Nearly 100 Companies Rush For Hong Kong IPOs Since Start Of Year, With Multiple A‑Share Firms Joining The “A+H” Wave

The momentum behind Hong Kong initial public offerings has remained elevated since the start of the year. By late January, close to one hundred issuers had submitted listing documents to the Hong Kong Stock Exchange, with 13 filings recorded on January 26 alone. Preliminary compilation by Shanghai Securities News shows that as of January 28 a total of 96 companies had filed for Main Board listings and two had applied to the GEM, and nearly 20 of the applicants represented repeat or multiple submissions; by comparison, 36 companies filed with the exchange in January 2025.

Companies seeking listings span a range of sectors, with concentrations in software services, hardware equipment, semiconductors, biopharmaceuticals, medical devices and services, and consumer goods. In the biopharmaceutical subsector, more than ten biotechnology firms are pursuing IPOs under Chapter 18A of the Hong Kong listing rules, a route designed for pre‑revenue biotech companies. These applicants largely focus on unmet medical needs in oncology and immunology. Among them, Bangsun Pharmaceutical concentrates on novel therapies for tumors and autoimmune diseases and is approaching commercialization; Zeling Biotech is in late‑stage clinical development of small‑molecule treatments addressing hematological, oncological, central nervous system and immune/inflammatory conditions; Qin Hao Pharmaceutical is developing potential best‑in‑class targeted oncology therapies; Yinuowei Pharmaceutical is engaged in the discovery, development, manufacture and commercialization of novel oncolytic immunotherapies and engineered exosome therapies; and Yifang Biopharma focuses on drug development for oncology, autoimmune and metabolic disorders.

Market observers note that the introduction of Chapter 18A in 2018 created an important pathway for pre‑revenue biotech companies to list in Hong Kong, catalyzing activity across immuno‑oncology, vaccines, surgical instruments and other frontier fields and helping to position Hong Kong as a global biotech financing center. Consumer brands have also been active in filing prospectuses. As of January 28, more than ten well‑known consumer names, including Junlebao Dairy, Big Pizza, Yuanji Food, Qiandama, Lao Xiang Ji and Sunnysandee, had submitted applications covering food and beverage, restaurant chains, community retail and lifestyle categories. Analysts tracking the sector say professional capital remains interested in consumer companies with solid fundamentals, and they expect the momentum of consumer listings in Hong Kong to continue through 2026.

Data from Choice indicate that among the companies filing in 2026, nearly 20 are already listed on the A‑share market, including Deye Co., Xinquan Co., Capchem, Xingyu Co. and GigaDevice, underscoring the ongoing “A+H” phenomenon. These A‑share issuers generally cite objectives such as advancing globalization strategies, broadening financing channels and accelerating overseas business development as motivations for pursuing Hong Kong listings. Market advisers observe that, in the current environment, Hong Kong serves as a principal platform for companies seeking international capital and global market access.

Advisers point out that the recent clustering of A‑share companies applying for Hong Kong listings began in the fourth quarter of 2024 and has continued into 2026, reflecting a confluence of policy windows, market cycles and corporate globalization strategies. From a corporate perspective, establishing a dual financing platform via an overseas listing is presented as a means to support global operations and strengthen competitive positioning. At the same time, international investment banks have expressed optimism about the Hong Kong IPO pipeline for 2026; if macro conditions remain relatively stable and liquidity improves, both the number of listings and aggregate fundraising could see meaningful recovery.

The surge in filing activity has also produced operational strains and quality concerns. Market participants have flagged instances in which some mainland issuers submitted incomplete placeholder applications to initiate domestic regulatory processes, filed documents of uneven quality with insufficient review, responded slowly or inadequately to sponsor inquiries, or executed offering procedures in a disorderly manner. Hong Kong Exchanges and Clearing leadership has publicly cautioned that the recent uptick in filings has placed pressure on resources and coordination, and has emphasized that IPO quality must not be compromised. Regulators and exchange officials have issued warnings regarding substandard applications to remind market professionals that speed must be matched by rigorous due diligence and adherence to listing standards.