Six Chinese companies made their Hong Kong trading debuts on Tuesday after raising about HK$6.99 billion, with most opening above their IPO prices, rounding off a resurgent year for listings as the city dominated Asian equity capital markets.

About US$75 billion was raised through equity offerings in Hong Kong in 2025, including IPOs and follow-on share sales, more than triple the 2024 tally and the highest since 2021, according to LSEG data.

All but one of the debutants started trading above their IPO prices. InSilico Medicine Cayman TopCo (3696), a generative-AI drug discovery firm, jumped about 45 percent.

Beijing 51WORLD Digital Twin Technology (6651), a software company, gained nearly 15 percent, and USAS Building System (2671), an industrial steel-structure maker, climbed more than 15 percent, while Shanghai Forest Cabin Cosmetics (2657), a premium skincare brand, rose about 9 percent.

NEW IPO LAUNCHES

Three Chinese firms launched Hong Kong share sales on Tuesday, adding more than HK$9 billion to the city's IPO pipeline.

Knowledge Atlas Technology Joint Stock, or Zhipu AI, is marketing 37.42 million H-shares at HK$116.20 apiece to raise HK$4.35 billion.

The Chinese artificial intelligence firm has so far attracted about HK$1.75 billion in margin financing, oversubscribed its retail tranche by around 8 times.

Zhipu focuses on developing general-purpose large language models and, according to Frost & Sullivan, ranked first among China’s independent general-purpose model developers by revenue in 2024 and second overall, with a market share of 6.6 percent.

The company reported revenue of 190 million yuan in the first half of this year, up 325 percent year on year, while losses attributable to shareholders widened 90.3 percent to 2.35 billion yuan (HK$2.61 billion).

Chipmaker Shanghai Iluvatar CoreX Semiconductor is offering 25.4 million shares at HK$144.60 for proceeds of HK$3.67 billion, while surgical robotics maker Shenzhen Edge Medical plans to sell 27.72 million shares at HK$43.24 each to raise about HK$1.2 billion.

The six debuts and three new launches highlight Hong Kong's resurgence as an IPO hub. With more than 300 companies filing to list, the momentum is set to carry into 2026.

Shanghai Biren Technology (6082), is slated to debut on January 2, while AI player MiniMax Group remains in the pipeline.

REUTERS

Six China IPOs debut in Hong Kong after raising US$900 million to cap banner year