Based on information disclosed by the Hong Kong Stock Exchange, researchers have compiled statistics on Hong Kong IPO queuing and newly listed companies. The selection criteria for IPO queuing companies include those with audit status showing published application versions and published post-hearing information packages.

In July, the Hong Kong Stock Exchange saw 9 new stock listings, with total fundraising reaching HK$19.385 billion. Among these, Lens Technology and FWD Group led in initial fundraising amounts, raising HK$5.483 billion and HK$3.661 billion respectively.

As of July 31, 2025, there were 206 companies queuing for Hong Kong IPO, with 197 companies queuing for Main Board IPO and 4 companies having passed hearings. Additionally, A-share listed companies including Luxshare Precision, Shenghong Technology, and Capital Securities disclosed Hong Kong IPO application plans in July.

**9 New Stocks Listed in July with Combined Fundraising of HK$19.385 Billion**

In July 2025, the Hong Kong Stock Exchange had 9 new stock listings with total fundraising of HK$19.385 billion. From January to July 2025, 52 new stocks have been listed with combined fundraising exceeding HK$128 billion.

Among July's new listings, Lens Technology had the largest fundraising scale at HK$5.483 billion. FWD Group followed closely with approximately HK$3.661 billion raised. Additionally, Geek+, PowerTech Technology, and Anjoy Foods each raised over HK$2 billion.

Regarding first-day stock price performance, except for Anjoy Foods and Broadcope Cloud, whose stock prices declined on listing day, the remaining 7 companies all recorded gains on their first trading day. Among these, Viva Biotech performed particularly well, with its stock price rising 91.71% above the issue price on listing day.

**Figure 1: New Stocks Listed on Hong Kong Stock Exchange in July 2025**

Lens Technology was listed on the Hong Kong Stock Exchange on July 9, 2025, with an issue price of HK$18.18 per share. The company is a one-stop precision manufacturing solutions provider for the entire smart terminal industry chain, with business covering smartphones and computers, smart automotive and cockpit systems, smart headsets and wearables. On listing day, the company's H-shares reached a high of HK$19.98 per share, ultimately closing up 9.13%. On August 19, the H-share price reached a high of HK$23.50 per share.

PowerTech Technology's Hong Kong issue price was HK$120.5 per share, making it the highest-priced stock among July's new listings on the Hong Kong Stock Exchange. The company is a motor drive chip semiconductor company, with its H-share price gaining 16.02% on the first trading day, reaching a high of HK$180.00 per share on August 19.

**206 Companies in IPO Queue**

According to public information, as of July 31, 2025, there were 206 companies queuing for IPO on the Hong Kong Stock Exchange. Among these, 197 companies were queuing for Main Board IPO, while 9 companies were queuing for GEM listing. By audit progress, 202 companies had published application versions, accounting for 98% of prospective IPO companies. Four companies had passed hearings.

Since August and up to the 20th, Dongyang Sunshine Pharmaceutical, Zhonghui Biology, Innocare Pharma, and Tianyue Advanced Materials have been listed on the Hong Kong Stock Exchange on August 7, August 11, August 15, and August 20 respectively.

**Figure 2: Hong Kong Stock Exchange IPO Queuing Companies (Partial)**

Among these, Sunwoda applied for Hong Kong Main Board IPO on July 30, 2025. The company is a leading global lithium battery enterprise that was listed on the Growth Enterprise Market in 2011, with current A-share market capitalization exceeding 41 billion yuan. In the first quarter of 2025, the company achieved revenue of 12.289 billion yuan, up 11.97% year-on-year; net profit attributable to shareholders was 386 million yuan, up 21.23% year-on-year.

Furthermore, A-share listed companies including Luxshare Precision, Shenghong Technology, and Capital Securities disclosed Hong Kong IPO application plans in July, indicating continued momentum in A+H dual-listing arrangements among A-share listed companies.