Nearly HKD 200 Billion; Hong Kong Stocks Face A Year-End “Unlocking Frenzy” Test

The Hong Kong Stock Market Is Confronting Profit‑Taking Pressure, With Approximately HKD 193.8 Billion Of Restricted Shares Set To Become Tradable Before Year‑End.

From This Wednesday Through Year‑End, Twenty‑Eight Companies Listed In Hong Kong Over The Past Year Will See Lock‑Up Expirations, Allowing Early Investors, Management, And Controlling Shareholders To Sell Their Holdings. Based On Tuesday’s Closing Prices, The Total Value Of Shares Becoming Unlocked Reaches USD 24.9 Billion.

This Unlocking Wave Coincides With Rising Global Risk Aversion And Weakening Market Momentum, Adding Pressure To Hong Kong Equities. Although The Hang Seng Index Has Gained 29% This Year, It Is Experiencing Its Largest Weekly Decline In A Month, While Uncertainty Around Federal Reserve Policy Further Weighs On Sentiment. (The Hang Seng Index Has Risen 29% This Year.)

Raymond Wong, First Vice President Of Renyun Family Office (Hong Kong) Co., Ltd., Stated: Unlocking Expirations Are A Clear Risk Factor For Hong Kong Stocks Before Year‑End. After This Year’s Strong Rally, Investor Profit‑Taking Is Normal, Both At The Individual Stock Level And Across The Broader Market.

Listing Boom Expands Unlocking Scale Hong Kong’s IPO Market Is Experiencing Its Most Active Year In Four Years. Bloomberg Industry Research Estimates That Total Fundraising In 2025 May Exceed USD 40 Billion.

This Listing Surge Has Directly Increased The Year‑End Unlocking Scale. Bloomberg Data Compiled Show That The Twenty‑Eight Companies Facing Unlocks Have Seen Their H‑Shares Rise An Average Of 95% Since Listing. Among Them, 药捷安康（南京）科技股份有限公司 Leads Gains This Year, Soaring About 1,440%.

While The Concentrated Debut Of Numerous New Listings Has Injected Vitality Into The Market, It Also Means A Large Volume Of Restricted Shares Will Enter Circulation In The Short Term. The Timing Is Particularly Sensitive Given The Current Slowdown In Market Momentum.

H‑Share Premium Stocks Face Greater Pressure Kenny Ng, Strategist At China Everbright Securities International, Noted That Companies Dual‑Listed In A+H Markets With H‑Share Premiums Are Expected To Face Especially Pronounced Downward Pressure.

Currently, Dual‑Listed Stocks Maintaining H‑Share Premiums Include Contemporary Amperex Technology (CATL) And Jiangsu Hengrui Medicine. For Such Companies, The Valuation Advantage Of H‑Shares Relative To A‑Shares May Prompt Unlocking Shareholders To Prioritize Reducing Hong Kong Positions, Thereby Intensifying H‑Share Correction Pressure.

This Structural Pressure Underscores The Differentiated Impact Of The Unlocking Wave On Various Listing Structures, Highlighting The Need For Investors To Monitor Individual Companies’ Listing Frameworks And Valuation Divergences.