On December 18, Hong Kong's capital market witnessed a concentrated wave of IPO activity. Six companies from diverse sectors—INSILICO (03696), 51WORLD (06651), XUNCE (03317), USAS BUILDING (02671), ONEROBOTICS (06600), and Lin Qingxuan (02657)—simultaneously initiated public offerings, all targeting a listing on the Hong Kong Stock Exchange by December 30, 2025. This batch of listings not only injects fresh momentum into the year-end market but also highlights emerging trends in AI, biotech, and premium consumer sectors.
Among the offerings, INSILICO and 51WORLD stand out as the most high-profile, representing cutting-edge technology fields. INSILICO's IPO, poised to be 2025's largest Biotech listing in Hong Kong, plans to issue approximately 94.69 million shares at HK$24.05 per share. The AI-driven biotech firm leverages its proprietary Pharma.AI platform, managing a pipeline of over 30 innovative projects spanning oncology, immunology, fibrosis, and metabolic diseases. Its cornerstone investors include Eli Lilly, Tencent, Temasek, Schroders, UBS, Oaktree Capital, E Fund, and Taikang Life Insurance. Pre-IPO backers feature Warburg Pincus, B Capital, Prosperity7, Lilly Asia Ventures, Baidu Ventures, Qiming Venture Partners, Sequoia China, and WuXi AppTec.
Dubbed the "first Physical AI stock," 51WORLD is concluding the year's 18C specialized tech listings with a global offering of 23.975 million shares (10% Hong Kong retail, 90% international), priced at HK$30.50 apiece. With an over-allotment option, it could raise up to HK$841 million. The company has built a closed-loop Physical AI ecosystem—synthetic data, spatial intelligence models, and simulation training—creating a unique technological mojo. Its investor roster includes GPU pioneer Moore Threads, AI leader SenseTime, Lightspeed, Sky9 Capital, Star VC, and Xie Nuo Investment, alongside notable individuals like Ge Huiming and Francis Leung.
XUNCE, China's top real-time data infrastructure and analytics provider for asset management (11.6% market share in 2024), aims to issue 22.5 million shares (10% Hong Kong, 90% international) at HK$48–55, with a 15% greenshoe option. USAS BUILDING, ranking third in China's prefabricated steel structure market (3.5% share), plans a 24.6 million-share offering (HK$7.10–9.16). ONEROBOTICS, a global home robotics provider, targets 22.22 million shares (HK$63–81), while premium skincare brand Lin Qingxuan (02657) offers 13.97 million shares at HK$77.77, highlighting its 11-year market-leading camellia oil serum.