Abstract: We study the 32 HK IPOs of at least US$100m listed in 2Q26, comparing Day 1 and 2W performance with the five prior quarters. 2Q26 had more deals, smaller median deal size, and record subscription demand. Day 1 return reached a six-quarter high, while 2W follow-through weakened. International-sponsored deals outperformed domestic-only deals after trailing for three quarters, while the high-retail-subscription debut screen produced negative Day 1 closes for the first time.
UISEE TECH, 2Q26 HK, CROSS-HAR(HOLD), LAIFUAL, HJ SCIENCE, DAJIN, COFOE MEDICAL, CREALIGHTS, LDROBOT, STAR SPORTS MED, LINGYI ITECH, LONGBIO, XIZHI TECH-P, WENGE AI, MICOT PHARMA, VGT, MABWELL, GPIXEL, HUAQIN, VIEWTRIX TECH, CREALITY, SG MICRO, SENIOR MATERIAL, SEER TECH, MERDEKAGOLD-DRS, SIGENERGY, SENASIC, MANYCORE TECH, SUNMI TECH, IMPACT THERAP, METIS TECHBIO-P, TOPNC, CFMEE, ALEBUND
Research on Hong Kong and A+H equity offerings, from the first filing to the aftermarket. Coverage includes pre-IPO early thoughts on the business and valuation, analysis of the final deal terms and cornerstone investors, and updates as new prospectus versions are filed.
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