Six companies made their Hong Kong trading debut on Tuesday, delivering a mixed but broadly positive performance as the city wrapped up 2025 as the world’s top IPO fundraising hub.

Biotechnology, artificial intelligence, and other new economy sectors stood out this year in both volumes and proceeds, with analysts expecting the trend to extend into 2026.

Shares of Beijing 51WORLD Digital Twin Technology, a digital-twin specialist that uses 3D graphics, simulation and artificial intelligence to replicate physical objects and systems, closed at HK$39.6 ($5.1), nearly 30 percent above its offer price. This valued the company at HK$16.1 billion.

InSilico Medicine Cayman TopCo, an AI-driven drug discovery and development company, rose about 25 percent to almost HK$30 per share, while four other newly listed companies also posted gains of varying degrees.

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The benchmark Hang Seng Index rose 0.86 percent on Tuesday to end at 25,854.60. The Hang Seng Tech Index gained 1.74 percent, and the Hang Seng China Enterprises Index advanced 1.12 percent.

The Hong Kong public offering tranche of InSilico Medicine was oversubscribed by more than 1,400 times, which CEO Alex Zhavoronkov said exceeded his expectations. The strong demand reflects investors’ growing understanding and confidence in the biotech sector, he added.

Zhavoronkov said Hong Kong offers an attractive listing and operating environment for biotech companies, aiding their global expansion. InSilico Medicine, based in Boston, plans to scale up its presence in the city, he said.

Following the introduction of Chapter 18A in the listing rules for pre-revenue biotech firms and Chapter 18C for specialist technology companies that fall short of traditional profit requirements, Hong Kong Exchanges and Clearing Ltd and the Securities and Futures Commission launched a dedicated technology enterprises channel in May. The initiative aims to provide tailored pre-IPO guidance and allows eligible firms to submit their applications confidentially.

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In this context, Deloitte reported earlier this month that “Hong Kong’s new economy IPO performance reached fresh highs in 2025”. Four specialist technology companies listed on the Hong Kong stock exchange this year, up from three in 2024, and 14 pre-revenue or pre-profit biotech firms went public, compared with four the previous year.

Deloitte estimated that 114 IPOs would be completed in Hong Kong in 2025, raising about HK$286.3 billion. The number of listings jumped 63 percent from the previous year, while proceeds more than tripled, enabling Hong Kong to overtake Nasdaq as the world’s largest IPO hub by funds raised.

Companies in information technology, biopharmaceuticals, new energy and electric vehicles, and advanced manufacturing reportedly accounted for more than 70 percent of new listings in Hong Kong, reflecting strong market appetite for innovation-driven sectors.

A KPMG report echoed this outlook, saying that the regulatory improvements “have streamlined and improved the listing process”.

“We are witnessing a steady influx of tech and biotech firms opting to list in Hong Kong, drawn by the city’s supportive policies and stable regulatory environment,” said Louis Lau, head of the Hong Kong Capital Markets Group at KPMG China.

Rising participation from overseas investors further emphasizes Hong Kong’s growing appeal as a gateway to Chinese assets and high-tech investment opportunities, he added.

Looking ahead, Lau predicted 2026 would be another “pivotal year for high-tech listings”, supported by policies favorable to innovation and new economy sectors, and the continued momentum from A+H listings.

On Friday, the first trading day of Hong Kong’s stock market in 2026, Shanghai Biren Technology Co — dubbed one of China’s “four little dragons” in the high-performance graphics processing units sector — will list through Chapter 18C. The company plans to offer 248 million shares at a range of HK$17 to HK$19.6 apiece.

Contact the writers at irisli@chinadailyhk.com