On 30 June, the Hong Kong Stock Exchange staged this year’s most crowded “new-share show” — six companies all completed the final step before listing on the same day and will ring the bell together on 9 July. Their combined maximum fund-raising could reach about HK$10.16 billion, setting a new single-day record for the year and pushing the half-year total fund-raising of Hong Kong stocks above HK$107 billion, the highest in the world.

Overview of the New Shares: From the “Apple-Chain” to Low-Carbon Technology

Leading the pack is Apple supply-chain giant Lens Technology (06613.HK). With an offer-price range of HK$17.38–18.18, it may raise up to HK$4.77 billion to expand precision manufacturing and in-vehicle interaction businesses. Warehouse-robotics heavyweight Geek+-W (02590.HK) plans to raise HK$2.36 billion, leveraging the HKEX 18C regime to accelerate global AMR operations. Chip designer PNC Technology (01304.HK) seeks up to HK$1.96 billion to develop BLDC motor-control chips. Xunzong Communication (02597.HK) targets the cloud-communication and AI track, aiming to raise HK$660 million; Shougang Langze (02553.HK) focuses on carbon capture and low-carbon chemicals, with a goal of HK$380 million; private dental chain Dazhong Dental (02651.HK) seeks HK$230 million, adding a fresh face to the healthcare segment.

Behind the Six Shares Appearing Together: Faster Regulation and a Valuation Sweet Spot

The simultaneous debut of the six companies is no coincidence. Since 2023, HKEX has continuously optimised its listing mechanism: simplifying hearing procedures, shortening the book-building period, and introducing differentiated thresholds for specialist technology, pre-revenue biotech and dual primary listings. Prospectuses show that Lens Technology took only 100 days from filing to the expected listing date, setting a new “lightning” listing paradigm for A+H leaders coming to Hong Kong.

Meanwhile, Hong Kong valuations sit at a ten-year low, with the Hang Seng Index trading below book value, while global liquidity is recovering on expectations of US Federal Reserve rate cuts. For mainland growth companies, listing in Hong Kong offers “premium” financing and access to international investors, creating a valuation re-pricing window.

Red-Hot Subscription Fever: HK$10 Billion Margin Financing and Over-Subscription Effect

Brokerage data indicate that the six new shares attracted more than HK$10 billion in margin financing on the first day. Lens Technology alone drew over HK$6 billion in deposits, more than ten times oversubscribed; Geek+ and PNC Technology, carrying the “hard-tech” label, saw institutional cornerstone investors lock up nearly 30 per cent of their issues in advance. Behind the high-leverage margin financing and over-subscription, new-share investors value the average first-day positive returns and soaring subscription multiples of this year’s Hong Kong IPOs. Earlier in the year, new shares such as Blue Ark and Mixue Group recorded subscription multiples over one thousand, creating a demonstration effect and accelerating capital’s “chase for new issues”.

Where the IPO Boom Comes From: Triple Drivers of Policy, Industry and Capital

First, reforms such as 18C have lowered listing thresholds for hard-tech companies, enriching the structure of new-share supply. Second, since the start of the year, policy dividends focused on AI, advanced manufacturing and green energy have continued, improving valuation expectations for enterprises. Finally, offshore renminbi assets are favoured in the global asset rebalancing, prompting public and hedge funds to increase allocations to Hong Kong stocks and lifting primary-market valuations.

Risk Reminders and Outlook

Although enthusiasm for new-share subscriptions is unprecedented, volatility in Hong Kong’s secondary market remains high, and the first-day break-rate for new shares in the first half of 2025 is still close to 30 per cent, so investors must be alert to valuation-correction risks. At the same time, US Treasury yields, geopolitical developments and the renminbi exchange rate remain key variables influencing capital flows. If global liquidity continues to improve in the second half of the year, coupled with the release of HKEX reform dividends, the Hong Kong IPO pipeline may stay robust; but if the external macro environment deteriorates, high-leverage new-share subscriptions could amplify pullbacks.

The “six shares on 30 June” phenomenon reflects a microcosm of the diversified global financing paths of Chinese enterprises. How long the “fire” in Hong Kong’s new-share market can burn under policy support and capital pursuit still depends on corporate fundamentals being realised and sustained buying by international funds.

uSMART launches “HK IPO Fee-Waiver Offer” – subscribe to new shares at zero cost

Margin subscription: 0 % interest, leverage up to 10×

Cash subscription: HK$0 handling fee

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* 0 % interest applies to margin subscription amounts of HK$10 million or below.

^ All handling fees are waived for cash subscriptions.

This promotion is effective from 20 May 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for Hong Kong IPOs via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks. After logging in, tap “Trade” at the bottom‑right, choose “IPO Subscription,” select the target IPO, tap “Public Offer,” enter the share quantity and submit your order.