--- title: "Today, 7 IPOs flooded the Hong Kong Stock Exchange: they have started to break below their offering prices" type: "News" locale: "en" url: "https://longbridge.com/en/news/292139390.md" description: "On July 9th, the Hong Kong Stock Exchange welcomed a record 7 IPOs for the year, including LUXSHARE-ICT and Dtech. The performance of the new stocks varied significantly: LUXSHARE-ICT, Dtech, and RIGOL opened below their issue prices, with significant declines; QIYUNSHAN FOOD surged over 110%, while ROKAE ROBOTICS saw a slight increase. Among the listings, four were \"A+H\" shares, with several well-known institutions serving as cornerstone investors, resulting in generally high subscription enthusiasm" datetime: "2026-07-09T02:55:15.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/292139390.md) - [en](https://longbridge.com/en/news/292139390.md) - [zh-HK](https://longbridge.com/zh-HK/news/292139390.md) --- # Today, 7 IPOs flooded the Hong Kong Stock Exchange: they have started to break below their offering prices Today (July 9), the Hong Kong Stock Exchange welcomed 7 IPOs collectively ringing the bell—— LUXSHARE-ICT, Dtech, RIGOL, SanHuan Group, QIYUNSHAN FOOD, ROKAE ROBOTICS, and Dongfang Kema, setting a record for the highest number of IPOs in a single day on the Hong Kong Stock Exchange this year. At the morning opening, new stocks began to break below their issue prices: LUXSHARE-ICT fell 5%, Dtech dropped over 9%, and RIGOL's decline approached 20%. SanHuan Group opened flat, while Dongfang Kema opened lower before slightly rising. On the other hand, QIYUNSHAN FOOD surged over 110%, and ROKAE ROBOTICS saw a slight increase, with a market value of about HKD 10 billion. At this moment, the queue for IPOs in Hong Kong is impressive. However, amidst the excitement, a divergence is also playing out. ## Hong Kong Stock Exchange Booms: 7 IPOs in One Day This time, there are four "A+H" new stocks. LUXSHARE-ICT has created the largest IPO in Hong Kong this year, led by a female CEO—Wang Laichun. She started as a factory worker and later founded her own business from scratch with a processing factory, gaining fame through cooperation with Apple. LUXSHARE-ICT was listed on the Shenzhen Stock Exchange in 2010 and now has a market value of nearly 450 billion yuan, being the "king of the fruit chain" in A-shares. For this Hong Kong listing, LUXSHARE-ICT raised approximately HKD 24.3 billion, with astonishing subscription enthusiasm, as 26 cornerstone investors including Singapore's Temasek, GIC, Abu Dhabi Investment Authority, Tencent, and Hillhouse Capital collectively subscribed over HKD 11 billion. Dtech is also backed by a female CEO—Wang Xin. She ventured south at the age of 16 and founded Dtech in 2005, bringing PCB micro-tools to a market value of nearly 200 billion. This time, the H-shares were oversubscribed 354 times, with cornerstone investors including Shenghong Technology, Hillhouse Capital, E Fund, and Baoling, collectively subscribing about HKD 1.991 billion. SanHuan Group is a global leader in electronic ceramics, with cornerstone investors including Temasek, CPE Yuanfeng, Alibaba, and Tencent. RIGOL is an electronic measurement instrument company, with H-shares oversubscribed 78 times, with seven cornerstone investors including Hillhouse Capital, Sungrow Power Supply, and Suzhou High-tech Zone participating. ROKAE ROBOTICS has landed on the Hong Kong Stock Exchange, becoming the "first stock of the full series of intelligent robots," with founder Tuo Hua currently a doctoral student in mechanical engineering at Harbin Institute of Technology. This public offering was oversubscribed 156 times, with GF Fund and Huatai Capital serving as cornerstones. QIYUNSHAN FOOD hails from Jiangxi, focusing on South Jujube Cake, and is known as the "first stock of South Jujube snacks." Dongfang Kema is the world's second-largest manufacturer of electronic paper displays, originally scheduled to list on July 7 but delayed to today. Unlike other companies listing on the same day, these two did not introduce cornerstone investors. Thus, another scene has emerged on the Hong Kong Stock Exchange—7 IPOs ringing the bell in one day. ## A Cautionary Scene: Starting to Break Below Issue Prices "The Hong Kong Stock Exchange is overwhelmed," such feelings create a complex mood. Since the beginning of this year, the bell of the Hong Kong Stock Exchange has hardly stopped ringing. Including the five companies that listed the previous day and Tongrentang Medical and Health, which was listed on July 7, there have been 13 new stocks landing on the Hong Kong Stock Exchange this week, with two more tomorrow. 15 IPOs within a week is indeed a rare sight. In terms of quantity, the Hong Kong Stock Exchange has welcomed a banner year for IPOs. A report from the Qianhai Research Center shows that in the first half of the year, 82 Chinese companies went public in Hong Kong, a year-on-year increase of 110.3%; the total financing amount is approximately RMB 163.324 billion, a year-on-year increase of 105.8% Among them, the "A+H" group is particularly grand. Data shows that in the first half of the year, there were 24 companies listed in both A-shares and H-shares, exceeding the 19 companies for the entire year of 2025. These 24 companies raised a total of 95.651 billion yuan, accounting for nearly 60% of the market. In other words, the large A-share companies that went for a secondary listing in Hong Kong have taken away most of the money in the market. I remember a few months ago, the Hong Kong IPO market was bustling. At that time, the profit-making effect was obvious, and a large amount of capital flowed in. Even if some companies did not have outstanding fundamentals, they could still achieve good performance in the dark market or on the first day due to emotional premiums. An Ernst & Young report showed that the average return on the first day of new Hong Kong stocks in the first half of the year reached 61%, with the highest profit from a single lot reaching HKD 33,000. However, as we entered the second half of the year, the narrative around Hong Kong IPOs underwent subtle changes. Most newly listed stocks performed poorly on their first day, even falling into deep losses. The experience of Tongrentang Medical Care was particularly profound. This is the fourth listed company under the Tongrentang Group, which was originally scheduled to list in Hong Kong in March this year but unexpectedly withdrew just before the listing. After nearly four months of preparation, it finally made its IPO debut, only to see its stock price fall below the issue price immediately upon opening. On July 7, Tongrentang Medical Care closed nearly 40% down on its first day of trading. Anke Innovation, with a market value exceeding 60 billion yuan, also did not escape this trend. It listed in Hong Kong on July 2, backed by 11 institutions, but saw its stock price drop more than 9% at one point on the first day. The five companies that listed on July 8 also had lackluster performances: Ruivai Technology dropped more than 27% in early trading; Basic Semiconductor, which received over 4,800 times subscription in the public offering, had a maximum increase of only about 18% on its first day. With more and more companies ringing the IPO bell, investors are beginning to worry, "Can the Hong Kong stock market handle this?" ## Competing for the IPO Window: The Hotter Get Hotter, the Colder Get Colder The story of IPOs is becoming polarized. In the camp of companies that have fallen below their issue price, traditional manufacturing, food and beverage, non-ferrous metals, and hardware equipment industries are clustered together. Some companies have issuance price-to-earnings ratios significantly higher than the industry average, facing rapid corrections upon listing. Among them, small and medium-sized enterprises with smaller market values and weak liquidity are predominant, where a small amount of selling can trigger a flash crash in stock prices. With the wave of AI rolling in, the narrative of the Hong Kong stock market is also being restructured. Terms like AI large models, computing power chips, and robotics have replaced the past themes of consumption, real estate, and finance, becoming the new focus of the Hong Kong IPO market. Capital is clearly concentrating on these high-growth innovative technology companies, and it is only flowing towards leading large targets. The stock price performance is the most intuitive. Since its listing at an issue price of HKD 116.2 in January this year, Zhipu's stock price peaked at HKD 2,980, with a market value exceeding HKD 1.2 trillion. Even after experiencing a correction, the latest cumulative increase is still over 15 times. MiniMax also surged from an issue price of HKD 165 to HKD 1,330 at one point. The wave of unlocks that makes the market wary is also showing different trends. On July 8, Zhipu faced its first large-scale unlock of restricted shares after listing. Unexpectedly, on the first day of the unlock, it surged by over HKD 100 billion, with nearly 70% of cornerstone investors expressing their intention to hold long-term. Similarly, funds flowed into MiniMax on the trading day before its unlock, with its stock price rising over 20% at one point But for most companies, the curse of "unlocking leads to a sharp decline" remains unavoidable. A clear example is right in front of us—on the day of the unlock of restricted shares, "the first stock of AGI in Hong Kong," Yunzhisheng, saw its intraday maximum drop approaching 50% after being listed for a year. The contrast between the two market conditions is stark. Similar scenarios continue to unfold in the Hong Kong stock market: without sustained commercial performance as support, no matter how glamorous the industry story, it cannot withstand the selling pressure caused by concentrated exits. Looking around, the number of Hong Kong stock listing applications (including confidential submissions) has exceeded 500, reaching a historical high. The crowd is large, and the emotions of waiting for IPOs to succeed are palpable. However, merely being able to issue is not the end; issuing beautifully is what counts as winning. The hot get hotter, and the cold get colder. 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