Hong Kong’s equity markets concluded a remarkable resurgence year with exceptional debut performances from multiple Chinese companies on December 30, 2025. Six newly listed firms collectively raised approximately HK$6.99 billion ($900 million) and all closed significantly above their initial offering prices, signaling robust investor appetite for technology-driven growth stories.
The trading session witnessed particularly impressive gains from artificial intelligence and technology-focused enterprises. Generative-AI pharmaceutical research firm InSilico Medicine Cayman TopCo surged nearly 25%, while digital twin technology specialist Beijing 51WORLD Digital Twin Technology jumped approximately 30%. Industrial steel-structure manufacturer USAS Building System advanced 7.6%, and premium skincare company Shanghai Forest Cabin Cosmetics Group rose over 9%.
Market analysts attribute this buoyant performance to several key factors: regulatory reforms implemented in August, abundant market liquidity, and a resurgence of margin lending activity. According to Hong Kong Stock Exchange data, the average first-day gain for IPOs throughout 2025 reached approximately 40%, with total capital raising reaching HK$285.8 billion across 119 listings.
George Au, Deputy Sales Director at Phillip Securities, noted: ‘This year represents our strongest performance since the canceled Ant Group offering in 2020, driven by successful listings including Mixue and CATL, along with regulatory adjustments that have significantly improved market sentiment.’
The momentum continues with three additional Chinese companies launching share sales on Tuesday, adding over HK$9 billion to Hong Kong’s IPO pipeline. AI specialist Zhipu AI (Knowledge Atlas Technology) seeks to raise HK$4.35 billion, semiconductor manufacturer Shanghai Iluvatar CoreX targets HK$3.67 billion, and surgical robotics developer Shenzhen Edge Medical aims to raise approximately HK$1.2 billion, all scheduled to begin trading on January 8.
With more than 300 companies currently filed for listing and prominent debuts from semiconductor designer Shanghai Biren Technology and AI startup MiniMax expected in early January, Hong Kong has firmly reestablished itself as Asia’s dominant equity capital marketplace heading into 2026.