Hong Kong’s IPO pace picks up as 2 mainland Chinese firms get listing approval

Semiconductor display manufacturer Everdisplay Optronics (Shanghai) and robotics firm Zhejiang Galaxis Technology Group have received approval to list in Hong Kong, marking steady progress in the city’s nearly 500-strong listings pipeline. The two mainland Chinese companies published their post-hearing information packs on the Hong Kong stock exchange on Sunday, as the initial public offering (IPO) market in the city gathers pace once again after the Chinese New Year holiday. Neither firm disclosed their fundraising size or listing timetable. Everdisplay Optronics, a leading advanced OLED screen maker listed in Shanghai, plans to use the new-share sale proceeds to upgrade manufacturing technology, fund research and development and repay debt. Galaxis Technology, which focuses on advanced robotics systems for industrial and logistics applications, intends to channel the IPO proceeds into upgrading its robotics products, developing core technologies including the use of artificial intelligence, expanding production capacity and pursuing overseas expansion. In 2025, Hong Kong’s capital markets saw one of their strongest years in recent memory, buoyed by robust secondary-market trading and a resurgence in new listings. The exchange topped the global ranking for IPO fundraising last year, with 119 firms raising a total of HK$285.8 billion (US$37 billion), helped by listings from mainland technology and innovation companies. The strong momentum continued in the first two months of the year, with 24 newly listed companies, up from the 10 recorded during the same period in 2025. Fundraising also surged over January and February according to stock exchange data, reaching HK$89.2 billion – more than 11 times the figure for the same months in 2025. At the end of February, the exchange had an IPO pipeline of 488 active applications. Total funds raised in the securities market for the first two months of 2026 stood at HK$123.4 billion, an increase of 331 per cent compared with HK$28.6 billion a year earlier. The average daily turnover stood at HK$260.9 billion, an increase of 17 per cent compared with HK$222.5 billion a year earlier. Bourse operator Hong Kong Exchanges and Clearing aimed to roll out a broad package of market reforms to attract more international listings, CEO Bonnie Chan Yiting said last month. “We will continue to roll out listing reforms to support the development of the real economy and address the specific needs of different types of companies,” Chan said. Everdisplay Optronics continued to make losses, with its net loss narrowing 22 per cent to 1.37 billion yuan (US$198 million) in the first nine months of 2025, compared with a year earlier. Similarly, Galaxis Technology posted a loss of 135.2 million yuan in the first nine months of last year, slightly narrower than the 135.4 million yuan loss a year earlier.