Nine Companies With Market Value Over RMB 100 Billion Awaiting, Hong Kong IPO Boom Continues Into 2026

In recent days, with Dongpeng Beverage and Guoen Technology listing on the Hong Kong Stock Exchange, the A+H market has expanded further, contributing to the sustained vibrancy of Hong Kong’s new-issue market.

Wind data indicates that as of February 5, 2026, fifteen new listings have debuted on the Hong Kong market year-to-date, representing an 87.50% increase year-on-year, with total funds raised amounting to HKD 51.307 billion, up 757.71% year-on-year. Dongpeng Beverage’s HKD 10.1 billion fundraising made it the first IPO of 2026 in Hong Kong to exceed HKD 10 billion.

Although the Hong Kong Securities and Futures Commission has tightened scrutiny over IPO application quality, market participants broadly agree that both the number of IPOs and total fundraising in 2026 will remain at elevated levels.

A recent White Paper on the Hong Kong IPO Market and Secondary Market 2025, compiled by Sullivan, Jieli Cloud Technology (Shenzhen) Co., Ltd., in collaboration with Sullivan, Jieli Transaction Bao, and Toubao, shows that by the end of 2025 the Hong Kong IPO pipeline remained well stocked, with more than 270 prospective listings. At present, nine A‑share companies with market capitalizations exceeding RMB 100 billion are awaiting listing.

The White Paper reports that as of December 31, 2025, there were 277 active listing applications. Four companies, including Longqi Technology, Baige Online, Zhuozheng Medical, and Beijing Tongrentang, had already passed hearings. Among the applicants, 93 were A+H companies, representing 33.6% of the total.

By industry, the 277 applicants were concentrated in software services, healthcare, and industrial manufacturing, with 71, 62, and 51 companies respectively, accounting for 25.6%, 22.4%, and 18.4% of the total; together these three sectors comprised more than 60% of applicants.

First-time applicants numbered 186, or 67.1% of the total, indicating a significant influx of new issuers attracted to Hong Kong. Eighty companies had filed twice, representing 28.9%, while eleven had filed three times or more, accounting for 4.0%. The average number of filings per company was 1.4.

Given the depth of the pipeline, multiple institutions project a robust IPO market in 2026. Deloitte forecasts approximately 160 new listings raising no less than HKD 300 billion, including seven IPOs each raising at least HKD 10 billion. PwC anticipates about 150 listings with total fundraising between HKD 320 billion and HKD 350 billion, potentially placing Hong Kong among the top three global IPO markets. EY expects 180 listings raising HKD 320 billion, and KPMG’s range is similar, projecting 180 to 200 listings with fundraising up to HKD 350 billion.

In 2025, A‑share companies were a major source of Hong Kong listings. Nineteen A+H companies listed that year, a record high, with aggregate fundraising of HKD 126.946 billion (excluding over‑allotments) and net proceeds of HKD 124.317 billion, accounting for roughly half of the Hong Kong IPO market.

By contrast, only three A‑share companies listed in 2024, raising HKD 37.395 billion (excluding over‑allotments) with net proceeds of HKD 36.824 billion.

LiveReport data shows that as of December 31, 2025, 93 A‑share companies had filed with the Hong Kong Exchange, including ten with market values above RMB 100 billion. Excluding Dongpeng Beverage, which listed earlier in the year, nine such large A‑share companies remain in the pipeline.

The White Paper anticipates that mainland leading enterprises and A+H IPOs will continue to be a principal theme of the Hong Kong IPO market in 2026. This pattern reflects issuers’ demand for international financing channels; the A+H structure enables access to both domestic and international capital, helps hedge single‑market risk, broadens financing options, and attracts long‑term international investors to optimize shareholder structures. For the Hong Kong market, the concentrated arrival of A‑share leaders supplies high‑quality assets with stable cash flows and clear growth trajectories, thereby unlocking substantial fundraising potential and enhancing the market’s overall quality and international appeal.

In recent years, the Hong Kong Exchange has implemented reforms including Chapters 18A and 18C and launched the Technology Enterprises Channel (TECH), measures that have materially increased market attractiveness. Since the introduction of Chapter 18A in 2018, Hong Kong has progressively become an international financing hub for biotech companies. In 2025, sixteen companies listed under Chapter 18A compared with four in 2024, raising HKD 13.059 billion (excluding over‑allotments) with net proceeds of HKD 11.63 billion.

Looking ahead to 2026, demand from biotech issuers remains strong. As of December 31, 2025, twenty‑seven companies had applied under Chapter 18A, representing 9.7% of all applications. Nineteen of those were first‑time applicants, or 70.4%, suggesting a fresh cohort of biotech firms seeking Hong Kong listings rather than a reliance on long‑running repeat filings. Monthly filing activity from July to December 2025 ranged from two to seven filings per month, and the applicant pool covered diverse subfields including oncology, autoimmune diseases, gene therapy, and medical devices.

Chapter 18C has created a pathway for unprofitable technology companies, attracting AI chip, robotics, and other innovative firms. Three companies listed under Chapter 18C in 2024, rising to five in 2025. Fundraising by 18C issuers in 2025 reached HKD 5.915 billion (excluding over‑allotments), up 112.97% year‑on‑year, with net proceeds of HKD 5.426 billion, up 102.86%. In January 2026, Biren Technology, Zhipu, and MiniMax also listed under Chapter 18C.

The White Paper concludes that the 18C segment is likely to remain active in 2026, serving as an important conduit between technological innovation and capital markets. As of December 31, 2025, fourteen companies had applied under Chapter 18C, accounting for 5.1% of all applications, with additional firms expected to have filed confidentially. The industry composition of 18C applicants included software services, industrial manufacturing, semiconductors, and healthcare, reflecting a concentration of advanced manufacturing, intelligent technologies, and domestic core innovations. First‑time applicants comprised the majority, and filing activity peaked in September, November, and December 2025.

Notably, on May 6, 2025, the Hong Kong Exchange and the Securities and Futures Commission jointly launched the Technology Enterprises Channel (TECH), a listing service tailored for hard‑tech and biotech firms that features confidential submissions, pre‑listing guidance, and flexible structures, thereby lowering traditional barriers for such companies seeking Hong Kong listings. In 2025, confidential submissions became a common route, with companies such as Hesai, HashKey, Biren Technology, MiniMax, and Zhipu choosing this approach.