Entering 2026, the new stock market remains vibrant, but it seems that there has not yet been a super stock with oversubscription of ten thousand times. The CEO of Hong Kong Exchanges and Clearing (388), Charles Li, disclosed that there are currently over 350 companies in the queue. If nothing unexpected happens, it is believed that Hong Kong Investment Corporation may soon announce that for every HKD 1 invested, it has attracted over HKD 7, or even HKD 8, in long-term market capital follow-up.
<h2>Hong Kong Investment Corporation Has Not Publicly Disclosed Complete Shareholding List</h2>
The outside world has not seen Hong Kong Investment Corporation publicly disclose its complete list of shareholding listed companies (possibly due to many being medium to long-term investments, private placements, or joint investments, with some not yet listed, hence no specific disclosure). A few months ago, it first published its annual report, disclosing that it has invested in over 150 projects, with investment returns reaching HKD 2.3 billion. At that time, it was already stated that &#34;for every HKD 1 of investment, it has attracted over HKD 6 in long-term market capital follow-up.&#34; It is almost a quarterly accretive rhythm of one dollar.
Hong Kong Investment Corporation is a wholly-owned investment institution of the Hong Kong Special Administrative Region government, established in 2022, with the mission of patient capital, leveraging over HKD 60 billion of government funds to focus on three major tracks: hard technology, life sciences, new energy, and green technology, promoting the development of Hong Kong's innovation and technology ecosystem. As of the end of last year, the initial capital invested in potential projects was less than 20%, while recording over HKD 2 billion in investment returns, with a calculable return rate that everyone is aware of. Hong Kong Investment Corporation claims that this is completely consistent with its set goals.
Of course, the core value of Hong Kong Investment Corporation is not merely to pursue short-term financial returns, but to exert guiding and amplifying effects, that is, through its own investments, to attract long-term market capital follow-up, forming a &#34;multiplier effect.&#34; This is precisely why Hong Kong Investment Corporation is referred to as the &#34;Hong Kong version of Temasek,&#34; understood by the outside world as using public funds as a semi-seed fund to drive private capital to participate in &#34;high-risk, long-cycle&#34; strategic industries. But what harm is there in using it as an investment reference?
As of the fourth quarter of 2025, among the invested projects, two have been listed in Hong Kong (the specific company names have not been publicly disclosed in detail), and it has been reported that some of the invested companies include Simo Technology, Baidu Biotechnology, Galaxy Universal, and PPIO. Additionally, over 10 companies have submitted or plan to submit applications for listing in Hong Kong in 2025, including pre-IPO unicorn companies.
<h2>Yingxi and Woan Are the Two Most Clear</h2>
Although it cannot be confirmed which two companies have completed their IPOs, some subsequent reports even mentioned that &#34;three have successfully listed in Hong Kong, and another is expected to list by the end of the year,&#34; which may also include one or two additional companies. Yingxi Intelligent (3696) and Woan Robotics (6600) are currently the two most clear, and there have been many reports about them.
Yingxi Intelligent was listed on the main board of Hong Kong Exchanges and Clearing on December 30, 2025, and is referred to as the &#34;first AI pharmaceutical stock in Hong Kong,&#34; raising approximately HKD 2.277 billion, making it one of the largest IPOs in the Hong Kong biopharmaceutical sector in 2025. It is reported to be a strategic investment project of Hong Kong Investment Corporation. The performance on the first day of listing was active, and new highs were continuously seen. I also wrote about this AI Pharmacy concept on my Facebook, so I won't elaborate here
On the same day, Woan Robotics, which went public, is referred to as the &#34;first stock of AI embodied home robots&#34; or &#34;first stock of AI home robots.&#34; It is reported that Hong Kong investment companies are also involved in strategic investments. On its first day of listing, the stock price rose by more than 10% at one point and has recently challenged its high again. The company's products mainly include enhanced execution robots and perception and decision-making systems. Enhanced execution robots mainly include flexible skill robots (such as door lock robots, curtain robots, and finger robots), enhanced mobile robots (such as multifunctional home robots), and sports robots.
<h2>Morgan Stanley states that 2026 is a key year</h2>
Morgan Stanley's latest report indicates that 2026 will be a crucial year, as humanoid robot manufacturers will make a full push for commercialization and actively build ecosystems. Component suppliers will be the first to profit from the early growth of this industry. Due to the rapid evolution of the industry and multiple catalytic factors, the capital market will be very active.
<h3>The top ten highlights proposed by Morgan Stanley for 2026 include:</h3>
1. Almost all application scenarios are accelerating validation, including industrial, commercial services, healthcare, and home.
2. The industry is beginning to shuffle and undergo the first wave of consolidation; whether commercially viable cases can emerge will be key to the survival of manufacturers.
3. Costs are rapidly declining, with estimates that the average &#34;bill of materials&#34; (BOM) cost for humanoid robots in China will decrease by 16% annually, benefiting from economies of scale and processing optimization even as specifications continue to improve.
4. The development of the &#34;brain&#34; will become the focus of the industry and capital markets, shifting from the &#34;body&#34; dominance in 2025 and the prototype phase in 2024.
5. Hardware is ready to enter the mass production stage, with continuous iterations and cost compression expected in the future.
6. &#34;Dexterous hands&#34; can reliably perform multi-step professional tasks in constrained industrial and service environments.
7. As China begins commercialization, manufacturers will accelerate their global expansion.
8. The IPOs of humanoid robot manufacturers will significantly increase market attention to this sector.
9. Stock price fluctuations driven by catalysts will continue.
10. Pragmatism: Non-humanoid products will commercialize faster in the short term, offering better immediate investment returns and stability.
<h2>&#34;Brain&#34; concept stocks worth noting</h2>
The firm has significantly raised its forecast for humanoid robot sales in China this year, doubling it to 28,000 units, expecting that sales in the enterprise sector will become the main driving force, replacing last year's dominance by government, R&amp;D, and entertainment-related sales. Production volumes are likely to be significantly higher than actual sales, as major manufacturers are producing robots in large quantities for training and validation. This also means that the components market may reach the stage of scalable production earlier than previously expected.
From this perspective, it can be seen that the long-term forecasts in the investment banking sector remain largely unchanged, reaffirming an optimistic view on structural opportunities in humanoid robots. Looking solely at Morgan Stanley's value chain stock list, there are already a total of 46 companies in China, without naming them all. I believe that Hong Kong investment companies will not invest in all of them, but CEO Chen Jiaqi will particularly agree with point 4 above and support point 8, as more new stocks from robot companies are better, and the next Hong Kong stock concept stock, Galaxy General, is focused on developing the &#34;brain,&#34; which can be studied in detail during the IPO
JiuLiSheng
Facebook page
Related article: Among young investors in Asia, is Hong Kong the most trusted for fast and unbreakable? | JiuLiSheng

HKXCY

00388

Entering 2026, the Hong Kong IPO market remains active. HKEX CEO Charles Li revealed that there are over 350 companies waiting to go public. The Hong Kong Investment Corporation leverages the government's full funding of HKD 60 billion, focusing on hard technology, life sciences, new energy, and green technology to promote the development of Hong Kong's innovation and technology ecosystem. The Hong Kong Investment Corporation has invested in over 150 projects, with investment returns reaching HKD 2.3 billion, attracting long-term market capital to co-invest, creating a "multiplier effect." As of 2025, two portfolio companies have gone public in Hong Kong, and more than ten others plan to submit listing applications

Robots have their own ambitions, and investments take various paths? | Jiuli Sheng