new listings will continue to stand out, as the market enters a new phase defined by 'quality supremacy and sector leadership.'

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