<div id="readability-page-1">A burst of 16 new and refiled initial public offering (IPO) applications on Tuesday – including Miniso-backed toy retailer Top Toy – signals a renewed push by companies to tap Hong Kong’s capital markets, as the city looks to cement its standing as a leading global listing venue despite intensifying competition and lingering headwinds. The filings, disclosed by Hong Kong Exchanges and Clearing (HKEX) on March 31, span a range of sectors, though hard-tech firms dominate the pipeline. Companies focused on integrated circuits, industrial robotics and intelligent manufacturing feature prominently, alongside a smaller cohort of consumer and services names such as Top Toy International Group. Among the applicants are Alkaidsemi (Shanghai) Technologies, a semiconductor firm specialising in power devices and audio chips under a virtual IDM model, and Changzhou Microintelligence, which develops embodied intelligence for industrial robotics. Top Toy is making a second attempt after its previous application lapsed, with JPMorgan Chase and UBS acting as joint sponsors. Founded in late 2020, the trend toy retailer completed a US$59.4 million funding round in July 2025, with backing from investors including Temasek, valuing the company at about US$1.3 billion, according to its prospectus.  It is among several companies – including chipmaker Rayson Hi-Tech (SZ) and smart manufacturing solutions provider Semi-Tech Group – returning to the market with refreshed filings. The clustering of applications reflects improving issuer sentiment following a strong start to the year. Hong Kong ranked first globally for IPO proceeds in the first quarter, raising about US$13.3 billion from 37 mainboard listings – its strongest first-quarter showing in five years, according to LSEG. The city also hosted three of the world’s 10 largest IPOs and secondary listings in the first quarter, including Muyuan Foods’ US$1.5 billion offering, the biggest equity issuance in Hong Kong so far this year, LSEG data showed. Hi-tech companies accounted for 49.1 per cent of total IPO and secondary listing proceeds in Hong Kong, raising US$6.5 billion from 15 new issues, compared with none in the same period last year, the data showed. Looking ahead, Chinese spatial computing software firm Manycore Tech and Nasdaq-listed video streaming platform iQiyi, backed by Baidu, are also preparing for potential listings in Hong Kong. HKEX data also pointed to a steadily rebuilding pipeline. As of March 31, 586 IPO applications had been processed year to date – including 208 new filings since the start of 2026 – with 413 cases still under review. The pickup comes despite renewed market volatility, as tensions between the US and Iran weigh on sentiment. Hong Kong’s benchmark Hang Seng Index fell 6.9 per cent in March. Even so, more than 70 per cent of companies listed that month rose on debut, with 11 of 15 closing higher on their first trading day, according to Futu Securities. On an individual stock basis, Shandong Extreme Vision Technology, an AI computer vision solutions provider, surged 150 per cent on its trading debut on March 30, making it the best-performing new listing of the month. The company completed its listing in no more than 70 days from filing to debut, setting a record for Chapter 18C listings in Hong Kong. Frank Bi, head of corporate transactions in Asia at law firm Ashurst, expected about 100 new listings in the first half, raising roughly US$10 billion, with activity led by mid-sized H-share and A-to-H deals. While approvals have slowed, deal-making remained “vibrant”, with cornerstone investors continuing to negotiate allocations behind the scenes, Bi said. He added that geopolitical uncertainty could ultimately support Hong Kong’s markets. “During periods of instability, capital would look for safe, highly liquid jurisdictions,” he said, pointing to growing foreign investor confidence alongside sustained southbound flows as drivers of a broader recovery in IPO and equity capital markets. However, Bi cautioned that while HKEX is processing more than 400 active IPO applications, excluding confidential filings, only about half were likely to proceed to pricing amid a more selective listing environment. </div>

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<p>Hong Kong is experiencing a surge in IPO applications, with 16 new and refiled submissions, including Top Toy, indicating a strong push to attract capital despite competition. The filings, disclosed by HKEX, highlight a focus on hard-tech sectors like integrated circuits and robotics. Hong Kong ranked first globally for IPO proceeds in Q1, raising $13.3 billion. Despite market volatility, investor sentiment remains positive, with expectations of around 100 new listings in the first half of the year, potentially raising $10 billion. However, only half of the active applications may proceed to pricing due to a selective environment.</p>

Hong Kong tightens grip on IPO crown as filings surge and pipeline grows