Since 2025, the Hong Kong stock market has seen 53 new IPO listings (plus 1 De-SPAC and 1 introduction listing), raising approximately HK$130.22 billion in total. During the recent week (August 10-16), 2 companies listed, 2 held public offerings, 3 passed hearings, and 8 submitted applications.
In the past week, two 18A biotech companies - Zai Lab-B and Binhui Pharma-B - officially listed with remarkable first-day performances, rising 157.98% and 206.48% respectively. This year, Hong Kong's 18A biotech IPOs have shown significant money-making effects, with the IPO subscription wave making a strong comeback.
Regarding industry advisors, according to LiveReport big data statistics, among the 10 successfully IPO'd 18A biotech companies in 2025, Frost & Sullivan provided industry advisory services to 9 companies, leading with a 90% market share participation rate.
Three companies passed hearings: Shuangdeng Group, Jiaxin International, and AUX Group, with AUX being one of the world's top five air conditioning suppliers. Applications submitted included Le Comfort, WoLong Electric Drive (AH), Junxin Environmental (AH), Flashback Technology, Huaco Bio, Different Group, and Zhuoyou Zhimei (GEM). Among these, WoLong Electric Drive and Junxin Environmental are both AH companies, with WoLong Electric Drive's A-shares hitting the daily limit after application submission.
**I. New Listings (2 companies)**
**1. Zai Lab-B** On August 11, Zai Lab-B (2627.HK) officially debuted on the Hong Kong Stock Exchange, with joint sponsors CITIC Securities and CMB International. The stock opened 156% higher on its first trading day, briefly surging to 170% in early trading, then maintained high-level fluctuations, ultimately closing up 157.98%. Daily turnover reached nearly 9 million shares with a transaction value of approximately HK$298 million.
**2. Binhui Pharma-B** On August 15, weight-loss innovative drug company Binhui Pharma-B (2591.HK) officially listed on the Hong Kong Stock Exchange. The stock opened directly higher on its first day, once rising nearly 300%, then retreated from highs, ultimately closing up 206.48% with a transaction value of HK$978 million. The latest total market capitalization reached HK$26.153 billion, with H-share market cap at HK$24.061 billion.
**II. Public Offerings (2 companies)**
**1. Tianyue Advanced Materials** Tianyue Advanced Materials (2631.HK) held its public offering from August 11-14, 2025, and is expected to list on the Hong Kong Stock Exchange on August 20, 2025. The company plans to globally offer 47.7457 million shares (assuming no exercise of adjustment and over-allotment rights) at an offering price of HK$42.80, representing approximately 36.12% discount compared to A-share closing price of RMB 61.02, exceeding expected discount levels.
**III. Hearing Approvals (3 companies)**
**1. Shuangdeng Group** Shuangdeng Group passed the Hong Kong Stock Exchange hearing on August 10, 2025, planning to list on the Hong Kong Main Board with joint sponsors China International Capital Corporation, CCB International, and Huatai International. The company is a leading energy storage business provider in big data and telecommunications sectors, with 2024 revenue of RMB 4.499 billion and net profit of RMB 353 million.
**2. Jiaxin International** Jiaxin International passed the Hong Kong Stock Exchange hearing on August 11, 2025, planning to list on the Hong Kong Main Board with exclusive sponsor CICC. The company is a tungsten mining company based in Kazakhstan, currently in development stage with no revenue yet in 2024, posting net loss of HK$177 million.
**3. AUX Group** On August 12, 2025, AUX Group passed the Hong Kong Stock Exchange hearing, planning to list on the Hong Kong Main Board with exclusive sponsor CICC. The company is one of the world's top five air conditioning suppliers, with 2024 revenue of RMB 29.759 billion, gross profit of RMB 6.24 billion, gross margin of 20.97%, and net profit of RMB 2.91 billion.
**IV. Application Submissions (8 companies)**
The past week saw 8 companies submit listing applications to the Hong Kong Stock Exchange, including Le Comfort (baby care products), WoLong Electric Drive (AH), Junxin Environmental (AH), Flashback Technology (mobile phone recycling), Huaco Bio (wound healing protein drugs), Different Group (maternal and infant products), and Zhuoyou Zhimei (GEM - children's art training).
**V. Recent Hong Kong IPO Market Conditions**
According to LiveReport big data, the recent 10 newly listed stocks had an average issuance market value of HK$22.224 billion, with average issuance PE of 28.70x at medium-high levels. Average subscription numbers reached 130,073 people with average subscription multiples of 1,378.11x. Recent three 18A biotech companies showed increasingly strong momentum, though winning allocations became more difficult. As of now, A+H company Tianyue Advanced Materials has subscription multiples exceeding 2,400x.
The Hong Kong IPO market continues to show strong activity, particularly in the biotech sector, with investors actively participating in new share subscriptions despite increasing competition for allocations.