Investing
H1 2026 HK IPO First-Day Returns:
Which Sectors Made the Most?
Gary Chung（FinKit Editor-in-Chief） · Published：August 4, 2026
H1 2026 saw a major rebound in Hong Kong's IPO market: 70 companies listed, raising over HK$204.8 billion — more than double the same period last year. Late June saw a rare wave of 12 IPOs listing in quick succession, with 8 more following in early July. We tracked the first-day and one-month performance to show you which types made the most and which were the biggest traps.
H1 2026 Overall: A Major IPO Rebound
According to HKEX's May 2026 market overview, the first five months saw a significant recovery:
62
New listings (Jan–May)
vs 29 last year ↑114%
HK$1,668B
IPO funds raised (Jan–May)
vs HK$79.2B last year ↑111%
HK$47.1T
Market cap (end-May)
vs HK$40.9T last year ↑15%
Data: HKEX Monthly Market Overview (May 2026). June added 8 more listings, ~HK$38B raised. H1 total: 70 companies, over HK$204.8B raised.
Late-June IPO Wave: 12 Listings, Full First-Day Breakdown
The last week of June saw 12 IPOs in 5 days, spanning semiconductors, AI, healthcare, smart manufacturing and more.
| Code | Company | Listed | IPO Price | Day 1 Close | Day 1% | End-Jul | Cumul.% |
|---|---|---|---|---|---|---|---|
| 02272 | Ketuo | 6/26 | HK$39.55 | HK$120.20 | +203.9% | HK$111.60 | +182.2% |
| 09630 | Xinqi Micro | 6/26 | HK$252.73 | HK$515.00 | +103.8% | HK$394.40 | +56.1% |
| 01956 | ZK WenGe | 6/26 | HK$60.70 | HK$111.70 | +84.0% | HK$82.20 | +35.4% |
| 03661 | SG Micro | 6/26 | HK$85.20 | HK$125.30 | +47.1% | HK$102.40 | +20.2% |
| 02672 | Baige Online | 6/29 | HK$15.60 | HK$73.01 | +368% | HK$61.90 | +296.8% |
| 02697 | TrueHealth Med-B | 6/30 | HK$126.20 | HK$400.05 | +217% | HK$439.80 | +248.5% |
| 01688 | Lingyi iTech | 6/26 | HK$10.18 | HK$9.71 | -4.6% | HK$6.92 | -32.0% |
| 03952 | Laifu Harmonic | 6/30 | HK$85.50 | HK$73.00 | -14.6% | HK$84.30 | -1.4% |
| 06915 | Jiangxi Bio | 6/30 | HK$11.20 | HK$9.78 | -12.7% | HK$4.35 | -61.2% |
| 09637 | Lun-Bang Pharma-B | 6/29 | HK$22.60 | HK$27.72 | +22.7% | HK$27.74 | +22.7% |
| 01191 | Haiguang CoreTech | 6/29 | HK$114.00 | HK$120.90 | +6.1% | HK$113.20 | -0.7% |
| 06715 | Sturgeon Tech | 6/30 | HK$75.50 | HK$113.99 | +51.0% | HK$76.95 | +1.9% |
Data: HKEX, AASTOCKS · Tracking prices as of 25 July 2026
One-Month Tracking: Big Day-1 Gains ≠ Safe Long Holds
This is the most important finding. Every tracked IPO pulled back from its first-day high — none held the closing price. Ketuo held up best (89% retention); Xinqi worst (54%). Rule: mid-low-priced profitable > high-priced profitable > loss-making concept stocks.
Baige Online (02672)
InsurTech · Loss-making · 6/29
Day 1 +368% → End-Jul +296.8%
Retention 81% · Strongest in group
TrueHealth Med-B (02697)
Surgical robots · Rev ¥12.2M · 6/30
Day 1 +217% → End-Jul +248.5%
Actually rose further! Market extremely bullish
Jiangxi Bio (06915)
Vaccine leader · Profitable · 6/30
Day 1 -12.7% → End-Jul -61.2%
Profitable but crashed 61% · Worst in group
🔑 Three Key Conclusions
- 1. Day-1 and one-month returns are correlated but not linear. Ketuo +204%→+182% (89% retention); Xinqi +104%→+56% (54%). High-priced stocks face far greater profit-taking.
- 2. Profitability is the best safety cushion. Profitable stocks (Ketuo, SG Micro) had noticeably smaller pullbacks than loss-making peers.
- 3. A+H is not a talisman. Lingyi broke on day 1 and fell 31% in a month. A-share premium can be a cushion or a trap.
Three Major Trends: Semiconductors, AI, Consumer Brands
1. Full Semiconductor Value Chain Lands in HK
SG Micro (analog chips, +47%), Xinqi (lithography equipment, +104%), Haiguang (optical interconnects, +6.1%) — spanning chip design, equipment, and advanced packaging. Strong first-day gains reflect market enthusiasm for domestic substitution. But Haiguang's modest +6% and subsequent loss show clear divergence — not all chip stocks get market love.
2. AI Theme Shifts From Software to Hardware
H1 2026 pivoted to hardware infrastructure — optical interconnects, analog chips, precision transmission. ZK WenGe (AI software, loss-making): day 1 +84%, one month only +35% — the hype window for loss-making AI stocks is extremely short. Ketuo (comms hardware, profitable): +204%→+182%, showing capital ultimately flows to companies with real earnings.
3. A+H Dual Listings Become the Norm — But No Safety Guarantee
Lingyi (¥51.4B revenue, ¥2.3B profit) broke on day 1 and fell 31% cumulative — proving A+H ≠ safety. Mega-cap A+H IPOs have limited upside. Investors should use FinKit's IPO calculator to judge AH premiums themselves.
Four Battle-Tested Rules from 12 IPOs
✅ Profitable + Mid-Low Priced + Has a Theme = Strongest
Ketuo: HK$39.55, profitable, 5G+satellite theme — day 1 +204%, one month +182%. Lingyi: profitable but giant cap left no speculative upside.
⚠️ Pre-Revenue = High Risk (But Can Generate Extreme Returns)
Baige +368%, TrueHealth +217% — pre-revenue can be biggest winners or biggest losers. Market sentiment drives outcomes, not fundamentals.
📊 Semiconductor Equipment > Chip Design > AI Software
Equipment stocks command the highest premiums (domestic substitution = most certain demand), but also face the heaviest profit-taking.
🔴 Mega-Cap A+H = Most Likely to Underperform
Lingyi's -31% was the worst. When market cap already exceeds ¥100B, HK is just another venue — no room for value rediscovery.
Three Steps to Analyse IPOs
Look at revenue scale and profitability, not just growth rates
Companies with sub-¥100M revenue — even 100% growth is meaningless because the base is too small. Scaled profitable companies showed noticeably smaller pullbacks after one month.
Gross margin is the most honest number — but watch for pullback risk
High margin (>50%) signals pricing power, but tracking shows high-margin semi equipment stocks pulled back the most — because the market already priced in the margin premium.
Calculate valuations properly — use the IPO Calculator
Use FinKit's IPO Calculator to input EPS, BVPS, revenue and get P/E, P/B, P/S comparisons. Also reference same-sector peer first-day performance — if 3 peers already surged, the 4th one's headroom is typically compressed.
H2 Begins: 8 IPOs in Early July
From 2–8 July, 8 more IPOs listed, spanning autonomous driving AI, semiconductors, consumer electronics, and TCM.
| Code | Company | Listed | IPO Price | Sector | FY2025 Rev | Profitable? |
|---|---|---|---|---|---|---|
| 00668 | Anker Innovations | 7/2 | HK$99.32 | Consumer Electronics | ¥30.5B | ✅ ¥2.55B |
| 06880 | Momenta Group | 7/8 | HK$295.60 | Autonomous Driving AI | ¥2.41B | ❌ -¥3.46B |
| 09971 | Basic Semi | 7/8 | HK$29.56 | SiC Semiconductor | ¥310M | ❌ -¥340M |
| 07687 | Yikong Zhijia | 7/8 | HK$84.54 | Mining Autonomous Driving | ¥1.44B | ❌ -¥520M |
| 01770 | Dongfang Kemai | 7/8 | HK$89.88 | Semi Inspection Equipment | ¥1.71B | ✅ ¥80.2M |
| 07656 | Ruiwei Tech | 7/8 | HK$21.66 | AI Vision | ¥440M | ❌ -¥68M |
| 02667 | TRT Yangsheng | 7/7 | HK$5.85 | TCM Healthcare | ¥990M | ✅ ¥33.8M |
| 08090 | Baogai New Materials | 7/8 | HK$7.33 | New Materials (GEM) | ¥140M | ✅ ¥24.1M |
Data: company prospectuses · Listing dates from HKEX · Revenue and profit figures are FY2025 full-year (RMB)
Want to analyse IPO valuations with data, not guesswork?
IPO Valuation Calculator →Disclaimer: This content is for reference only and does not constitute investment advice. IPO investing involves high risk. Data sources: HKEX, AASTOCKS, and company prospectuses. All figures as of 25 July 2026.