Quick Glance | September's Hot IPOs: Longsys, Medcaptain, and Youdi Robotics to List on the HKEX Next Week; Transwarp and Nazhen Tech Pass Hearings

Hello, fellow investors!！After a lukewarm August for new listings, Niuniu's IPO expert is here to share the hot HK IPOs for September and 2026. Fellow investors, come check them out!

Only two new stocks were listed in August, including one in the smart driving concept sector$NASN TECH (02261.HK)$and a chip stock. $INGENIC (03223.HK)$ Although Nasen Technology surged over 60% on its first day of listing, it subsequently fluctuated and trended lower. As of the close on August 31, its gains since listing had narrowed to less than 40%. While Junzheng Shares did not break its issue price, its stock price has been hovering around the issue price since listing. The underwhelming performance of August's new listings has raised investor expectations for September's IPOs.

As of press time,$MEDCAPTAIN (02041.HK)$is currently open for hot subscription, with the IPO closing at 10:00 on September 2. Grey market trading will take place from 16:15 to 18:30 on September 4, followed by the official listing on September 7.$LONGSYS (09976.HK)$is currently open for hot subscription, with the IPO closing at 10:00 on September 3. Grey market trading will take place from 16:15 to 18:30 on September 7, followed by the official listing on September 8.$EXCELLAND ROBOT (03231.HK)$ is currently open for hot subscription, with the IPO closing at 10:00 on September 4. Grey market trading will take place from 16:15 to 18:30 on September 7, followed by the official listing on September 9. Additionally, $TRANSWARP TECHNOLOGY (SHANGHAI) CO., LTD. (810855.HK)$ 、 $Ligent Technologies, Inc (810862.HK)$ Having passed the HKEX listing hearing, it is also expected to list this month.

Longsys:The company purchases storage systems and main controller chips from IDM and main controller chip suppliers, and does not engage in wafer manufacturing. Leveraging its capabilities in framework main controller chips, chip design, hardware development, and module manufacturing (including system-level packaging, testing, and assembly), the company designs, develops, manufactures, and sells a complete portfolio of storage products for consumer, enterprise, and industrial applications.

Medcaptain:The company is a global medical device provider, capable of meeting clinical needs across a wide range of departments, wards, and clinics within medical institutions, as well as community health centers, testing agencies, and home care scenarios. In China, the company's products have cumulatively covered over 6,000 hospitals, including approximately 90% of Grade A tertiary hospitals, spanning 31 provinces, municipalities, and autonomous regions.

Udirobots:The company is technology-driven and has established a comprehensive technical framework encompassing core technologies such as visual models, robot decision-making and planning, multi-sensor fusion, localization and navigation, chassis and motion control, robot domain control systems, cloud-based Vision-Language Models ("VLM"), cloud data closed-loop platforms, and cloud IoT device ecosystems.

Transwarp:The company is an AI infrastructure software provider, primarily generating revenue by selling AI and big data infrastructure software products and related services to enterprise and government clients. By deeply integrating artificial intelligence, big data, and cloud technologies, we help enterprises efficiently build AI infrastructure software, driving intelligent transformation and business model innovation across various industries.

Nazhen Technology:The company is a supplier of optical communication and optical connectivity products, dedicated to the R&D, manufacturing, and sales of optical modules, optical chips, and optical network terminals, serving both domestic and international customers. In 2025, the company held a 4.0% market share by global optical module revenue, ranking fifth among all specialized optical module manufacturers worldwide; by Chinese optical module revenue, it held a 10.1% market share, ranking third globally among specialized optical module manufacturers.

Looking ahead,September 2026 is expected to be the month with the greatest liquidity pressure for Hong Kong stocks.The market value of restricted shares becoming unlocked in that single month will reach as high as HK$530 billion, accounting for nearly one-third of the total annual unlock volume, marking the yearly peak. The large-scale unlocking of existing shares will bring significant capital diversion and valuation suppression, potentially limiting the overall absorption capacity of the Hong Kong stock market and becoming a core constraint on monthly IPO performance.

As the September unlock peak passes, liquidity pressure on Hong Kong stocks will gradually ease in the fourth quarter, compounded by a rebound in risk appetite toward year-end,new listings in high-quality hard tech and biopharma are expected to see a window for valuation repair, with structural IPO opportunities in the Hong Kong market for the full year concentrated in the final stretch of the fourth quarter.Experts suggest that investors should continue to adhere to the IPO subscription logic of "quality first, valuation is king," focusing on leading targets in core sectors, avoiding thematic speculation and valuation bubbles, and capturing the full-year structural dividends of Hong Kong IPOs.

Which upcoming IPO are fellow investors most excited about? Are there other companies you’re rooting for to successfully list on the HKEX? Cast your vote and join the discussion in the comments!