--- title: "WENGE AI opened with a surge of 81%, and Beijing adds another hard technology IPO" type: "News" locale: "en" url: "https://longbridge.com/en/news/290942837.md" description: "On June 26, WENGE AI was listed on the main board of the Hong Kong Stock Exchange, opening with a surge of 81.2% to HKD 110, with a market capitalization of approximately HKD 19 billion. Its significant rise is attributed to the hot trend of IPOs in the Hong Kong stock market, support from AI concepts, and a relatively small circulating share volume. Although the dark market increase reached 90%, the static price-to-sales ratio at the current price is relatively high, indicating an expensive valuation, and the market ultimately needs to return to fundamentals for assessment" datetime: "2026-06-26T06:27:11.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/290942837.md) - [en](https://longbridge.com/en/news/290942837.md) - [zh-HK](https://longbridge.com/zh-HK/news/290942837.md) --- # WENGE AI opened with a surge of 81%, and Beijing adds another hard technology IPO This article is about 900 words long and is recommended to be read in 2 minutes. Author | Peng Xiaoqiu On June 26, Zhongke Wenge (01956.HK) officially listed on the main board of the Hong Kong Stock Exchange. It opened with an increase of 81.2%, priced at HKD 110, with a market capitalization of HKD 19 billion. As of the time of writing, the intraday high was HKD 125, the low was HKD 110, with a fluctuation narrowed to 24.71% and a turnover rate of 2.21%. At the current price, the paper profit for one lot is HKD 10,800, and the company's market capitalization is HKD 198.37 billion. For in-depth reports on Zhongke Wenge, please refer to previous reports—PhD from the Chinese Academy of Sciences goes public, with a market value exceeding HKD 10.5 billion. In the dark market that took place yesterday afternoon, it closed at **HKD 115.40**, a significant increase of **90.12%** compared to the issue price of HKD 60.70, corresponding to a market value of **HKD 199.76 billion (approximately RMB 17.5 billion).** Based on 200 shares per lot, the paper profit for one lot is approximately HKD 10,900; the intraday high reached HKD 128, an increase of 110.9%; the low was HKD 85, an increase of 40%, with a fluctuation as high as 70.84%. The total transaction amount in the dark market was HKD 250 million, with a turnover rate of 1.32%. The surge in Zhongke Wenge is driven by three resonating forces: **First, the overall environment for IPOs in Hong Kong is hot.** The IPO market in Hong Kong in 2026 is considered a feast, with over 90% of new stocks rising on their first day, indicating high market risk appetite, and new stocks generally enjoy emotional premiums. **Second, the support of AI concepts.** The first stock of a general decision-making large model + national team shareholder lineup, such as Guokai, Zhongchuan Investment, CCTV Media, Zhongguancun Science City, Beijing AI Fund, and Shenzhen Capital Group... It just happens to be at the intersection of AI narratives and state-owned technology concepts, making it one of the most sought-after stories by funds at present. **Third, the thin market.** The IPO of Zhongke Wenge had a relatively small public offering, and with six cornerstone investors locking in for six months, the actual tradable chips in the dark market and on the first day of listing are limited—small buying can push the price up, which is also the reason for the dark market fluctuation of 70.84% and a turnover rate of only 1.32%. Buffett said that the stock market is a voting machine in the short term and a weighing machine in the long term. In the end, the market must return to fundamentals. In terms of valuation, based on the issue price, Zhongke Wenge has a static price-to-sales ratio of about 22.7 times, which is already on the expensive side among its peers in Hong Kong; **based on the dark market price of HKD 115.40, the price-to-sales ratio directly jumps to about 43 times,** effectively doubling the valuation. However, Zhongke Wenge still lost about a quarter of its revenue after adjustments, with an adjusted loss rate of -24.8% for 2025; operating cash flow has seen significant net outflows for three consecutive years; and 70% of its revenue relies on labor-intensive project-based localized deployment Next, noteworthy events include the **6-month lock-up expiration for cornerstone investors.** The fundraising amount from the 6 cornerstone investors accounts for approximately 27%, and the expiration will be an important milestone. Secondly, the exit of investors before the IPO; in the 10 rounds of financing for Zhongke Wenge, the institutions that entered in the B round in 2019 had a per-share cost of only 18 yuan, representing a discount of about 66% to the issue price, with a paper profit of nearly 3 times. Generally speaking, the earlier the institutions enter, the thicker their paper profits, and the more motivation they have to cash out after the listing. 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