①$Hubei Dinglong (300054.SZ)$Several A-share companies, including the above, have filed listing applications—what are the key highlights? ② Multiple new listings saw their share prices fall below issue price on debut; which ones warrant close attention?
This week (July 6–July 12), six companies filed listing applications with the Hong Kong Stock Exchange (HKEX), eight companies continued their public offerings, and 15 new stocks were listed.
Starting with the filings, a total of six companies submitted initial public offering (IPO) applications this week:
1) On July 6, Dinglong Shares (300054.SZ) filed an application for a main board listing on the Hong Kong Stock Exchange, with China Merchants Securities International and CITIC Securities acting as joint sponsors.
According to the prospectus, Dinglong Shares is a leader in materials application innovation across critical Chinese industries. By revenue in 2025, the company is China’s largest domestic supplier of chemical mechanical polishing (CMP) pads, with a market share of 38.5%, and also China’s largest provider of OLED coating-type functional materials, holding a 38.5% market share.
In terms of financial performance, the company reported revenues of approximately RMB 1.305 billion, RMB 1.953 billion, RMB 2.468 billion, RMB 724 million, and RMB 1.090 billion for fiscal years 2023, 2024, 2025, the four months ended April 30, 2025, and the four months ended April 30, 2026, respectively. Corresponding profits were approximately RMB 288 million, RMB 639 million, RMB 796 million, RMB 238 million, and RMB 352 million, respectively.
2) On July 7,$Guangzhou Shiyuan Electronic Technology (002841.SZ)$submitted an application for a main board listing on the Hong Kong Stock Exchange, with CICC and GF Securities serving as joint sponsors.
According to the prospectus, CVTE holds a leading position in the global LCD display main control board market. In 2025, its Seewo-branded interactive smart panels for education captured a 17.0% market share, ranking first globally, while its MAXHUB-branded interactive smart panels for meetings held a 25.0% market share, ranking first in mainland China.
In terms of financial performance, the company reported revenues of approximately RMB 20.173 billion, RMB 22.401 billion, RMB 24.354 billion, and RMB 6.203 billion for the fiscal years ended March 31, 2023, 2024, 2025, and the three months ended March 31, 2026, respectively. Profit for the periods was approximately RMB 1.4 billion, RMB 1.036 billion, RMB 1.147 billion, and RMB 0.253 billion, respectively.
3) July 8,$POCO Holding (300811.SZ)$filed an application for listing on the Main Board of the Hong Kong Stock Exchange, with CITIC Securities acting as its sole sponsor.
According to the prospectus, Bok New Materials is a globally leading provider of alloy soft magnetic powder cores. Based on 2025 revenue, the company ranked first in the global alloy soft magnetic powder core market with a 27.1% market share and ranked fifth in the global AI chip inductor market with a 7.6% market share.
In terms of financial performance, the company reported revenues of approximately RMB 1.159 billion, RMB 1.663 billion, RMB 1.802 billion, and RMB 0.49 billion for the fiscal years ended March 31, 2023, 2024, 2025, and the three months ended March 31, 2026, respectively. Profit for the periods was approximately RMB 0.256 billion, RMB 0.374 billion, RMB 0.426 billion, and RMB 0.089 billion, respectively.
4) On July 8, Mingyu Pharmaceuticals Limited-B filed an application for listing on the Main Board of the Hong Kong Stock Exchange, with Morgan Stanley, Bank of America, and CITIC Securities serving as joint sponsors.
According to the prospectus, the company was founded in 2018 and is a biotechnology firm focused on integrated oncology, specializing in the development of antibody-drug conjugates (ADCs) combined with advanced immunotherapies. As of the latest practicable date, the company’s pipeline includes 11 candidate products, including two core products.
In terms of financial performance, the company reported net losses of approximately RMB 283 million, RMB 9.19 billion, and RMB 2.10 billion for the five-month periods ended May 31, 2024, 2025, and 2026, respectively.
5) On July 9, Jiangsu Zhiyuan Pharmaceutical Co., Ltd. submitted an application for listing on the Main Board of the Hong Kong Stock Exchange, with China International Capital Corporation Limited (CICC) acting as its sole sponsor.
According to the prospectus, Zhiyuan Pharmaceutical is a China-based pharmaceutical company focused on topical dermatology, with category-leading products across multiple therapeutic areas. As of the latest practicable date, the company has commercialized over 50 products across six core therapeutic areas.
In terms of financial performance, the company recorded revenues of approximately RMB 1.031 billion, RMB 1.126 billion, and RMB 1.324 billion for the years ended 2023, 2024, and 2025, respectively. Profit for the year amounted to approximately RMB 146 million, RMB 45.6 million, and RMB 94.5 million for the same periods.
6) On July 10, Xtiny Technology Co., Ltd. submitted an application for listing on the Main Board of the Hong Kong Stock Exchange, with GF Securities and CICC serving as joint sponsors.
According to the prospectus, Xtiny Technology is a China-based fabless supplier of memory chips, specializing in the research and development, design, and sale of code storage flash memory chips. Globally among all fabless companies, it ranked fifth by revenue from code storage flash memory chips in 2025 and fourth by revenue from SLC NAND Flash in the same year.
In terms of financial performance, the company reported revenues of approximately RMB 663 million, RMB 442 million, RMB 519 million, and RMB 224 million for the fiscal years ended March 31, 2023, 2024, 2025, and for the three months ended March 31, 2026, respectively. Net profit/(loss) for the corresponding periods was RMB (140.3) million, RMB (371.4) million, RMB 272.2 million, and RMB 758.9 million.
Regarding initial public offerings, eight companies continued their IPO process and listed this week:
1）$LUXSHARE ICT (02475.HK)$Offering period from June 30, 2026 to July 6, 2026; the Hong Kong public offering received 3.78 times subscription. On July 9,$Luxshare Precision Industry (002475.SZ)$it listed on the Hong Kong Stock Exchange, completing its A+H share structure, and closed its first trading day 1.55% below the offer price.
2）$ROKAE ROBOTICS (03752.HK)$Offering period from June 30, 2026 to July 6, 2026; officially listed on July 9, closing up 15.21% on its first trading day and rising another 29.05% the following day, with a current market capitalization of nearly HKD 15 billion. The Hong Kong public offering received 156.58 times subscription.
3）$QIYUNSHAN FOOD (02797.HK)$The offering period ran from June 30, 2026, to July 6, 2026. On its listing debut on July 9, the stock surged by 162.50%, but plummeted by approximately 40% the following day.
4）$RIGOL (00537.HK)$The offering period ran from June 30, 2026, to July 6, 2026. After officially listing on July 9, the stock declined for two consecutive days, posting a cumulative drop of 40.63% in its first week.
5）$DTECH (01377.HK)$The offering period ran from June 30, 2026, to July 6, 2026. Following its listing on July 9, the stock traded steadily, closing the first week with a cumulative gain of 1.58% over the issue price.
6）$CCTC (06951.HK)$The offering period ran from June 30, 2026, to July 6, 2026. The stock officially listed on the Hong Kong Stock Exchange on July 9, closing its first week with a cumulative gain of 4.69% over the issue price.
7）$BEFAR GROUP (06745.HK)$The offering period ran from June 30, 2026, to July 7, 2026. On its listing debut on July 10, the stock fell by 18.68%. Its Hong Kong public offering was oversubscribed by 227.58 times, raising net proceeds of approximately HK$1.16 billion.
8）$NEXCHIP (02249.HK)$The offering period ran from June 30, 2026, to July 7, 2026. On its listing day, July 10, the stock closed flat at HK$32.30, representing a discount of approximately 40% compared to its A-share price.
In addition, seven other new listings debuted this week:
1) July 7,$Beijing Tongrentang (600085.SH)$its healthcare and elderly care platform$TONGRENTANGCARE (02667.HK)$It closed down 39.09% on its debut day, followed by a steady decline over subsequent days, resulting in a cumulative drop of 50% in its first week.
2) On July 8, the first Hong Kong-listed physical AI company$MOMENTA-W (06880.HK)$listed on the Hong Kong Stock Exchange, closing flat at its IPO price of HK$295.6 on the first day, followed by several consecutive flat closes, with a total market capitalization of nearly HK$70 billion. The IPO raised HK$5.894 billion, with the Hong Kong public offering oversubscribed by 413.63 times, and attracted cornerstone investments from 14 global institutions including GIC, Fidelity International, and Mercedes-Benz,$BYD Company Limited (002594.SZ)$with cornerstone shares accounting for nearly 50% of the offering.
3) On July 8, the first mining autonomous driving company$EACON (07687.HK)$was listed on the main board of the Hong Kong Stock Exchange, closing up 9.99% on its debut day, followed by weak volatility over subsequent days, resulting in a cumulative gain of 2.48% in its first week.
4) On July 8, the leading silicon carbide chipmaker$BASICSEMI (09971.HK)$officially listed, closing up 5.06% on its debut day, followed by modest gains over subsequent days, resulting in a cumulative increase of 11.26% in its first week.
5) On July 8,$RECONOVA (07656.HK)$it closed down 3.05% on its listing debut, followed by weak volatility over subsequent days, resulting in a cumulative decline of 5.36% in its first week.
6) On July 8, a composite material manhole cover manufacturer$BAOGAI (08090.HK)$rose 3.38% on its listing day, but weakened in the following days, ending the first week down 10.29%.
7) On July 9,$DKE (01770.HK)$(06745.HK) rose 2.17% on its listing day, but plunged 23.12% the next day.
Editor/Rocky