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Hong Kong IPO Market Overview: Opportunities and Challenges Amid the Tech Wave

Overview of Hong Kong capital market fundraising

In 2025, Hong Kong regained its position as the global leader in IPO fundraising scale. According to Dealogic, the total equity capital raised in Hong Kong’s capital market reached USD103 billion, a 164% year-on-year increase. IPO fundraising amounted to USD37.4 billion, up 231% year-on-year, while post-listing refinancing reached USD66 billion, a 136% increase.

The TMT sector saw its highest fundraising since 2021, with issuance in Hong Kong totalling USD34.5 billion, making it the second-largest global destination for tech equity fundraising. As 2026 begins, the listings of leading tech companies such as Biren Technology and MiniMax on the Hong Kong Stock Exchange (HKEX) signal the start of a new wave of tech IPOs in Hong Kong.

Dynamics and logic behind tech IPO trends

The strong start for Hong Kong’s IPO market in 2026 is marked by a wave of hard-tech listings. As of 13 February 2026, a total of 24 companies have been listed on HKEX since the beginning of the year. Following the successful debut of 13 hard-tech companies in January – including Biren Technology, Tianshu Zhixin, Zhipu AI, and MiniMax, all of which avoided falling below their issue price on the first trading day – February has seen another wave of listings by high-profile firms such as Montage Technology, Aixin Yuanzhi, and Haizhi Technology Group.

Notably, Haizhi Technology Group’s share price surged over 260% during intraday trading on its debut. Technology companies operating in cutting-edge sectors like GPU, AI large models, and graph computing are now intensively tapping the capital market, driving the Hong Kong IPO market to its strongest start in recent years.

This wave of hard-tech IPOs follows a clear capital logic. For instance, Biren Technology has completed ten funding rounds over six years since its founding, raising a cumulative total of approximately USD1.74 billion. MiniMax, established just four years ago, has conducted seven funding rounds, accumulating roughly USD1.556 billion. Their IPO journeys, coupled with such substantial fundraising, highlight that the growth of hard-tech companies is now heavily dependent on long-term, patient capital. This support is crucial to address high R&D expenditures and commercialisation challenges, ultimately forming a dual-engine development model characterised by “technological breakthrough + capital empowerment”.

Key drivers for tech listings in Hong Kong

• Regulatory Adaptation: HKEX’s Chapter 18C is a pivotal innovation, tailored for high-growth, high-investment, yet unprofitable tech firms. It shifts focus from profitability to assessing core technology, industry prospects, and commercialisation potential, creating a dedicated fundraising channel for growth-stage tech companies.
• Internal Demand: The pursuit of listings stems from the capital-intensive, long-cycle nature of cutting-edge R&D. In fields like AI and advanced semiconductors, R&D costs often exceed billions, necessitating sustained funding beyond private capital. Public listings provide scalable, ongoing capital for innovation and expansion.

Key review points under Chapter 18C

• Qualification as a Technology Company: A Specialist Technology Company primarily focuses on R&D and commercialisation in frontier technology sectors, covering new information technologies, advanced hardware, and advanced software. Even if not within explicitly listed sectors, a company may still qualify if it demonstrates high-growth potential and core technologies reliant on innovative tech.
• Commercialisation Capability: The HKEX categorises technology companies as either “Commercialised” or “Pre‑Commercialised”. Both may apply for listing under Chapter 18C. A Commercialised company must have generated annual revenue of at least HKD250 million from its specialist technology business in the most recent fiscal year. While Pre‑Commercialised companies face no mandatory revenue threshold, they must outline a clear and credible path to commercialisation, with both categories required to meet stringent R&D investment ratios.
• Appropriate Valuation: The HKEX sets explicit market capitalisation thresholds. Under the transitional arrangement effective from September 2024 to August 2027, a Commercialised company must target a market cap of no less than HKD4 billion at listing, while a Pre‑Commercialised company must target at least HKD8 billion. Both require validation from experienced independent investors.
• Example – Biren Technology: The company classified its core business – GPGPU chips and intelligent computing solutions – under the “New Information Technologies” and “Advanced Hardware” categories of Chapter 18C. It reported 2024 revenue of RMB337 million, significantly exceeding the HKD250 million requirement, and targeted a market capitalisation between HKD40.1 billion and HKD46.2 billion, well above the HKD4 billion threshold.

Future outlook

On 30 January 2026, the Hong Kong Securities and Futures Commission issued a circular expressing significant concern over issues exposed during the surge in new listing applications in 2025. These issues included incomplete/poor-quality application documents and insufficient due diligence by sponsors. This indicates that the review process for Hong Kong IPO applications is set to become more stringent. Consequently, Chapter 18C, which provides a listing pathway for unprofitable technology companies, will also face more cautious scrutiny from the HKEX.

The wave of technology companies listing in Hong Kong has begun. In this new environment where stricter IPO reviews co-exist with opportunities for tech listings, only through early planning and prudent preparation can companies seize the initiative amidst the evolving capital market landscape.

港股IPO市场观察：科技浪潮下的机遇与挑战

港股市场募资概览

2025年，香港重登全球资本市场新股募资规模榜首。根据Dealogic的数据，2025年香港股权资本市场的募资额达1,030亿美元，同比升164%。首次公开招股集资规模达374亿美元，同比增长231%；上市后再融资规模达660亿美元，同比升136%。

其中，TMT行业创2021年以来的新高，2025年TMT行业在香港的发行规模达345亿美元，科技股权募资规模位居全球第二。2026年伊始，随着壁仞科技、MiniMax等头部科技企业登陆港交所，预示着新一轮科技企业赴港上市潮已拉开序幕。

科技企业港股IPO动态与逻辑深度剖析

2026年开年，港股IPO市场迎来硬核科技上市潮。截至2月13日，年内已有24家公司登陆港交所。继1月壁仞科技、天数智芯、智谱、MiniMax等13家硬科技企业集体上市并实现“零破发”后，2月澜起科技、爱芯元智、海致科技集团等明星企业接力挂牌，其中海致科技首日盘中涨幅一度突破260%。覆盖GPU、AI大模型、图计算等前沿赛道的科技公司正密集叩响资本市场大门，推动港股IPO市场创下近年来最佳开局。

这轮硬科技IPO热潮背后演绎着清晰的资本逻辑。例如，壁仞科技成立六年已完成十轮融资，累计募资约17.4亿美元；MiniMax成立仅四年已完成七轮融资，累计募资规模达约15.56亿美元。其上市进程与高额募资表明，硬科技企业的发展已高度依赖长期、耐心的资本支持，以应对高研发投入与商业化挑战，形成“技术攻坚+资本赋能”的双轮发展模式。

科技企业赴港股IPO的核心驱动因素

• 制度适配：港交所第18C章是资本市场响应产业变革的重要制度创新。该规则精准契合硬科技企业“高成长、高投入、暂未盈利”的发展阶段，突破传统盈利门槛，转向评估企业的核心技术、行业前景与商业化潜力。这既为成长期科技企业开辟了专属融资通道，也引导资本流向真正具备创新实力的领域。
• 内生需求：科技企业集中寻求上市，直接源于前沿技术研发的资本密集与长周期特性。在AI、高端芯片等领域，动辄数十亿的研发投入与长达数年的攻坚已成常态，仅靠私募融资难以支撑持续的技术迭代与市场扩张，而公开上市则为研发创新提供了规模化、可持续的资本来源。

第18C章下港股上市审核要点

• 科技定性：特专科技公司主要指专注于前沿科技领域的产品研发与商业化企业，涵盖新信息技术、先进硬件及软件等行业。此外，即使不在列明领域，若企业拥有高增长潜力、核心技术依赖创新科技，仍可能被接纳。
• 商业化能力：联交所将科技企业区分为“已商业化”与“未商业化”两类，两类企业均可通过第18C章申请主板上市。已商业化是指最近会计年度特专科技业务收益达2.5亿港元以上，未商业化虽无收入硬性要求，但必须披露清晰、可信的商业化路径，且两类公司均需满足严格的研发投入比例。
• 合理估值：联交所对特专科技公司设定了明确的市值门槛。根据2024年9月‑2027年8月适用的过渡安排，已商业化公司上市时预期市值不低于40亿港元，未商业化公司则不低于80亿港元，均需获得资深独立投资者的认可。
• 以壁仞科技为例，公司明确其核心业务—GPGPU芯片及智能计算解决方案属于第18C章“新信息技术”与“先进硬件”领域；披露其2024年收入达人民币3.37亿元，远超2.5亿港元要求；预期市值介于401亿至462亿港元之间，显著高于40亿港元的市值门槛。

未来展望

2026年1月30日，香港证监会发布通函，对2025年新股申请激增期间暴露的申请文件缺失/质量不到位、保荐人履职不尽责等问题表示高度关注，预示未来港股IPO审核将趋于严格。这也意味着，为未盈利科技企业提供上市途径的18C章，同样面临着港交所更为审慎的核查。

科技公司赴港上市的热潮已启，在港股IPO审核趋严与科技企业上市机遇并存的新形势下，企业唯有提前规划、审慎准备，方能在资本市场变革中把握先机。