Multiple A‑Share Companies Update Hong Kong IPO Progress Since Start Of Year

As 2026 unfolds, A‑share issuers continue to pursue Hong Kong listings with sustained momentum. To date, three A‑share companies have completed listings in Hong Kong, while several others have advanced their listing processes. Dongpeng Beverage (250.140, -12.36, -4.71%) is preparing to list following the close of its offering; Muyuan Foods, Shenzhen Han’s CNC Technology (160.380, 1.88, 1.19%), and Qingdao Guoneng Technology are conducting active offerings; Montage Technology (181.850, 19.67, 12.13%) and Wuxi Lead Intelligent Equipment (57.710, 1.37, 2.43%) have passed their hearings.

A number of A‑share companies also filed prospectuses in January. On January 26, GigaDevice Semiconductor submitted its initial prospectus to the Hong Kong Exchange, stating that proceeds will be allocated to strengthen core memory chip and mixed‑signal technology development, enhance related design and processing platforms, optimize global supply‑chain layout, and bolster overseas team building and international marketing efforts.

Market data indicate that as of January 27, 357 companies remained in “processing” status for Hong Kong IPOs, with nearly 30 percent originating from the A‑share market. These applicants span strategic emerging sectors including new energy, biopharmaceuticals, semiconductors and advanced manufacturing, and many represent leading firms within their respective industries.

Since last year, cornerstone investor demand for Hong Kong IPOs has broadened to include prominent domestic venture capital firms, industrial investors, state‑backed funds, bank wealth‑management subsidiaries and insurance capital. Institutions such as Taikang Insurance Group have appeared on multiple cornerstone lists, while Dajia Life Insurance, China Post Wealth Management and ICBC Wealth Management have also participated. These institutional investors typically apply rigorous internal due diligence and favor larger, mature companies with reasonable valuations that meet their risk‑control standards.

State‑backed funds, including central and local industrial mother funds, have played an active role in seeding strategic emerging industries and shaping market confidence. For example, when Seres Group (104.090, -4.86, -4.46%) listed H‑shares in November 2025, the Chongqing Industrial Investment Mother Fund participated as a cornerstone investor. In January 2026, Jiangxi Guokong Private Equity Fund Management joined the cornerstone roster for Shanghai Longqi Technology (45.320, -1.09, -2.35%).

The A+H listing model has expanded markedly since the fourth quarter of 2024. UBS China President and UBS Securities Chairman Hu Zhiwei observed that 2025 saw a wave of A‑share companies successfully list in Hong Kong, particularly large‑cap and niche‑industry leaders, and that many additional A‑share issuers have initiated A+H plans.

International long‑term investors have also increased their presence as cornerstone backers. Since last year, global asset managers and sovereign wealth funds such as UBS Global Asset Management (Singapore), Abu Dhabi Investment Authority and Schroders have appeared on cornerstone lists. In January 2026, Middle Eastern sovereign funds and European family offices frequently committed capital with six‑ to twelve‑month lock‑up horizons. Notable examples include MiniMax (Xiyu Technology) attracting Abu Dhabi Investment Authority and Eastspring Investments, Shenzhen Jingfeng Medical Technology securing Abu Dhabi Investment Authority, and Shanghai Biren Technology drawing UBS Global Asset Management (Singapore). Dongpeng Beverage’s H‑share offering, launched on January 26, reported participation from Qatar Investment Authority, Temasek, BlackRock, UBS Global Asset Management, JPMorgan Asset Management, Fidelity and other leading long‑term funds.

UBS Securities Co‑Head of Global Investment Banking Shen Ge noted that foreign investment banks’ longstanding relationships with sovereign and long‑term funds enable efficient matching of high‑quality A+H opportunities with appropriate international investors. He emphasized that these long‑term investors typically adopt multi‑year investment horizons and focus on sustained returns, making them inclined to hold quality assets rather than seek short‑term gains after lock‑up expirations.

Overall, the current pipeline reflects a competitive and diversified investor base supporting Hong Kong listings, while the continued expansion of the A+H model underscores the strategic importance of cross‑border capital access for leading mainland enterprises.