In April 2026, the Hong Kong stock IPO market remained highly active, with eight new stocks successfully listed. Although this was fewer than the 15 listings in March, both subscription performance and market performance were remarkable.
All new stocks were oversubscribed by more than 400 times, with Xizhi Technology-P achieving a subscription multiple of 5,784.7 times, securing the second position on this year's oversubscription leaderboard.
Investor sentiment for capital subscription was strong, with each new stock raising over 40 billion HKD. Xizhi Technology-P and Shenghong Technology raised more than 530 billion HKD each, while Qunhe Technology raised nearly 160 billion HKD.
All newly listed stocks surged significantly on their first day of trading, with an average increase of 138.3%. Xizhi Technology-P topped the list with a rise of 383.6%, making it the best-performing new stock in terms of first-day gains this year, followed by Shangmi Technology with a 241.11% gain.
Newly listed stocks showed robust profitability on their debut day, with an average gain of 8,768 HKD per lot. Sigen New Energy earned 33,530 HKD per lot on its first day, ranking first on this year’s list of initial-day returns for new stocks. Xizhi Technology-P and Shenghong Technology both generated returns exceeding 10,500 HKD on their first day.
The AI sector has performed strongly this year, with widespread gains among related industrial chain new stocks.
This year, the AI sector in Hong Kong stocks has seen explosive growth, with several stocks doubling within the year. For example, Zhimap has surged more than sixfold since the beginning of the year, while MiniMax has risen more than threefold. This has also propelled AI-related industrial chain stocks in Hong Kong to become key players in the IPO scene. Five new stocks this month are linked to the AI industry chain, all showing impressive performances on their debut.
$SIGENERGY (06656.HK)$Shares closed up nearly 112% on the first day, with earnings of 33,530 HKD per lot, ranking at the top of this month’s first-day income list for new stocks.
The company is the world’s leading provider of stackable distributed solar-plus-storage solutions. By integrating AI and advanced software technologies, it offers products for solar power generation, energy storage, and charging to households and businesses. Its flagship product is SigenStor.
“The world’s first AI optical computing stock”$XIZHI TECH-P (01879.HK)$The stock surged nearly 384% on its debut day, ranking first in gains, with a profit of HKD 10,542 per lot.
The company has independently developed three core technologies—optical matrix computing (oMAC), on-chip optical network (oNOC), and inter-chip optical network (oNET)—as the foundation to build two product lines: optical computing and optical interconnection, providing computational power support solutions for the AI and big data era.
$SUNMI TECH-W (06810.HK)$The stock closed up 241.11% on its debut day, ranking second on the gainers list, with a per-lot profit of HKD 5,994.
Shangmi Technology is a global leading provider of commercial Internet of Things (BIoT) solutions, leveraging IoT terminals, AIOS, and cloud platforms as its technological foundation to create an end-to-end cloud collaboration AI engine, driving the comprehensive digitalization of the physical world.
$VGT (02476.HK)$The stock rose over 84% on its debut day, with a per-lot profit of HKD 10,512, ranking third on this month's new stock debut earnings list.
Shenghong Technology is one of the leading suppliers of advanced AI and high-performance AI computing printed circuit board (PCB) products, holding a 13.8% market share globally in the first half of 2025, ranking first worldwide. Its core applications include AI computing cards, servers, AI servers, and data center switches, among other key equipment.
$MANYCORE TECH (00068.HK)$The stock surged 150% on its debut day, ranking third on the gainers list, with a per-lot return of HKD 5,490.
The company is a global leader in spatial intelligence services, utilizing GPU-based computation and simulation of the physical world to accelerate the integration of AI into the physical realm. Its products include China’s largest spatial design platform, Cool Home, its international version Coohom, and the SwarmCore Spatial Intelligence Platform (SpatialVerse) for indoor environment AI development.
Institutions believe that under conditions of high oil prices and weak economic recovery, the divergence in the Hong Kong stock market may intensify further by 2026. Investment opportunities will concentrate at the intersection of heavy-asset value restoration and AI infrastructure. In terms of portfolio strategy for the second quarter, it is advisable to avoid sectors with crowded capital inflows, focusing instead on hard-core quality assets with low liquidation risk and high safety margins.
The market generally favors HALO's heavy-asset, low-elimination allocation strategy. In the context of rapid AI technology iteration, underlying physical assets such as electric utilities, energy infrastructure, and data centers are irreplaceable, offering protection against industry uncertainties caused by technological upgrades while benefiting significantly from the expansion of AI computing power and rising energy demand, with substantial potential for value reevaluation.
Publicly offered funds increase investment in Hong Kong IPOs, with mainland institutions significantly boosting participation.
A major feature of the Hong Kong IPO subscription market this month is the active participation of leading publicly offered funds as cornerstone investors in Hong Kong IPOs. Newly listed companies have attracted $VGT (02476.HK)$cornerstone investors such as Tianhong Fund and Sunshine Life Insurance; under "Hangzhou's Six Dragons," $MANYCORE TECH (00068.HK)$companies received joint participation from Guangfa Fund, Sunshine Life Insurance, and Taikang Life Insurance; $GPIXEL (03277.HK)$the cornerstone investor list includes top public fund institutions such as China AMC, E Fund Management, and Guangfa Fund.
Industry insiders noted that the current stance of institutional investors represents a stark contrast to three years ago. In 2023, Hong Kong stock valuations remained under pressure, prompting public funds to adopt a cautious wait-and-see approach overall. Even when Chinese concept enterprises like Zhenjiu Lidu and Fourth Paradigm went public on the Hong Kong Stock Exchange, public funds were rarely seen among the cornerstone investors. However, the recent influx of public funds into cornerstone investments for Hong Kong IPOs reflects a renewed assessment by institutions of the long-term allocation value of Hong Kong stocks, opting to position themselves strategically during periods of low market valuation to secure quality technology innovation assets and core holdings. Investment preferences have shifted from seeking high volatility in new shares to pursuing assured returns, with increasingly stringent scrutiny applied to the quality of underlying assets.
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Editor/melody