---
title: "Today, 6 IPOs collectively rang the bell"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/290908777.md"
description: "On June 26, the Hong Kong Stock Exchange welcomed six companies collectively ringing the bell for their IPOs, including LINGYI ITECH and WENGE AI. These companies operate in fields such as AI hardware and chips, attracting nearly a hundred cornerstone investors with a subscription amount exceeding HKD 10 billion. Several new stocks showed strong performance at the opening, with considerable market capitalization. This intensive IPO activity marks the reopening of the exit window for Hong Kong stocks, with more companies planning to list in the future"
datetime: "2026-06-26T03:25:41.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/290908777.md)
  - [en](https://longbridge.com/en/news/290908777.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/290908777.md)
---

# Today, 6 IPOs collectively rang the bell

Once again, a scene filled with the sound of gongs and drums unfolds.

On June 26, the Hong Kong Stock Exchange welcomed six companies collectively ringing the bell—LINGYI ITECH, WENGE AI, KETUO CO., LTD., SENGBANG CO., LTD., PT Merdeka Gold-DRS, and ChipMOS TECHNOLOGIES INC., with businesses spanning AI hardware, decision intelligence, smart parking, simulation chips, gold mining, and PCB equipment.

Among them, LINGYI ITECH (01688.HK) opened at HKD 10.8 per share, with a market capitalization of approximately HKD 90 billion; WENGE AI (01956.HK) surged over 80% on its debut, with a market capitalization of about HKD 19 billion; KETUO CO., LTD. (02272.HK) soared nearly 180%, with a market capitalization of around HKD 11 billion; SENGBANG CO., LTD. (03661.HK) had a market capitalization exceeding HKD 70 billion; PT Merdeka Gold-DRS (06228.HK) had a market capitalization of HKD 39 billion; and ChipMOS TECHNOLOGIES INC. (09630.HK) opened with a market capitalization exceeding HKD 70 billion.

The subscription lineup behind these IPOs is equally impressive, with nearly a hundred cornerstone investors collectively participating, raising over HKD 10 billion. SENGBANG CO., LTD. attracted 26 cornerstone investors, including GIC, Morgan Asset Management, and Taikang Life; LINGYI ITECH brought in nearly 20 cornerstone investors, including Shenghong Technology, Sunny Optical, Honor, Morgan Stanley, and KKR; ChipMOS TECHNOLOGIES INC.'s cornerstone lineup includes shareholders like Hefei Jianhui, Jinghe Integration, and Huitianfu... Even KETUO CO., LTD., which did not bring in cornerstone investors, has Tencent and Yu Minhong's Hongtai Fund among its backers.

Thus, today marks the birth of six IPOs. Coincidentally, looking ahead to these six IPOs, three and five more companies are set to list on the Hong Kong Stock Exchange on June 29 and June 30, respectively. Behind them stand hundreds of VC/PE and industrial capital, with a long-awaited exit window opening in the secondary market.

## Today, 6 IPOs Debut

The spectacle of six gongs ringing simultaneously on the same day is undoubtedly breathtaking.

First, let's look at LINGYI ITECH, which has the highest market capitalization on its first day of trading. The story of LINGYI ITECH begins with its leader, Zeng Fangqin, who has a background in studying abroad and entered the precision manufacturing industry upon returning to China. In 2006, after turning forty, Zeng Fangqin resigned from her executive position at Meishi Precision to start her own business, later leading the company into the Apple supply chain, becoming one of the first Chinese enterprises to enter the "fruit chain." Today, Zeng Fangqin, along with Zhou Qunfei of Lens Technology and Wang Laichun of Luxshare Precision, is referred to in the industry as the "three queens of the fruit chain." In the 2025 Hurun China Female Entrepreneurs List, Zeng Fangqin ranked 6th with a fortune of 69.5 billion yuan.

This IPO is not LINGYI ITECH's first foray into the secondary market. Back in 2018, LINGYI ITECH went public on the Shenzhen Stock Exchange through a reverse merger with Jiangfen Magnetic Materials, leading the company to become a hundred billion enterprise. This listing in Hong Kong also signifies the company's access to the "A+H" dual financing platform. Notably, LINGYI ITECH has brought in 19 cornerstone investors, including industrial capital from Shenghong Technology, Sunny Optical, Honor, and well-known institutions like Morgan Stanley, KKR, and Huiri Compared to the self-made LINGYI ITECH, WENGE AI has taken a different entrepreneurial path.

In 2017, five researchers from the Institute of Automation of the Chinese Academy of Sciences stepped out of the research system to co-found an artificial intelligence company, WENGE AI, focusing on enterprise-level decision intelligence. Its core product is the DIOS decision intelligence operating system, with clients spanning government departments, media, and large enterprises.

Before its IPO, WENGE AI had completed 10 rounds of financing, with a dazzling array of investors. The shareholder list includes national teams such as the National Development Bank's Manufacturing Transformation and Upgrade Fund, the China Internet Investment Fund, and the CCTV Integrated Media Industry Investment Fund, as well as well-known venture capital firms like Zhongke Chuangxing, Shenzhen Capital Group, and Yingfu Taike. For this IPO, WENGE AI also brought in six cornerstone investors, including Harvest Global Investments, Qianhai International, and Huatai Capital.

The story of Keta Technology is even more dramatic. This is a smart parking space operator, covering over 30,000 parking lots, ranking second in the industry by revenue projected for 2024, with a market share of 3.3%. However, founder Sun Longxi initially chose a path unrelated to smart parking, focusing instead on the telecommunications product field.

Back in 2006, Sun Longxi, who was focused on communication technology, received a large order for ultrasonic parking space detection equipment shortly after the company's establishment. He led his team to work day and night to develop a product that met the client's requirements, but the client backed out, putting the company in a difficult position. To deal with the excess inventory, Sun Longxi tried selling the product on Alibaba and unexpectedly received an order from a client in Singapore, who used the ultrasonic equipment for parking space management. This opened Sun Longxi's eyes to the blue ocean of the domestic parking market, prompting him to pivot into the smart parking sector.

Over the years, Keta Technology has also attracted the attention of many star investors. The second-largest shareholder, Jiatuo Tiancheng Group, is backed by Peng Jianhu, the founder of Giant Network, formerly known as Century Cruise. Tencent became the company's third-largest shareholder through two investments. Meanwhile, the Hongtai Fund, co-founded by Yu Minhong and Sheng Xitai, is also an old shareholder of the company.

In recent years, Keta Technology has attracted the attention of internet tycoons and investment institutions. Tencent, the Hongtai Fund under Yu Minhong, and Peng Jianhu, former chairman and president of Giant Network, are all shareholders of Keta Technology.

Shengbang Technology has the most cornerstone investors among this batch of new stocks, with 26 institutions placing heavy bets. This domestic analog chip leader is also following the "A+H" route, having already been listed on the ChiNext in 2017. For its Hong Kong listing, Shengbang Technology's subscription lineup is luxurious, with 26 institutions including GIC, Morgan Asset Management, CPE Ginkgo, Taikang Life, and Huiri collectively subscribing approximately $293 million, accounting for 49.89% of the offering. The prospectus shows that the company's revenue is expected to grow from 2.616 billion yuan in 2023 to 3.898 billion yuan in 2025, ranking first among domestic analog integrated circuit manufacturers in China and eighth globally by 2025 revenue Similarly successful "A+H" company ChipMOS Technologies has also brought in a luxurious cornerstone lineup. A total of 19 institutions, including Hefei Jianhui, Jinghe Integrated, Shenghong Technology, Huitianfu, and GF Fund, subscribed for approximately USD 200 million. Founded in 2015 and headquartered in Hefei, Anhui, ChipMOS Technologies is a high-tech enterprise focused on the research, development, manufacturing, sales, and maintenance services of high-end direct imaging equipment and direct-write lithography equipment. According to data from ZhiShi Consulting, based on 2025 revenue, ChipMOS Technologies ranks fourth among global direct-write lithography equipment suppliers, with a market share of 9.4%.

The last company, PT Merdeka Gold-DRS, a gold miner from Indonesia, has an impressive background as well. Its controlling shareholder, Merdeka Copper Gold, is backed by Indonesian mining tycoon Garibaldi Thohir. PT Merdeka Gold-DRS's core asset, the Pani gold mine, is the largest primary gold mine in Indonesia, with its first gold production expected in February 2026. It is worth mentioning that unlike a typical IPO, the company's listing on the Hong Kong Stock Exchange this time involves the sale of existing shares (secondary listing + transfer of old shares), with no new shares issued for financing.

Even though the company itself is still in the red, it has attracted a large cornerstone group. A total of 11 institutions, including Glencore, Trafigura Group, Ping An Asset Management, Universal Gold, and GF Fund, subscribed for USD 152 million.

Thus, a scene of six IPOs in one day at the Hong Kong Stock Exchange has been created.

## IPO Acceleration

Looking back at the six IPOs, there will be eight more IPOs scheduled to list in the last few days of the first half of the year. On June 29, there will be three, and on June 30, there will be five.

The three companies scheduled to list on June 29 are Haiguang Xinzhen, Baige Online, and Libang Pharmaceutical.

Haiguang Xinzhen, based in Beijing, is a company focused on the research, design, manufacturing, and sales of high-speed optoelectronic interconnection products, primarily targeting the AI data center, cloud computing, and high-speed communication network markets. This IPO has brought in six cornerstones, including JSC International Investment Fund SPC, Shuangying Technology, Kingsoft Cloud Network, UBS AM Singapore, Perseverance Asset Management, and E Fund, with subscriptions of approximately HKD 760 million, accounting for 49.85% of the offering.

Baige Online is an insurtech company specializing in scenario insurance, with a much weaker cornerstone lineup, consisting only of GLY New Mobility 2. LP and Mr. Ke Jiaqi, with subscriptions of only about HKD 20 million, accounting for 3.34%.

Libang Pharmaceutical, a biopharmaceutical company focused on the field of kidney disease, has a core product, AP301, and boasts the most luxurious cornerstone among the three, with a total of 11 institutions, including GIC, Loomis Sayles, RTW Fund, Symbiosis, Tencent, Cormorant, DAMSIMF, GF Fund, Huitianfu Hong Kong, E Fund, and LVC, subscribing for approximately USD 81.5 million (about HKD 639 million) Accounting for 49.78%.

Among the five companies set to go public on June 30, four are truly new stocks: Zhenjiankang Medical, Laifu Xiebo, Xunlong Technology, and Jiangxi Biology; the other, Liangqing Holdings (03774.HK), strictly speaking, does not count as a new stock, as this company is transitioning from the GEM board to the main board without issuing new shares.

According to incomplete statistics from Rongzhong Finance, including these eight companies awaiting listing, the Hong Kong Stock Exchange has welcomed a total of 87 new stocks in the first half of this year, far exceeding the 42 from the same period in 2025. The number has already doubled.

The reason these figures are shocking is that they build upon an already impressive foundation in 2025. Data shows that the Hong Kong Stock Exchange had a total of 119 companies listed in 2025, raising over HKD 285 billion, returning to the top of the global IPO rankings after four years. The cornerstone system has also undergone a qualitative leap; according to LiveReport big data statistics, in 2025, there were 89 IPO companies in the Hong Kong market that introduced cornerstone investors, with a total investment amount of approximately HKD 106.6 billion, setting a historical high.

Specifically, A-share companies are an indispensable force in the team going public in Hong Kong. Among the six new stocks today, Shengbang Co., LINGYI ITECH, and Xinqi Microelectronics are members of this "A+H" team.

Ernst & Young's report on the "Review and Outlook of the IPO Market in Mainland China and Hong Kong in the First Half of 2026" shows that the Hong Kong stock market also continued its prosperous trend in the first half of the year, with fundraising exceeding the total of the same period in the past four years. In terms of market structure, the top ten IPO fundraising amounts accounted for 44% of the total fundraising, with eight being "A+H" models. The technology sector is in an absolute leading position in terms of the number of IPOs, and driven by leading A+H enterprises, the technology sector (including advanced manufacturing) is also the main financing sector.

Ernst & Young's statistical data also shows that the industrial and technology sectors account for 65% of the overall number of IPOs and 74% of the fundraising amount, with the semiconductor and AI large model-related hard technology sub-sectors contributing the most; there are 11 companies in the biotechnology sector listed under Chapter 18A. The quality of new stocks is also improving, with an average first-day return rate of 61% for new stocks in the Hong Kong market in the first half of the year and a breaking rate of 12%, setting a near five-year low.

On the A-share side, the pace is also accelerating.

According to statistics from Deloitte China's Capital Markets Services Department, it is expected that by the end of June, there will be 70 new stocks issued and listed in the A-share market in the first half of the year, with a total fundraising amount of approximately RMB 69.3 billion. Compared to the same period last year, which had 51 new stocks and RMB 37.3 billion, the number has increased by 37.25%, and the fundraising has surged by 85.8%.

Expanding the view to the global scale, according to Deloitte data, in the first half of this year, the performance of global new stock IPOs surpassed that of the first half of 2025. The fundraising amount increased nearly fivefold. Thanks to the listing of SpaceX, the U.S. stock market's NASDAQ ranks first in global IPO fundraising with HKD 872.4 billion; the Hong Kong Stock Exchange, which won the global IPO fundraising championship last year, ranks second this year with HKD 203.3 billion in the first half of the year The New York Stock Exchange ranks third with HKD 124.2 billion, while the Euronext, Shanghai Stock Exchange, and Shenzhen Stock Exchange rank fourth to sixth respectively.

## Policy Easing, Targeting Hard Technology

Behind this round of IPO frenzy, the change in the regulatory attitude is an unavoidable thread.

On June 17, the 2026 Lujiazui Forum opened. The Chairman of the China Securities Regulatory Commission, Wu Qing, threw out a key signal in his keynote speech, stating that the STAR Market will expand the application scope of the fifth set of standards to the field of artificial intelligence, actively supporting the listing of high-quality artificial intelligence large model enterprises. The fifth set of standards for the STAR Market was originally a channel reserved for technology companies that are not yet profitable but have high growth potential. This expansion follows the first round of expansion of the "1+6" policy in 2025, with the regulatory authorities further focusing on the large model track.

Almost simultaneously, the Shanghai Stock Exchange released the "Review Guidelines for Large Model Enterprises Applicable to the Fifth Set of Listing Standards of the STAR Market," detailing the business scope, technical advantages, phased achievements, and industry status for large model enterprises under the fifth set of standards. For example, it requires that at least one large model product has been launched and achieved large-scale application at the time of the company's application, which keeps companies still in the conceptual stage out of the door, leaving room for those who have truly developed a commercial prototype. The Shanghai Stock Exchange also publicly solicited opinions on the revised interim regulations for STAR Market application recommendations, adding review standards for relevant industries in future industrial fields.

Wu Qing also mentioned in his speech the need to implement strategic deployments for developing future industries, supporting more "hard technology" enterprises such as quantum technology, biomanufacturing, and embodied intelligence to list on the STAR Market; guidance on regulating the development of the artificial intelligence capital market will be issued in due course, and strict investigations and penalties will be imposed on illegal activities such as market manipulation, insider trading, and using technology to hype concepts. The expansion is not a relaxation of review; rather, the review standards have become more detailed and specific.

This set of policy signals aligns with the current structural changes in the IPO markets of Hong Kong and A-shares.

Today, at the Hong Kong Stock Exchange, the listing bell was rung by Shengbang Technology and Chipone Technology, which are taking the semiconductor route, while Zhongke Wenge is following the AI large model route under Chapter 18C. Keda Technology and LINGYI ITECH are involved in smart city and embodied intelligence applications, and the tracks these companies are in happen to be the directions explicitly supported by the policy.

The Hong Kong Stock Exchange is also making simultaneous efforts. According to Ernst & Young, there are currently over 420 companies queued to list on the Hong Kong Stock Exchange, and the secondary listing of A-share technology companies in Hong Kong will become one of the two major themes of the year; Deloitte China predicts that by the end of 2026, the Hong Kong new stock market will have 160 new stocks listed, raising a total of HKD 300 billion.

Moreover, according to Deloitte China's predictions, if Changxin Technology successfully lists within this year, the ranking of the Shanghai and Shenzhen Stock Exchanges in the global new stock market will continue to improve; among the companies queued in Hong Kong, over 400 are related to artificial intelligence and semiconductors. Whether they can seize the two opportunities of the expanded scope of the fifth set of standards of the STAR Market and the "special line for technology enterprises" of the Hong Kong Stock Exchange will become a key focus of the secondary market in the second half of 2026 For the primary market, this IPO boom has another layer of meaning.

According to data from IT Juzi, the number of institutions actually making investments in the market has decreased from 1,661 in 2015 to 737 now, a reduction of 55.6%. This means that only half of the institutions still have money and are still making investments. Even more shocking is that during the period from 2020 to now, 1,500 institutions have not made any investments at all, accounting for 23%.

By the end of 2025, the number of funds in the domestic equity investment market that are in the exit period or extension period will exceed 30,000. This means that many VC/PE institutions are holding projects that are about to expire or nearing expiration, and these projects also need a place to realize their value.

The larger the IPO exit window, the more likely it is that investment institutions that have been waiting for five to eight or even ten years will successfully achieve exits and realize their investments

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