[Watch New Stocks] Hong Kong Stock IPO Monthly Overview: March IPO fundraising exceeds HKD 17.5 billion, with Guanghe Technology and Zhaowei Electromechanical among the top fundraisers

Source: Xinhua Finance

Xinhua Finance, Beijing, April 7—Based on information disclosed by the Hong Kong Exchanges and Clearing Limited, Xinhua Finance and the Bread Finance research team sorted and compiled statistics on Hong Kong stock IPOs in the queue and newly listed companies. Among them, the selection criteria for companies in the Hong Kong stock IPO queue are those whose review status is “published application version” and “published post-hearing materials collection.”

In March, there were 16 new stocks listed on the exchange, with total funds raised reaching HKD 17.54 billion, representing a 65% month-on-month decrease in scale. Of these, Guanghe Technology and Zhaowei Electromechanical ranked highest in first-time fundraising, reaching HKD 3.31B and HKD 1.91B, respectively.

As of April 1, 2026, there were a total of 375 companies in the Hong Kong stock IPO queue, of which 8 had already passed the hearing.

16 new stocks listed in March

In March 2026, there were 16 new stocks listed on the Hong Kong Stock Exchange, with total funds raised reaching HKD 17.54 billion, which was more than a 65% decrease compared with the fundraising scale for new listings in February 2026.

Among the new stocks listed in March, Guanghe Technology raised HKD 3.31B, the largest scale. Zhaowei Electromechanical, Fast Innovation, Hantiancheng, and Hualong Robotics each raised more than HKD 1.5 billion.

Figure 1: New stocks listed on the Hong Kong Stock Exchange in March 2026

The data show that Guanghe Technology was listed on the Hong Kong Stock Exchange on March 20, 2026, with an issue price of HKD 71.88 per share. Its fundraising scale was the largest among Hong Kong stocks listed in March, reaching HKD 3.31B. After listing, the company’s share price initially surged to as high as HKD 147.9 per share before falling back.

Dexy is a medical device company focused on developing medical imaging products and services. It was listed on March 30, 2026. The Hong Kong stock issue price was HKD 99 per share. The share price rose by more than 100% on the first trading day, and over the following few days the share price peaked at HKD 259 per share. As of the close on April 2, the company’s share price was approximately HKD 234 per share, with a market cap of approximately HKD 20 billion.

Yulesai Shared and Tong Shifu performed poorly on the opening price move on their first trading day, falling by 31.82% and 40.97%, respectively.

More than 370 companies in the IPO queue

According to public information, as of April 1, 2026 (the same below), there were a total of 375 companies in the IPO queue of the Hong Kong Stock Exchange. Among them, the number of companies in the Main Board IPO queue reached 371, and there were 4 companies in the Growth Enterprise Market (GEM, the same below) queue.

By aggregating according to the review progress, there were 367 companies with published application versions, and 8 companies had already passed the hearing.

Figure 2: IPO companies in the Hong Kong Stock Exchange queue (partial)

Yongkang Holdings submitted IPO applications for the Hong Kong Main Board multiple times in 2024, and updated its materials again on April 1, 2026. The company is a container yard operator in Singapore. In 2025, it achieved revenue of RMB 149 million, a year-on-year decrease of 9.61%; net profit of RMB 13 million, a year-on-year increase of 18.1%.

Huaqin Technology updated its H-share hearing materials collection in March 2026. The company is a global intelligent hardware platform enterprise, with business spanning multiple fields including smartphones, computers, and robots. In 2025, the company achieved revenue of RMB 171.44B, a year-on-year increase of 56.51%; net profit of RMB 4.08B, a year-on-year increase of 39.47%.

【Watch New Shares】 is a column jointly built by Xinhua Finance and Bread Finance, focusing mainly on the interpretation of new shares and recently listed shares. Xinhua Finance is a national financial information platform constructed by Xinhua News Agency, providing comprehensive coverage of financial markets such as global stock markets, FX markets, and bond markets, and offering authoritative, professional, and comprehensive financial information services.

Editor: Wang Yuanyuan

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