Hong Kong IPO Cornerstone Investments Surge: HKD 18.52 Billion In First Month, Up More Than 13 Times Year‑On‑Year

LiveReport data indicate that cornerstone investor subscriptions in 2025 exceeded HKD 100 billion, establishing a new record. In January 2026 alone, cornerstone commitments surpassed HKD 18.52 billion, representing a year‑on‑year increase of more than 13 times. The investor mix included insurance capital such as Taikang Life, Dajia Life and Ping An Life, international institutions including Temasek, BlackRock and Morgan Stanley, and leading domestic private equity firms such as Jinglin Asset, Gaoyi Asset and Foresight Fund.

Market observers note that the active Hong Kong IPO market has prompted major capital providers to compete for cornerstone allocations, supplying robust funding for new issues, bolstering market confidence and signaling international recognition of the value of new‑economy enterprises. Cornerstone investors commit to subscribing large share blocks at the offer price and accept lock‑up periods—typically at least six months from listing—serving as stabilizing anchors and credibility endorsements for IPOs.

According to LiveReport, 89 IPOs in 2025 introduced cornerstone investors, with aggregate commitments of approximately HKD 106.6 billion, a historic high. In January 2026, all 13 new listings incorporated cornerstone investors, with total cornerstone subscriptions amounting to HKD 18.521 billion, a 13.3‑fold increase from the same month a year earlier. Insurance funds have been particularly active this year, participating in cornerstone subscriptions for 10 Hong Kong IPOs to date, completing 11 subscriptions totaling HKD 1.558 billion; by comparison, insurance capital participated in 12 IPO cornerstone placements in 2025, totaling HKD 2.62 billion.

Beyond insurance capital, sovereign wealth funds, international long‑term funds, top private equity managers and industry investors have also been prominent. Foreign institutions such as Temasek, BlackRock, UBS and Morgan Stanley featured among cornerstone backers, and sovereign investors including the Abu Dhabi Investment Authority participated as well. Notably, industry capital such as Tencent Holdings also appeared on some cornerstone lists.

New‑economy leaders attracted substantial cornerstone interest, particularly in artificial intelligence, advanced manufacturing and semiconductors, and biopharmaceuticals. Among January listings, Zhipu, Biren Technology, MINIMAX‑WP, GigaDevice and OmniVision Group ranked among the largest cornerstone allocations. Zhipu secured HKD 2.984 billion from a mix of international long‑term funds, industry investors and institutional managers including JSC International Investment Fund SPC, Perseveranc Asset Management, Gao Yi Asset, WT Asset Management, Taikang Life, GF Fund and 3W Fund Management. Biren Technology drew HKD 2.899 billion from 23 institutional investors, representing 63.96% of its global offering. MINIMAX‑WP, GigaDevice and OmniVision each attracted more than ten cornerstone investors, with commitments of at least HKD 2 billion apiece.

Industry participants emphasize that long‑term capital is allocating heavily to AI, biopharma, semiconductors and new energy because these sectors are viewed as central to China’s industrial upgrade and possess significant long‑term growth potential. Cornerstone participation is therefore regarded as a forward‑looking vote of confidence in the country’s economic transformation, offering long‑term investors transparent pricing, relatively controllable downside risk and access to high‑growth assets.

Valuation considerations also underpin demand. Compared with certain international markets, Hong Kong—particularly its technology segment—remains relatively attractively valued. For global investors seeking cost‑effective exposure, cornerstone allocations at the offer price provide a degree of price protection and upside potential. As Hong Kong continues to refine market mechanisms and policy support, it is increasingly positioned as a primary channel for global capital to access Chinese assets. The active involvement of cornerstone investors enhances market pricing stability and liquidity, reinforces investor confidence and supports the ongoing maturation of the Hong Kong IPO ecosystem.