ECM

HK A+H IPO 2026: Supply Congestion, Stalled Premium Compression

23 Jul 2026 By Ke Yan, CFA
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Abstract: We update our HK A+H listing study with 13 deals since our April analysis, extending the study universe to 43 listings since 2025. Aftermarket returns have rolled over. 3Q26 to date is the weakest quarter since 4Q25, with one positive deal in six. The international cornerstone screen has lost selectivity. Deep pricing discounts and premium compression now explain more of the positive deals.

DAJIN (1081 HK) COFOE MEDICAL (1187 HK) DTECH (1377 HK) LINGYI ITECH (1688 HK) NEXCHIP (2249 HK) LUXSHARE ICT (2475 HK) VGT (2476 HK) MABWELL (2493 HK) NSING TECH (2701 HK) SG MICRO (3661 HK) GIGADEVICE (3986 HK) SENIOR MATERIAL (6067 HK) ANKER (668 HK) BEFAR (6745 HK) CCTC (6951 HK) CFMEE (9630 HK)

Highlighted Stocks

DAJIN, COFOE MEDICAL, DTECH, LINGYI ITECH, NEXCHIP, LUXSHARE ICT, VGT, MABWELL, NSING TECH, SG MICRO, GIGADEVICE, SENIOR MATERIAL, ANKER, BEFAR, CCTC, CFMEE

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