Since the beginning of 2025, Hong Kong's stock market has seen 53 new IPOs (plus 1 De-SPAC and 1 introduction listing), raising a total of approximately HK$130.22 billion. In the most recent week (August 10-16), 2 companies listed, 2 conducted public offerings, 3 passed hearings, and 8 submitted applications.

During the past week, two 18A biotech companies AB&B BIO-TECH-B and INNOGEN-B officially listed with impressive debut performances, rising 157.98% and 206.48% respectively on their first trading days. This year, Hong Kong's 18A biotech IPOs have demonstrated significant money-making effects, with the IPO subscription boom making a strong comeback.

Three companies passed hearings: Shuangdeng Group, Jiaxin International, and AUX, with AUX being one of the world's top five air conditioning suppliers. Eight companies submitted applications, including LeComfort, Wolong Electric Drive (AH), Junxin Environmental Protection (AH), Creality 3D, Flashrecycle Technology, Huazhi Bio, Different Group, and Zhuoyou Zhimei (GEM). Among these, Wolong Electric Drive and Junxin Environmental Protection are both AH companies, with Wolong Electric Drive's A-shares hitting the daily limit after submitting its application.

**I. New Listings (2 companies)**

Two companies went public during the past week.

**1. AB&B BIO-TECH-B** On August 11, AB&B BIO-TECH-B (2627.HK) officially debuted on the Hong Kong Stock Exchange, with CITIC Securities and China Merchants Bank International as joint sponsors. The stock opened significantly higher at 156% on its first trading day, reaching as high as 170% during morning trading before consolidating at high levels, ultimately closing up 157.98%. Daily trading volume reached nearly 9 million shares with turnover of approximately HK$298 million.

**2. INNOGEN-B** On August 15, weight-loss innovative drug company INNOGEN-B (2591.HK) officially listed on the Hong Kong Stock Exchange. The stock opened directly higher on its debut, once surging nearly 300% before retreating from highs, ultimately closing up 206.48%. Trading volume reached HK$978 million, with the latest total market capitalization at HK$26.153 billion and H-share market cap at HK$24.061 billion.

**II. Public Offerings (2 companies)**

Two companies conducted public offerings during the past week, with INNOGEN-B completing its offering and successfully listing.

**1. Tianyue Advanced Materials** Tianyue Advanced Materials (2631.HK) conducted its public offering from August 11 to August 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 rights and over-allotment options) at an offer price of HK$42.80, representing a discount of approximately 36.12% compared to its A-share closing price of RMB 61.02, exceeding expected discount levels.

The company's stabilizing manager for this issuance is CICC Hong Kong, so there will be a 30-day stabilization period after the offering completion before it can enter Stock Connect next month. The issuance ratio is 10.00%, using Mechanism A. Based on historical over-subscription multiples, clawback to public portion would be 15%, 25%, and maximum 35% respectively. Post-listing total market cap would be HK$20.435 billion, with H-share market cap of HK$2.044 billion and static P/E ratio of approximately 107 times.

At the maximum price of HK$42.80, total fundraising would be approximately HK$2.044 billion. If clawbacked to the maximum public portion of 35%, the international portion would account for approximately HK$1.328 billion. Five cornerstone investors participated with total subscription amount of HK$740 million, representing about 36.22% of the global offering shares.

**III. Passed Hearings (3 companies)**

Three companies passed hearings during the past week.

**1. Shuangdeng Group** Shuangdeng Group passed the Hong Kong Stock Exchange hearing on August 10, 2025, planning to list on the Main Board, with CICC, CCB International, and Huatai International as joint sponsors. The company is a leading energy storage business in big data and telecommunications sectors. 2024 revenue was RMB 4.499 billion with net profit of RMB 353 million. For the first five months of 2025, revenue was RMB 1.867 billion with net profit of RMB 127 million. The company previously terminated its ChiNext listing application on April 9, 2024.

**2. Jiaxin International** Jiaxin International passed the Hong Kong Stock Exchange hearing on August 11, 2025, planning to list on the Main Board with CICC as exclusive sponsor. The company is a tungsten mining company located in Kazakhstan. The tungsten mine is in development stage with no revenue yet. 2024 net loss was HK$177 million. For the first six months of 2025, it generated revenue of HK$126 million with net loss narrowing to HK$7 million. The company previously filed with China Securities Regulatory Commission for Hong Kong listing on February 19, 2024, and for Astana International Exchange listing on June 20, 2024, receiving approval on December 12, 2024.

**3. AUX** On August 12, 2025, AUX passed the Hong Kong Stock Exchange hearing, planning to list on the Main Board with CICC as exclusive sponsor. The company is one of the world's top five air conditioning suppliers. 2024 revenue was RMB 29.759 billion with gross profit of RMB 6.24 billion, gross margin of 20.97%, and net profit of RMB 2.91 billion. For the first three months of 2025, revenue was RMB 9.352 billion with net profit of RMB 925 million.

**IV. Application Submissions (8 companies)**

Eight companies submitted listing applications to the Hong Kong Stock Exchange during the past week.

**1. LeComfort** On August 12, 2025, LeComfort, spun off from SAMGROUP and headquartered in Dubai Airport Free Zone, UAE, resubmitted its prospectus to the Hong Kong Stock Exchange for Main Board listing, with CICC, CITIC Securities, and GF Securities Hong Kong as joint sponsors. The company supplies baby and feminine hygiene products including baby diapers, baby pull-ups, sanitary napkins, and wet wipes. 2024 revenue was US$454 million with net profit of US$95 million. For the first four months of 2025, revenue was US$161 million with net profit of US$31 million.

**2. Wolong Electric Drive (AH)** On August 13, 2025, Wolong Electric Drive first submitted its prospectus to the Hong Kong Stock Exchange for Main Board listing, with CICC, Huatai International, and GF Securities as joint sponsors. The company is the world's largest explosion-proof electric drive system solution provider. First half 2025 revenue was RMB 8.03 billion with net profit of RMB 548 million, up 34% year-over-year.

**3. Junxin Environmental Protection (AH)** On August 13, 2025, Junxin submitted its first prospectus to the Hong Kong Stock Exchange for Main Board listing, with CICC and CITIC Securities as joint sponsors. Junxin (301109.SZ) listed on Shenzhen Stock Exchange in 2022. The company is an industry-leading provider of comprehensive waste treatment and resource utilization solutions. 2024 revenue was RMB 2.411 billion with gross profit of RMB 1.001 billion, gross margin of 41.51%, and net profit of RMB 686 million.

**4. Creality 3D** On August 14, 2025, Creality 3D first submitted its prospectus to the Hong Kong Stock Exchange for Main Board listing, with CICC as exclusive sponsor. The company is a globally leading consumer-grade 3D printing products and services provider. 2024 revenue was RMB 2.288 billion with gross profit of RMB 708 million, gross margin of 30.93%, and net profit of RMB 89 million.

**5. Flashrecycle Technology** On August 14, 2025, Flashrecycle Technology submitted its prospectus to the Hong Kong Stock Exchange for the third time for Main Board listing, with Qingke Capital as exclusive sponsor. The company is China's third-largest mobile phone recycling service provider. 2024 revenue was RMB 1.297 billion with net loss of RMB 66 million and gross margin of 4.79%.

**6. Huazhi Bio** Huazhi Bio submitted its prospectus to the Hong Kong Stock Exchange on August 15, 2025, for Main Board listing. This is the company's third listing application, with Huatai International and CITIC Securities as joint sponsors. The company is an innovative biopharmaceutical company developing protein drugs for wound healing. The company has not achieved commercialization. 2024 other income was RMB 261,000 with net loss of RMB 212 million and R&D expenses of RMB 91 million.

**7. Different Group** Different Group submitted its prospectus to the Hong Kong Stock Exchange on August 15, 2025, for Main Board listing. This is the company's second listing application, with CITIC Securities and Haitong Securities as joint sponsors. The company is an emerging mother and baby products supplier. 2024 revenue was RMB 1.249 billion with net profit of RMB 59 million.

**8. Zhuoyou Zhimei (GEM)** On August 15, 2025, Zhuoyou Zhimei first submitted its prospectus to the Hong Kong Stock Exchange for GEM listing, with Zhongtai International as exclusive sponsor. The company is China's largest children and adolescent arts training institution. For the first five months of 2025, revenue was RMB 59 million with net profit of RMB 10 million and gross margin of 50.7%.

**V. Recent Hong Kong IPO Market Conditions**

According to big data, the recent 10 listed new stocks had an average issue market cap of HK$22.224 billion, with the largest being Lens Technology and smallest being Zhongda Dental. Average issue P/E was 28.70 times, at medium-high levels. Average number of applicants was 130,073 with average subscription multiple of 1378.11 times. Average cornerstone proportion was 32.31%, slightly declining. Recent 10 new stocks averaged 56.46% gains in grey market and 48.65% on first trading day.

The recent three 18A biotech companies have shown increasingly strong momentum, though winning allocations has become increasingly difficult. For new stocks listed since late July, investors are competing with capital for subscriptions, with even Group B unable to guarantee one lot allocation. INNOGEN-B even required lottery for top-tier applications. Currently, A+H Tianyue Advanced Materials has over-subscription multiples exceeding 2400 times.