Abstract: We studied 43 HK IPO cornerstone deals from the Jan to Nov 2025 listing cohort to measure price action around the IPO+6M lock-up expiry. Selling pressure from cornerstone selling overhang is deal-size dependent. Sponsor mix further refines the screen. Pure international-sponsored deals underperformed other cohorts.
HENGRUI PHARMA, FORTIOR TECHNOLOGY (SHENZHEN), GUMING, FWD, SANHUA, MIXUE, Zijin Gold Intl, SAINT BELLA, CONCH MAT TECH, VISEN PHARMA, PEGBIO, SAIMO, CNGR ADVANCED MATERIAL, GENFLEET, XUNZHONG, NANSHAN AL INTL, TRANSTHERA, X.J. ELECTRICS HU BEI CO L-H, MIRXES, SICC, CAOCAO, SOFTCARE, MININGLAMP, CHUANGXIN IND, HAINAN DRINDA NEW ENERGY TECHNOLOGY, PATEO, HAITIAN FLAV, ZENERGY, CATL, JIAXIN INTL RES, C.P. POKPHAND, SANY HEAVY IND, CIG SHANGHAI, ZHOU LIU FU, FIBOCOM WIRELESS, LENS TECHNOLOGY, BRAINAURORA, JST, GREEN TEA, DUALITY BIOTHERAPEUTICS, RONGTA TECH, LEADS BIOLABS, SERES, CHERY AUTOMOBILE
Notes on upcoming lock-up expiries for recently listed Hong Kong stocks, looking at which shareholders become free to sell, how much stock is released relative to trading volume, and how comparable expiries have traded. All issues of Lock-up Expiry →
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