NEWS WRAP: Hong Kong IPO market crescendos with six new listings in one day

All six stocks closed up on their first trading day, as the group collectively raised $810 million

By Doug Young

Six companies made their trading debut on the Hong Kong Stock Exchange on Tuesday, marking the most new listings on single day in more than five years, as the group collectively raised HK$6.3 billion ($810 million). Shares of all six companies rose on their first trading day, though two just barely managed to eke out gains from their IPO prices.

The biggest winner on the day was 51World (6651.HK), developer of a digital twin Earth, whose shares closed at HK$39.62, up 30% from their listing price of HK$30.50, as the company raised HK$650 million. The other big winner was InSilico Medicine (3696.HK), operator of an AI-based drug development platform, whose shares rose 25% after the company raised HK$2 billion.

The six listings marked a single-day high in one of Hong Kong’s hottest IPO markets in years, as companies rush to complete their trading debuts by the end of 2025. Some 25 companies listed in December alone, making Hong Kong the world’s biggest IPO market this year in terms of funds raised. The market is expected to raise about HK$300 billion this year, supported by eight new listings that raised over HK$10 billion each, according to Deloitte.

Other companies making their trading debuts on Tuesday included: Skincare products maker Forest Cabin (2657.HK), whose shares rose 9.3% on their first day as the company raised HK$1 billion; USAS Building (2671.HK), whose stock rose 7.6% after it raised HK$140 million; Xunce Technology (3317.HK), whose shares rose 1% after it raised HK$1 billion; and OneRobotics (6600.HK), whose stock rose 0.07% after it raised HK$1.5 billion.

The Hong Kong IPO market lay largely dormant during the latter part of the pandemic and in the first two years afterwards, amid uncertainties about a post-pandemic recovery and China’s slowing economy. Before this week, the last time more than six companies debuted on a single day came in July 2020, when seven stocks began trading.

The market began to pick up toward the end of 2024, as investors became encouraged by growing signals that Beijing would step in with stimulus measures to try and boost the slumping economy. Adding to the momentum, many IPO candidates that previously might have listed on Wall Street have shifted their sights to Hong Kong in response to an increasingly hostile environment towards Chinese companies in the U.S.

The momentum is expected to continue into the first part of 2026. At least four more companies are preparing to make IPOs after passing their Hong Kong listings hearings, including Biren Technology (6082.HK), whose trading debut is set for Jan. 2.

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