Hong Kong's recently listed stocks were mixed this week, with UNISOUND up 32.31% to lead the gains and MININGLAMP-W and TOPNC up over 23%; SHEIN-W and MECH-MIND ROBOTICS fell over 21% in their debut week, while CF PHARMTECH dropped 24.19%, the worst performer. AUX ELECTRIC fell only 5.05% on the week after releasing 1.301 billion shares from lock-up. MINIMAX-W's average daily turnover of HKD 7.168 billion overtook Z.AI for the top spot. DEEPZERO extended its cumulative gain to 1,599% to keep leading, while ZG GROUP-W was the most deeply discounted at 93.05% below its IPO price. Only three stocks face lock-up expiries next week, all of small size.
This week's two main lines of overseas expansion were global licensing of innovative drugs and Hong Kong listings. HUTCHMED out-licensed global rights to its KRAS-EGFR conjugate drug to GSK, with milestone payments totalling up to USD 1.295 billion; SBP GROUP licensed TQB2102 to Cipla for up to USD 123 million; and KEYMED BIO-B reached an exclusive licensing deal for stapokibart covering 18 countries and regions. On the financing front, SHEIN-W listed at HKD 48.56 per share with total proceeds of approximately HKD 13.596 billion, ANJI TECHNOLOGY and AMLOGIC advanced their H-share offerings, and LONGSYS priced its H shares at HKD 236. MAN WAH HLDGS raised its stake in UK-based DFS to 8.58% for approximately HKD 132 million, HONGHUA GROUP signed RMB 600 million in drilling rig orders in the Middle East, and BYD COMPANY and GEELY AUTO sustained export growth in August.
On September 4, all three major Hong Kong indices advanced, with the Hang Seng Index up 1.74% to 25,650.87 points and the Hang Seng TECH Index up 2.27%, on markedly expanded turnover of HKD 276.857 billion. AI application plays led the gains, with PHANCY up 14.66% and MARKETINGFORCE up 13.52% following OpenAI's release of GPT-6 Astra; mainland property developers extended gains, with SUNAC up 14.29%; innovative drug plays gained broadly, with AKESO up 11.45%. Semiconductor stocks plunged against the trend, with HUA HONG GRACE down 8.43% and GENSCRIPT BIO down 13.33%. Southbound capital recorded net selling of HKD 10.021 billion. The Hang Seng quarterly review takes effect today, and Goldman Sachs expects passive inflows of USD 870 million into tech hardware and semiconductors.
TOYA has received a CSRC supplementary information request on its overseas listing filing covering six matters: pricing and capital contribution compliance of historical capital increases and equity transfers; details of historical shareholding entrustment arrangements (including verification of whether entrusted parties were prohibited from holding shares or breached non-competition provisions) and whether the controlling shareholder's shares are subject to material title disputes under Guidelines Type 2 and Article 8 of the Trial Measures; overseas investment and foreign exchange registration compliance for overseas subsidiaries; state-owned share marking procedures and the basis for determining the marking authority; compliance of employee equity incentive plans (including shares released and granted to specific employees in 2020) and benefit transfer; and title defects on shares for "full circulation", with lawyers required to issue clear legal opinions.
GLB has received a CSRC supplementary information request on its overseas listing filing covering seven matters: pricing and capital contribution compliance of historical capital increases and equity transfers and shareholding entrustment; pricing of new shareholders within 12 months before the filing and transferors' income tax; the reasonableness of the determination of no controlling shareholder or de facto controller; state-owned share marking and state-owned assets management procedures and decision-making procedures for "full circulation"; industrial and commercial changes of the employee shareholding platform, handling of voluntarily abandoned shares and reserved shares; approval, vetting or filing procedures for the proposed projects (including overseas projects); and title defects on shares for "full circulation", with lawyers required to issue clear legal opinions.
NANJING LINGXING has received a CSRC supplementary information request on its overseas listing filing covering five matters: pricing and capital contribution compliance of historical capital increases and equity transfers, shareholding entrustment and the basis for the absence of a controlling shareholder; pricing of new shareholders within 12 months before the filing and transferors' income tax; fairness of the employee shareholding plan and incentive interests held by departed employees; certificate compliance of ride-hailing vehicles and drivers, filing of the small passenger vehicle rental business and foreign investment access compliance; and title defects on shares for "full circulation", with lawyers required to issue clear legal opinions.
UNIDT has received a CSRC supplementary information request on its overseas listing filing covering three matters: the pricing and capital contribution compliance of historical capital increases and equity changes (including whether any prohibited subjects hold shares), foreign investment compliance regarding businesses other than cognitive intelligence algorithm products and the value-added telecommunication business licence, and state-owned share marking plus title defects on shares for "full circulation" (including look-through verification of shareholders such as Shanghai Wumu under Guidelines Type 2), with lawyers required to issue clear legal opinions.
BBL HOME has received a CSRC supplementary information request on its overseas listing filing covering nine matters, including look-through verification of related shareholdings among shareholders holding below 5%, pricing fairness of shares subscribed within the last 12 months, compliance of equity incentives, whether special shareholder rights arrangements constitute a material obstacle to listing, compliance with the foreign investment negative list (involving real estate brokerage and property management business scope), the business layout of domestic operating entities, overseas investment and foreign exchange compliance of overseas subsidiaries, title defects on shares for "full circulation", and whether the use of proceeds involves overseas investment, with lawyers required to issue clear legal opinions.
On September 4, 2026, the three major Hong Kong indices opened higher and rebounded, with the Hang Seng Index up 1.74%, the Hang Seng TECH Index up 2.27%, and the Hang Seng China Enterprises Index up 2.02%.On that day, the majority of AI concept stocks rose, with the large model and intelligent driving themes mostly strengthening, while AI chips broadly weakened.
Wuhan Binhui Biopharmaceutical Co., Ltd. announced that its filing for H-share issuance and listing and the "full circulation" of domestic unlisted shares has been confirmed by the CSRC: it plans to issue no more than 38,102,600 overseas listed ordinary shares for listing on HKEX, and 54 shareholders will convert an aggregate of 150,933,379 domestic unlisted shares into H shares for circulation; the filing notice only confirms the filing information without any substantive judgement on investment value.
Wuxi Autolink Intelligence Tech Co., Ltd. announced that its filing for H-share issuance and listing and the "full circulation" of domestic unlisted shares has been confirmed by the CSRC: it plans to issue no more than 68,263,500 overseas listed ordinary shares for listing on HKEX, and 39 shareholders will convert an aggregate of 336,371,100 domestic unlisted shares into H shares for circulation; the filing notice only confirms the filing information without any substantive judgement on investment value.
On 4 September 2026, KANGDA ENV (06136.HK) announced the completion of its USD 50 million 8.0% senior notes due 2029, its first notes issuance after obtaining international credit ratings, with net proceeds for debt repayment and working capital.
September 4, 2026—the three major Hong Kong indices opened higher and rebounded, with the Hang Seng Index up 1.74%, the Hang Seng TECH Index up 2.27%, and the Hang Seng China Enterprises Index up 2.02%. The Hang Seng Index's total market turnover was HK$276.9 billion,Southbound funds saw a net outflow of HK$10.021 billion.
On 4 September 2026, LONGSYS (09976.HK) announced that the offer price has been fixed at HKD 236.00 per share, with the allotment results expected to be announced on 7 September and trading to commence on the Main Board at 9:00 a.m. on 8 September, in board lots of 50 shares.
On September 4, 2026, fintech and blockchain ETFs exploded across the board in the HK shares ETFs market. Global X Innovative Finance ETF (3185.HK) rose 7.81%, and SAMSUNG Blockchain Technologies ETF (3171.HK) advanced 5.41%; Global X China Little Giant ETF (2815.HK) fell 3.08%, while STAR 50 and China semiconductor ETFs pulled back moderately. NewTimeSpace monitoring shows an evident rotation pattern in which fintech exploded while China technology themes came under pressure.
On 4 September 2026, the public offering of EXCELLAND ROBOTICS (03231.HK) closed, with margin financing of HKD 4.214 billion and an actual oversubscription of 95.79 times; the global offering comprised 45,000,000 shares (public offering 5% / international placing 95%), with the enlarged total share capital at 416 million shares, the offering representing approximately 10.81%, and an offer price range of HKD 14.450-19.550 per share.
