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Hong Kong stock IPOs have declined significantly recently, with no new submissions for 30 consecutive days and many companies withdrawing their IPOs or listings. The pace of listings in Hong Kong has slowed, hit by weak valuations, rising IPOs and an uncertain external environment.
As of the 29th, the Main Board of the Hong Kong Stock Exchange and the GEM have not seen any regular company planning to be listed for the first time for 30 consecutive days, breaking the high-frequency filing rhythm of the Hong Kong stock primary market this year. Since the second half of 2026, there have been several clear signs that companies have stopped considering IPOs in Hong Kong. A group of companies in various stages of the Hong Kong IPO process have postponed or ended their listings and have begun applying the brakes and halting sales as they get closer to listing.
Recently, companies such as Baonuo Slender West Lake Cultural Tourism, Weiyi Intelligent Manufacturing, Sifang Jinchuan, and Yongkang Holdings have suspended offerings, returned subscription funds, and suspended global offerings when they were about to launch an IPO and go public. In addition, companies such as Three Squirrels, Hande Information, Borui Pharmaceuticals and Lacala, as well as Goertech, Dongcheng Pharmaceuticals, Zhongjian Technology and Blue Cursor, which planned to sell their core assets for the listing, announced the end of direct applications and withdrew the IPO.
Most of the companies that have scrapped their listing plans during the year are A-share companies that plan to be listed on two venues through “A+H”. Taking a longer view, nearly 20 A-share companies have announced that they have abandoned their plans to be listed in Hong Kong during the year.
Jimian News quoted Wind data that as of the 28th, the Hong Kong IPOs of 154 companies queued during the year were in the state of “listing application failure”. Although this does not mean regulatory rejection, nor does it mean that the company has abandoned the listing, if the company still plans to promote the listing in the future, it will need to re-submit the listing application materials, and the overall listing time will also be extended.
Zeng Wenyuan, south China technology, media and telecommunications industry audit service leader of Ernst & Young, analyzed that a large number of companies have successively withdrawn their H-share listing applications, and the primary problem is that “valuation cannot be achieved.” In the second half of this year, the number of Hong Kong IPO cases has increased significantly, and the market pricing environment is not ideal. “As the external environment becomes more complex this year, many companies are relatively cautious, so the listing pace will slow down accordingly,” he said.
Data show that in the first three quarters of this year, a total of 115 companies completed IPOs on the Hong Kong stock market, with the total amount raised exceeding HK$380 billion, setting a record for fundraising in the past 15 years. However, behind the rise there is pressure on the market. New stocks listed in the third quarter often broke down at the market opening, and the latest price of more than 60% of the new stocks fell below the issue price. For example, Dongshan Precision, the leading PCB company listed at 28th place, broke even at the beginning.
Affected by a number of factors such as the complex international situation, the Federal Reserve raising interest rates, the continued sluggishness of bond market prices, and the slowdown in the inflow of southward funds, Hong Kong stocks have weakened recently. Although the market once peaked at 28,056 points in early 2026, it has since undergone four rounds of significant corrections, during which it once dropped to 18,874 points. As of the closing on the 28th, the Hang Seng Index was at 23094.83 points, which has been weakening for three consecutive months, and all the gains in the “924” market have been given back.
Summary FAQ
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As of the 29th, the Main Board of the Hong Kong Stock Exchange and the GEM have not seen regular companies planning to be listed for the first time for 30 consecutive days, breaking the high-frequency filing rhythm of the Hong Kong stock primary market this year and showing that the market heat has subsided significantly.
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Recently, many companies have suspended their IPOs when the IPO and listing were approaching, including Baonuo Slender West Lake Cultural Tourism, Weiyi Intelligent Manufacturing, etc. Others, such as Three Squirrels, Hande Information and Lakala have directly finished their applications, and most of them are A+H companies.
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The main reason is that it is difficult to increase valuations, coupled with the increase in the number of Hong Kong IPOs and the lack of investor capacity. At the same time, the international situation, the Federal Reserve’s increase in interest rates, the sluggish bond market and the slowdown in southbound funds have also made companies more cautious.
