Singapore/Hong Kong, Dec 31: Shares of several Chinese companies jumped on their Hong Kong trading debuts on Tuesday after raising nearly HK$7 billion ($900 million) in initial public offerings, rounding off a resurgent year for listings as the city dominated Asian equity capital markets.
The six debutants all closed above their IPO prices, underscoring renewed investor confidence driven by regulatory tweaks, ample liquidity and growing enthusiasm for technology-led growth. Average first-day gains for Hong Kong IPOs in 2025 were about 40%, according to Hong Kong Exchanges and Clearing.
As of Dec. 30, companies had raised HK$285.8 billion ($36.73 billion) from 119 IPOs in Hong Kong this year, market data showed, cementing the city’s position as Asia’s top fundraising venue.
“This year’s actually been the best we’ve had since Ant’s IPO got pulled in 2020,” said George Au, deputy sales director at Phillip Securities, citing a boom in margin loans, high-profile listings such as Mixue and CATL, and allocation rule changes introduced in August.
Among Tuesday’s gainers, generative-AI drug discovery firm InSilico Medicine Cayman TopCo jumped nearly 25%, while Beijing 51WORLD Digital Twin Technology rose about 30%. Industrial steel-structure maker USAS Building System climbed 7.6% and premium skincare brand Shanghai Forest Cabin Cosmetics Group gained more than 9%.
Shenzhen Xunce Technology and robotics firm OneRobotics posted more modest gains.
“The China market warrants a deeper look at these emerging tech, robotics and AI companies tapping the Hong Kong capital market for funding and growth,” said Mac El-Omari, co-founder of 6E Capital, noting that most of the capital being raised is coming from local investors.
The momentum continued as three Chinese companies launched share sales in Hong Kong on Tuesday, adding more than HK$9 billion to the city’s IPO pipeline.
Knowledge Atlas Technology Joint Stock Co, also known as Zhipu AI, is marketing 37.42 million H-shares at HK$116.20 each to raise HK$4.35 billion. Chipmaker Shanghai Iluvatar CoreX Semiconductor is offering 25.4 million shares at HK$144.60 to raise HK$3.67 billion, while surgical robotics maker Shenzhen Edge Medical plans to raise about HK$1.2 billion.
All three are scheduled to start trading on Jan. 8.
With more than 300 companies having filed to list, market participants expect the momentum to carry into 2026. Semiconductor designer Shanghai Biren Technology is set to debut on Jan. 2, followed by AI startup MiniMax, which could launch its offering as early as next week.
