A record 7 firms list in a single day as A+H dual offerings drive market activity
The initial public offering market in the Hong Kong Special Administrative Region is expected to sustain its strong growth momentum in the second half of 2026, with the “A+H” dual-listing model poised to drive IPO activity, financial analysts said.
On Thursday, seven Chinese mainland companies from the hard technology, domestic consumption, and electronic device sectors made their debut on the Hong Kong stock exchange, with varying share price performances on the first trading day.
This marked a new record for the highest number of companies simultaneously listing on the main board in a single day, as well as the largest single-day fundraising record for the year, with HK$38.84 billion ($4.96 billion) raised.
Among these newly listed firms, the share price of Shenzhen-based Luxshare Precision Industry Co — an iPhone and AirPods assembler for Apple Inc — declined nearly 1.55 percent from an offering price of HK$63.28 per share.
The mainland’s largest precision intelligent device manufacturer was listed on the Shenzhen stock exchange in 2010, and is pursuing an A+H dual listing to expand its international financing channels.
With the global issuance of 383 million H-shares, the company is expected to raise HK$24.3 billion, potentially making it the biggest IPO so far in Hong Kong in 2026.
In the first half of 2026, Hong Kong hosted 87 new listings, representing a 98 percent increase year-on-year. Funds raised through IPOs during this period surged 92 percent to HK$210.2 billion compared to the previous year, according to Hong Kong Exchanges and Clearing. Overall, funds raised reached HK$346.1 billion, up 22 percent year-on-year.
“The recent wave of Hong Kong listings shows the sustained investor appetite for technology and advanced manufacturing issuers,” said Matt Emsley, a Hong Kong partner at global law firm Herbert Smith Freehills Kramer, which advised the joint sponsors and underwriters on the Luxshare IPO. “Luxshare’s listing underscores Hong Kong’s continued role as a leading international capital-raising venue for high-quality mainland companies.”
Currently, over 500 companies have submitted listing applications to the Hong Kong Exchanges and Clearing Ltd, and PwC Hong Kong estimates the city’s IPO market could raise up to HK$380 billion this year, which could cement its place among the top three global IPO markets in 2026.
PwC Hong Kong says the special administrative region is emerging as a preferred listing destination for the mainland’s A-share companies, as it allows them to broaden and diversify their investor bases, and enhance their international brand presence.
“It is essential to continuously enhance the overall IPO ecosystem, including regularly reviewing and enhancing the listing rules to adapt to market changes and corporate needs, as well as proactively strengthening communication with investors and prospective listing companies,” PwC Hong Kong Capital Markets Leader Eddie Wong said.
Following its consultation earlier this year, HKEX is expected to announce initiatives to reduce the market capitalization threshold for listings with weighted voting rights structures, relax qualification requirements for secondary listings, and expand the eligibility for confidential filings to all new applicants.
EY expects that the A+H theme IPOs will dominate the market in the second half of this year, with companies from AI, biotech, new energy, and new consumption sectors racing to list in the city.
“We are optimistic about the outlook for the Hong Kong IPO market, driven by the thriving IPO activities and a robust pipeline,” said Louis Lau, partner and head of Hong Kong Capital Markets Group at KPMG China. “The notable surge in Chapter 18C listings is particularly encouraging, as these listings play a crucial role in fostering a high-tech ecosystem in Hong Kong.”
Contact the writers at oswald@chinadailyhk.com
