Six China IPOs debut in Hong Kong after raising HK$7 billion to cap banner year

With more than 300 companies filing to list, the momentum is set to carry into 2026

[SINGAPORE/HONG KONG] Six Chinese companies made their Hong Kong trading debuts on Tuesday (Dec 30) after raising about HK$7 billion (S$1.2 billion), with most opening above their initial public offering (IPO) prices, rounding off a resurgent year for listings as the city dominated Asian equity capital markets.

About US$75 billion was raised through equity offerings in Hong Kong in 2025, including IPOs and follow-on share sales, more than triple the 2024 tally and the highest since 2021, according to LSEG data.

All but one of the debutants started trading above their IPO prices. InSilico Medicine Cayman TopCo, a generative-AI drug discovery firm, jumped about 45 per cent.

Beijing 51WORLD Digital Twin Technology, a software company, gained nearly 15 per cent, and USAS Building System, an industrial steel-structure maker, climbed more than 15 per cent, while Shanghai Forest Cabin Cosmetics Group, a premium skincare brand, rose about 9 per cent.

New IPO launches

Three Chinese firms launched Hong Kong share sales on Tuesday, adding more than HK$9 billion to the city’s IPO pipeline.

Knowledge Atlas Technology Joint Stock or Zhipu AI, is marketing 37.42 million H-shares at HK$116.20 apiece to raise HK$4.35 billion.

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Chipmaker Shanghai Iluvatar CoreX Semiconductor is offering 25.4 million shares at HK$144.60 for proceeds of HK$3.67 billion, while surgical robotics maker Shenzhen Edge Medical plans to sell 27.72 million shares at HK$43.24 each to raise about HK$1.2 billion.

The six debuts and three new launches highlight Hong Kong’s resurgence as an IPO hub. With more than 300 companies filing to list, the momentum is set to carry into 2026.

Shanghai Biren Technology is slated to debut on Jan 2, while artificial intelligence player MiniMax Group remains in the pipeline. REUTERS

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