The Hong Kong IPO market heated up again today — XuanZhu Biopharma-B (02575.HK) made its debut on the Hong Kong Stock Exchange, opening strong at HK$29.46 and surging as high as HK$31.00 during the session, with gains exceeding 150% at one point. As of midday, the stock was still up about 144%, with turnover reaching HK$366 million — another strong debut for a biotech listing.

(Image Source: uSMART HK app）

Looking back at this year’s performance, the Hong Kong IPO market has remained buoyant. A total of 25 new listings in 2025 have recorded an average first-day gain of 83%. Among them, Golden Leaf International Group skyrocketed by 330% on debut, while Changfeng Pharmaceutical jumped 161%, translating to a profit of nearly HK$12,000 for one-lot subscribers.

With XuanZhu Biopharma’s strong debut, the IPO fever in Hong Kong has reignited. More popular listings are lining up, and investors are eager to seize the next “big win” opportunity.

The IPO Frenzy Rekindled: 3 Hot New Stocks Queueing Up for Listing

As market liquidity improves and valuations in some sectors recover, the Hong Kong IPO market is heating up once again. According to information disclosed by the Hong Kong Stock Exchange (HKEX), as of October 15, three new stocks have entered the subscription period or are in the listing stage. These include Haixi Pharmaceutical (now closed), Jushuitan, and Goribot, covering popular sectors such as pharmaceuticals, technology, and the Internet of Things (IoT). Analysts from brokerage firms have pointed out that the average oversubscription multiples for Hong Kong IPOs have significantly risen this year, with many projects experiencing "instant kills" during the public offering phase, reflecting the accelerating return of retail investors to the primary market and a marked increase in short-term speculative sentiment.

From an industry perspective, technology and new energy sectors continue to be the focus of investor interest. As global digitalization and the shift to intelligent technology accelerate—especially the widespread application of 5G, IoT, cloud computing, and new energy technologies—companies in these fields are undoubtedly becoming darlings of the capital markets. Goribot and Jushuitan represent the growth potential in the IoT and e-commerce SaaS sectors, both attracting significant investor attention.

The hot streak of Hong Kong IPOs is expected to continue, especially with the recent rebound in market liquidity. As more new stocks queue up for listing, it's anticipated that more "blockbuster" IPOs will emerge, further fueling investor speculation.

IPO Returns Soar — “Every Subscription Wins” Sentiment Builds

In recent months, Hong Kong IPOs have delivered strong returns. Data shows that among the 25 new listings since September, 21 closed higher on debut, accounting for 84% of the total. Thirteen of them gained over 50%, and five surged more than 100%, reflecting a rapidly spreading “money-making effect.”

Overall, recent IPOs have delivered impressive returns, with several stocks doubling in grey-market trading. Golden Leaf International, Changfeng Pharmaceutical, and Zhidatech all posted over 100% gains on debut, becoming top retail favorites. Analysts attribute the rally to strong southbound capital inflows, robust retail demand, and valuation recovery across the Hong Kong market — all contributing to a renewed short-term IPO boom.

Opportunities and Risks Coexist — Stock Selection Matters

While IPO enthusiasm remains high, several high-valuation listings have seen pullbacks shortly after debut, underscoring ongoing risks. Investors should pay close attention to company fundamentals, industry outlook, and valuation levels before subscribing. Smaller-cap, theme-driven listings may offer strong first-day pops but are also prone to sharp corrections afterward.

For conservative investors, IPOs from industry leaders with stable performance — such as Fibocom Wireless or Guangyao SmartChip — may offer better risk-adjusted returns. Those with higher risk appetite can consider highly oversubscribed thematic stocks for short-term trading opportunities.

Hong Kong IPO Momentum Continues — Year-End Opportunities Remain

With momentum building in Hong Kong’s IPO market, activity is expected to remain strong through the fourth quarter. Over 30 companies are currently awaiting approval or listing hearings, spanning AI, new energy, semiconductors, and pharmaceuticals.

As market sentiment improves and capital inflows persist, the “subscribe-and-profit” trend could continue into year-end. For investors who can time subscriptions well and focus on companies with solid fundamentals and reasonable valuations, Hong Kong’s IPO market still holds promising opportunities for the months ahead.