1) Salubris and several other companies have filed listing applications; which ones deserve attention? 2) Two new listings broke their issue prices in the first week of trading; what factors were at play?
Cailian Press, September 6 (Editor: Feng Yi): Cailian Press brings you the weekly update on Hong Kong IPOs.
According to data from Livermore Securities, eight companies filed listing applications with the Hong Kong Stock Exchange this week (August 31–September 6), three companies launched public offerings, and two new stocks were listed.
First, looking at the filings, a total of eight companies submitted listing applications this week:
1) On August 31, Guangxi Yuchai Marine and Power Generation Engine Co., Ltd. filed a listing application for the Main Board of the Hong Kong Stock Exchange, with China Merchants Securities International and China Galaxy International serving as joint sponsors.
According to Frost & Sullivan, Yuchai Marine and Power Generation Engine is the largest supplier of power generation engines in China by sales revenue in 2025, and ranks second in sales revenue for medium- and high-speed marine engines in China in 2025.
In terms of financial performance, the company's revenue for 2023, 2024, 2025, and the first half of 2026 was approximately RMB 3.239 billion, RMB 4.0 billion, RMB 6.15 billion, and RMB 4.494 billion, respectively; profits were approximately RMB 396 million, RMB 536 million, RMB 877 million, and RMB 826 million, respectively.
2) On August 31, Ningbo Sunny Intelligent Drive Technology Co., Ltd. filed a listing application for the Main Board of the Hong Kong Stock Exchange, with CICC and CITIC Securities serving as joint sponsors.
According to the prospectus, Sunny Intelligent Drive is a global leader in automotive optical technology, with over 20 years of expertise in the field. Its core business covers two major categories of automotive cameras—intelligent sensing and intelligent cockpits—and extends to emerging automotive optical products such as LiDAR, in-cabin projection display systems, and intelligent headlights.
In terms of financial performance, the company's revenue from 2023 to 2025 was RMB 5.262 billion, RMB 5.989 billion, and RMB 7.189 billion, respectively; profit for the year was RMB 1.140 billion, RMB 1.272 billion, and RMB 1.289 billion, respectively.
3) On August 31, Pulai Pharmaceutical (Jiangsu) Co., Ltd. submitted a listing application to the Main Board of the Hong Kong Stock Exchange, with CITIC Securities serving as its exclusive sponsor.
According to the prospectus, Pulai Pharmaceutical is an antimicrobial peptide (AMP) biopharmaceutical company established in April 2009, focusing on two core therapeutic areas: anti-infectives and metabolic diseases.
In terms of financial performance, the Company recorded revenues of approximately RMB 5.194 million, RMB 3.332 million, and RMB 2.192 million for the years ended December 31, 2024 and 2025, and the six months ended June 30, 2026, respectively. Losses for the same periods amounted to RMB 158 million, RMB 142 million, and RMB 85.24 million, respectively.
4) On August 31, Yukangnuo International Health Limited submitted a listing application to the Main Board of the Hong Kong Stock Exchange, with Build King Capital serving as the exclusive sponsor.
According to the prospectus, Yukangnuo International operates under the brand “Functional Regeneration Pain & Health Group,” primarily providing a range of non-surgical, non-invasive, and non-pharmaceutical pain management therapies. The company is committed to offering customers one-stop services that integrate “pain relief, removal of stasis and acid drainage, and functional enhancement.”
In terms of financial performance, the Company's total revenue increased slightly from HKD 319 million in FY2024 to HKD 312 million in FY2025, and further rose to HKD 368 million in FY2026. Profits for the same periods were HKD 79.8 million, HKD 33.9 million, and HKD 37.8 million, respectively.
5) On August 31, Zhejiang Jiazhi Technology Co., Ltd. submitted a listing application to the Main Board of the Hong Kong Stock Exchange, with CICC serving as its exclusive sponsor.
According to the prospectus, Jiazhi Technology is a provider of intelligent mobile robots, dedicated to achieving full-scenario applications of robots across different environments, industries, and tasks. Based on 2025 revenue, the Company has become one of the top ten global intelligent mobile robot companies. In the industrial intelligent mobile robot sector, according to Frost & Sullivan data, the Company ranked among the top five domestic companies globally by 2025 revenue.
In terms of financial performance, the Company recorded revenues of approximately RMB 74.95 million, RMB 115 million, RMB 266 million, and RMB 169 million for the years ended December 31, 2023, 2024, and 2025, and the six months ended June 30, 2026, respectively. Losses for the same periods were approximately RMB 114 million, RMB 118 million, RMB 99.73 million, and RMB 63.702 million, respectively.
6) On August 31, Jiangxi Tongbo Technology Co., Ltd. submitted a listing application to the Main Board of the Hong Kong Stock Exchange, with Sinolink Securities (Hong Kong) serving as its exclusive sponsor.
According to the prospectus, the Company is a Chinese provider of electrolytic copper foil solutions, specializing in the design, R&D, production, and sales of high-performance electrolytic copper foil. By sales volume in 2025, the Company was the tenth largest electrolytic copper foil producer globally, with a market share of approximately 2.3%.
In terms of financial performance, the company's revenue for 2023, 2024, 2025, and the six months ended June 30, 2026, was approximately RMB 3.163 billion, RMB 3.212 billion, RMB 4.212 billion, and RMB 3.403 billion, respectively. During the same periods, profits were approximately RMB 63.057 million, RMB 20.58 million, RMB 93.834 million, and RMB 165 million, respectively.
7) On September 3, Shenzhen Oushuitong Holdings Co., Ltd. filed its prospectus with the Hong Kong Stock Exchange, with CICC and Shenwan Hongyuan Securities (Hong Kong) serving as joint sponsors.
The prospectus reveals that Oushuitong is an AI-driven global cross-border e-commerce compliance service platform. According to a report by Frost & Sullivan, the global and Chinese cross-border e-commerce compliance service industries are highly fragmented. In 2025, Oushuitong ranked first in the industry with a 1.7% global market share and a 4.6% market share in China, with sales exceeding the combined total of the second through eighth largest market participants in China.
In terms of financial performance, the company's revenue from 2023 to 2025 was RMB 240 million, RMB 350 million, and RMB 528 million, respectively, with revenue of RMB 385.9 million in the first half of 2026. During the same periods, adjusted net profits were RMB 37 million, RMB 83 million, RMB 102 million, and RMB 74 million, respectively.
8) On September 3, Salubris Pharmaceutical (002294.SZ) filed an application for listing on the Main Board of the Hong Kong Stock Exchange, with Goldman Sachs, Citi, and CITIC Securities serving as joint sponsors.
According to the prospectus, Salubris is a leading pharmaceutical company in China focused on the treatment of cardiovascular-kidney-metabolic (CKM) diseases, primarily engaged in the research, development, production, and sales of pharmaceuticals and medical devices. According to Frost & Sullivan, the company ranked second in terms of hospital sales revenue for cardiovascular drugs in China in 2025, with a market share of 11.3%.
In terms of financial performance, the company's revenue for 2023, 2024, 2025, and the six months ended June 30, 2026, was approximately RMB 3.365 billion, RMB 4.012 billion, RMB 4.353 billion, and RMB 2.479 billion, respectively. During the same periods, profits were approximately RMB 581 million, RMB 605 million, RMB 653 million, and RMB 390 million, respectively.
Regarding IPOs, three other companies are offering shares this week:
1) Longsys (09976.HK) conducted its share offer from August 31 to September 3, 2026. The company plans a global offering of 26.0778 million shares, with 10% allocated to the Hong Kong public offering and 90% to the international offering. The maximum offer price is HK$240.60 per share, with a lot size of 50 shares. Trading of the shares on the Stock Exchange is expected to commence on September 8, 2026.
2) UDI Robotics (03231.HK) conducted its share offer from August 31 to September 4, 2026. The company plans a global offering of 45 million shares, with 5% allocated to the Hong Kong public offering and 95% to the international offering. The offer price will be between HK$14.45 and HK$19.55 per share, with a lot size of 200 shares. Trading of the shares on the Stock Exchange is expected to commence on September 9, 2026.
3) Medcaptain (02041.HK) conducted its share offer from August 28 to September 2, 2026. The Hong Kong public tranche was oversubscribed 436.37 times. The net proceeds from the global offering amounted to approximately HK$496 million, with an offer price of HK$15.42 per share. Trading of the H-shares on the Hong Kong Stock Exchange is expected to commence at 9:00 a.m. on Monday, September 7, 2026.
In addition, two new stocks were listed this week:
On September 1, global fast-fashion cross-border e-commerce giant Shein-W (00625.HK) made its market debut. The stock closed down 0.12% at HK$48.50 on its first day of trading, bringing its total market capitalization to HK$205.9 billion. However, the share price declined consecutively in the following days, accumulating a drop of over 20% by the close on September 4. This listing marked the largest cross-border e-commerce IPO on the Hong Kong stock market in 2026, raising net proceeds of approximately HK$13.2 billion and securing support from seven top-tier cornerstone investors, including Tencent and Boyu Capital.
On the same day, Mech-Mind Robotics (09615.HK), known as the first listed company in the Hong Kong market focused on embodied intelligence with integrated 'eye-brain-hand' technology, also listed on the Hong Kong Stock Exchange. The stock closed down 1.87% on its first day of trading. Its public offering saw an oversubscription rate of 3,835.36 times, setting a new record for IPO subscriptions in the robotics sector on the Hong Kong stock market this year, with total funds raised amounting to approximately HK$2.353 billion. By the close on September 4, the stock had accumulated a decline of approximately 23% over its first four trading days.