Every reporter: Zeng Zijian Every editor: Yuan Dong
In the first quarter of 2026, the Hong Kong stock IPO market delivered an impressive performance. In just 79 days, the fundraising scale exceeded HKD 100 billion, setting a new high in five years.
However, beneath the prosperity, there are undercurrents— the rate of new stocks breaking below their issue price has significantly increased, and the market shows clear structural differentiation. AI large model companies like Zhipu and MINIMAX-W have seen their stock prices rise more than fivefold since their listings, while new stocks in traditional industries are generally under pressure. What new pattern is reflected in this &#34;ice and fire&#34; IPO feast in the Hong Kong stock market?
<h2>Fundraising Scale Hits Five-Year High, Break Below Issue Price Rate Significantly Increases</h2>
In the first quarter of 2026, the Hong Kong stock IPO market welcomed a strong recovery. According to Wind data, as of March 31, a total of 40 companies (39 on the main board, 1 on GEM) completed IPOs, an increase of 150% compared to 16 companies in the same period last year; the total fundraising amounted to approximately HKD 109.9 billion, a year-on-year increase of 488.81%. This fundraising scale not only far exceeds the total amount for the entire years of 2023 and 2024 but also sets a new high since the second quarter of 2021.
In terms of fundraising pace, the Hong Kong stock IPO market completed the HKD 100 billion financing scale in just 79 days, while it took nearly half a year to achieve this goal in the same period last year. Monthly, the IPO fundraising amounts from January to March were HKD 42.3 billion, HKD 50.1 billion, and HKD 17.5 billion, with the number of newly listed stocks being 13, 11, and 16 respectively.
The return of large IPO projects has become the backbone of this round of financing boom. Two well-known mainland companies, MUYUAN and EASTROC, have successively landed on the Hong Kong stock market, each raising over HKD 10 billion, greatly boosting the overall fundraising scale of the market. The top three new stocks by fundraising scale are MUYUAN (HKD 12.099 billion), EASTROC (HKD 11.099 billion), and Lanqi Technology (HKD 8.099 billion), all of which are dual-listed A+H.
However, behind this impressive performance, the performance of newly listed stocks is increasingly diverging. As of the close on April 1, 16 out of the 40 newly listed stocks had already fallen below their issue prices, resulting in a break below issue price rate of approximately 40%.
<h2>Information Technology Sector Dominates, New Economy Enterprises Account for Over 50%</h2>
From an industry perspective, the Hong Kong stock IPO market in the first quarter of 2026 shows a clear &#34;technology shift.&#34; According to the classification of first-level industries by Tonghuashun, the number of new stocks from the information technology sector is the highest, with 22 companies, accounting for 56.41% of the total, and the fundraising amount is HKD 65.869 billion, accounting for 67.79% of the total amount.
Specifically, industries such as semiconductors, software services, robotics, and medical technology have become the main forces in IPOs. Among them, the number of companies listed in semiconductors, software services, and industrial engineering reached 8, 7, and 7 respectively, with companies in sub-sectors like algorithm vision and robotics being densely listed. The consumer goods sector ranks second, with a total of 7 companies listed in both non-daily and daily consumer goods
Analysts point out that Hong Kong stocks are shifting from a structure that was previously biased towards finance, real estate, and consumption, to one that is more focused on technology and innovation-driven sectors. This aligns with the changing logic of global capital allocation.
From the performance post-listing, there is a clear differentiation among various industries. Companies in sectors such as AI, semiconductors, and new energy have shown relatively strong performance after going public, with some AI companies achieving several times their initial value shortly after listing, becoming core assets pursued by investors. In contrast, traditional consumption, healthcare, and some industrial companies are more likely to experience price declines or weak fluctuations.
<h2>Top Five Bull Stocks and Top Five Bear Stocks: AI Newcomers Lead, Traditional Industries Under Pressure</h2>
Top Five Bull Stocks: AI Large Model Companies Stand Out
1. Zhipu (HK02513): As of April 1, Zhipu closed at HKD 915, up 687.44% from HKD 116.2.
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As a leading AI large model enterprise, Zhipu has performed impressively since its listing on January 8. As of March 31, the company's market capitalization has surpassed HKD 400 billion. The company's revenue is projected to soar from HKD 57.409 million in 2022 to HKD 312 million in 2024, with revenue of HKD 191 million achieved in the first half of 2025, a year-on-year increase of over 300%.
2. MINIMAX-W (HK00100): As of April 1, MiniMax closed at HKD 1060, up 542% from the issue price of HKD 165, with a peak price of HKD 1330 since listing, making it the highest-priced stock in Hong Kong.
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Minimax is a global leader in general artificial intelligence technology. On March 18, the company launched its next-generation flagship model, Agent M2.7, showcasing the &#34;self-evolution&#34; path of the model, pushing AI from passive execution to proactive evolution.
3. Zhaoyi Innovation (HK03986): As of April 1, Zhaoyi Innovation closed at HKD 366, up 125.9% from the issue price of HKD 162.
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Zhaoyi Innovation is a leading fabless semiconductor company dedicated to developing advanced memory technologies and IC solutions. The company successfully went public on the Shanghai Stock Exchange in August 2016 and has become a leading player in the A-share semiconductor sector
4. Lexin Outdoor (HK02720): As of April 1, Lexin Outdoor closed at HKD 25.58, an increase of 108.8% from the issue price of HKD 12.25.
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Lexin Outdoor is a representative of the new consumption sector, focusing on the research and manufacturing of fishing equipment, dedicated to providing high-quality one-stop professional services for fishing enthusiasts worldwide. The company is driven by innovation, combining modern technology with traditional craftsmanship to create practical, efficient, and personalized fishing gear; it emphasizes craftsmanship, paying attention to detail and durability, ensuring that each product meets the diverse needs of fishing enthusiasts.
5. Deshi-B (HK02526): The company was listed on the Hong Kong Stock Exchange on March 30, and as of April 1, Deshi-B closed at HKD 246.2, an increase of 148.7% from the issue price of HKD 99.
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The company focuses on biopharmaceutical research and development and is a leading enterprise in the field of medical imaging AI and medical imaging equipment, with operations covering global markets.
In addition to Lexin Outdoor, the common characteristic of the aforementioned high-performing stocks is that they all belong to high-growth technology sectors, particularly in AI, benefiting from the promotion of new technology frameworks like OpenClaw, with the market having high expectations for their future growth potential.
Five Major Underperformers: Traditional Industry Valuation Reversion
1. Youlesai Sharing (HK02649): The worst-performing new stock, with a decline of 64.55% as of March 30.
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The company focuses on providing circular packaging sharing operation services for the automotive industry. The fundamentals lack highlights, and the stock price has significantly dropped after listing. Due to the company's delay in disclosing its 2025 performance, Youlesai Sharing has suspended trading.
2. Hongxing Cold Chain (HK01641): As of April 1, Hongxing Cold Chain has declined by 46.98%.
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The company is a provider of cold chain logistics services and has performed weakly since its listing
3. Zhuozheng Medical (HK02677): As of the close on April 1, Zhuozheng Medical has dropped 36.96%.
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A medical service company that has continued to decline since its listing.
4. Tongshifu (HK00664): The company is the last new stock listed in the first quarter, which significantly dropped 49.17% on its first day, becoming the worst-performing new stock on its debut in the first quarter of this year.
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5. Aixin Yuanzhi (HK00600): As of March 31, Aixin Yuanzhi closed at HKD 18.5, with a drop of 34.4%.
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The company is a semiconductor design firm, and despite being in the technology sector, it has performed poorly since its listing.
<h2>Outlook: Over 400 Companies in the Queue, Annual Fundraising May Reach HKD 440 Billion</h2>
Looking ahead to 2026, the Hong Kong IPO market is expected to remain active.
According to data released by the Hong Kong Stock Exchange, as of March 31, in addition to the 39 listed main board companies, there are 17 main board companies approved by the listing committee awaiting listing, and there are 409 main board IPO applications still being processed.
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CICC pointed out that the activity of IPOs and refinancing in 2025 lays the groundwork for funding needs in 2026. Based on the current number of companies queued for listing on the Hong Kong Stock Exchange and the potential financing scale, the IPO financing scale in Hong Kong may increase from last year's HKD 285.8 billion to approximately HKD 440 billion in 2026.
The market generally believes that the IPO financing scale in Hong Kong is expected to continue its active trend, but the pace and quality will become more important variables. On one hand, as more large projects are pushed forward, there is still room for fundraising to increase; on the other hand, the continuous expansion of IPOs may lead to a certain diversion of existing funds, especially as a large number of newly listed stocks will gradually reach the end of their lock-up period in the second half of 2026, which may increase market volatility
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In the first quarter of 2026, the Hong Kong stock IPO market raised nearly HKD 110 billion, reaching a five-year high, with the number of companies increasing to 40, a 150% growth compared to the same period last year. However, the rate of new stock price declines significantly increased, reaching about 40%. AI companies performed strongly, while new stocks in traditional industries generally faced pressure, leading to structural differentiation in the market. The return of large IPO projects such as MUYUAN and EASTROC became key to the financing boom

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Hong Kong Stock Market Q1 2026 IPO Review: Fundraising Reaches a Record High of Nearly HKD 110 Billion, AI Newcomers Lead Market with Increasing Divergence