【IPO Insights】Hong Kong Stock IPO Monthly Review: February IPO Fundraising Exceeded HK$4.78 Billion; Dongpeng Beverage and Muyuan Stockholding Raised Over HK$1 Billion Each

Reprinted from: Xinhua Finance

Xinhua Finance Beijing, March 16 — Xinhua Finance and Bread Finance researchers have compiled and analyzed information disclosed by the Hong Kong Stock Exchange regarding companies queuing for IPO and newly listed companies. The selection criteria for companies queuing for Hong Kong IPOs are those with approved application versions published and post-hearing data sets published.

In February, a total of 11 new stocks were listed on the Hong Kong Stock Exchange, raising a total of HKD 47.887 billion, an increase of over 13% month-on-month. Among them, Dongpeng Beverage and Muyuan Foods had the largest initial fundraising amounts, reaching HKD 11.099 billion and HKD 10.684 billion respectively.

As of March 12, 2026, there are a total of 388 companies queuing for Hong Kong IPOs, with 11 companies having passed the hearing.

11 New Stocks Listed in February

In February 2026, 11 new stocks were listed on the Hong Kong Stock Exchange, raising a total of HKD 47.887 billion, more than 13% higher than the fundraising scale in January 2026.

Among the February listings, Dongpeng Beverage raised HKD 11.099 billion, the largest scale. Muyuan Foods followed closely, raising approximately HKD 10.684 billion. Additionally, Lankou Technology, Lead Intelligent, and Dazhu CNC each raised over HKD 4 billion.

Figure 1: New Stocks Listed on HKEX in February 2026

Data shows that Dongpeng Beverage was listed on February 3, 2026, with an issue price of HKD 248 per share, the largest among February IPOs, raising HKD 11.099 billion. After listing, the company’s stock price surged to a high of HKD 296 per share but has since fallen below the issue price.

Haizhi Technology Group focuses on developing Atlas mapping solutions and industry-grade intelligent agents through graphic model fusion technology, providing industrial AI solutions. The company was listed on February 13, 2026, with an issue price of HKD 27.06 per share. On the first day of trading, the stock price increased by over 240%, reaching a high of HKD 161.6 per share. As of the close on March 2, the stock traded at approximately HKD 85.1 per share, with a market value of about HKD 34 billion.

Over 380 Companies Queuing for IPO

According to publicly available information, as of March 12, 2026, there are a total of 388 companies queuing for IPO on the HKEX. Among them, 383 are on the Main Board and 5 on the GEM (Growth Enterprise Market).

Based on the review progress, 377 companies have published application versions, and 11 companies have passed the hearing.

Figure 2: Companies Queuing for IPO on HKEX (Partial)

Wuhe Boyao Pharmaceutical submitted its first application for a Main Board IPO on February 27, 2026. The company focuses on metabolic diseases, malignant tumors, anti-inflammatory and immune-related diseases, and is committed to developing innovative drugs that target complex disease mechanisms. In the first three quarters of 2025, the company achieved revenue of RMB 207 million and a net loss of RMB 46 million, with R&D expenses of about RMB 41.486 million.

Hantian Cheng updated its H-share post-hearing data set in March 2026. The company mainly engages in the R&D, production, and sales of silicon carbide epitaxial wafers used for manufacturing silicon carbide power devices. From January to May 2025, the company achieved revenue of RMB 266 million, down 30% year-on-year; net profit was RMB 141 million, down 33.1% year-on-year.

【Watch New Stocks】is a column jointly created by Xinhua Finance and Bread Finance, mainly focusing on analysis of new stocks and recent IPOs. Xinhua Finance is a national financial information platform built by Xinhua News Agency, covering global stock markets, forex markets, bond markets, and other financial markets, providing authoritative, professional, and comprehensive financial information services.

Editor: Hu Chenxi

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