On September 29, the Hong Kong stock market welcomed four new listings on the same day, with first-day performance showing clear divergence.

Direct Drive (06731.HK) became the only new stock to open higher that day, while Kinwong Electronic (03228.HK), Tongcheng New Material (09607.HK), and Robotech (03757.HK) all broke their issue prices at the open.

Direct Drive Opens Up Over 4% on Red-Hot Subscription

Direct Drive opened at HK$22.48, up 4.1% from its issue price of HK$21.6. Based on a board lot of 100 shares and excluding fees, each lot carried a book gain of HK$88. In prior grey market trading, the stock closed at HK$22.34, up 3.4% from its pricing.

Direct Drive is a robotics technology company centered on direct-drive technology, primarily engaged in robot power modules, followed by robot sales. Based on 2025 revenue, it ranks first in China's consumer robot direct-drive power module industry with a market share of 61.10%. As of June 30, 2026, the company's technology has empowered more than 7.5 million robots. On the financial side, the company's revenue grew from RMB 18 million in 2023 to RMB 282 million in 2025, a compound annual growth rate of 300.8%. This offering received enthusiastic market demand, with the Hong Kong public offering portion oversubscribed by approximately 208.56 times, a one-lot allotment rate of 60%, and a guaranteed one lot for subscribers applying for six lots.

Three New Stocks Break Issue Price at the Open

Kinwong Electronic opened at HK$65, down 6.98% from its issue price of HK$69.88. The company is the world's largest automotive electronics PCB supplier. This offering comprised 72.9443 million shares, raising net proceeds of approximately HK$4.961 billion. Notably, the stock had already closed down 6.34% in the grey market, with a book loss of HK$443 per lot, making a first-day break below the issue price within market expectations.

Tongcheng New Material opened at HK$64, down 2.29% from its issue price. The company's main business focuses on new materials such as photoresists and tire resins. Its Hong Kong public offering portion was oversubscribed by approximately 2.39 times, with a one-lot allotment rate of 100%.

Robotech opened at HK$419.60, down 3.76% from its issue price of HK$436. Based on a board lot of 50 shares, each lot carried a book loss of approximately HK$820. The company is mainly engaged in high-precision intelligent manufacturing equipment, and this offering introduced Singapore sovereign fund Temasek as a cornerstone investor. The public offering portion was oversubscribed by approximately 7.65 times, with a one-lot allotment rate of only 35%, requiring a subscription of 400 shares to secure one lot.