NewTimeSpace | Review of "First Stock" IPOs on the Hong Kong Stock Exchange (December 2025 Edition)

Review of "First Stock" IPOs on HKEX (December 2025)

No.

Stock Code

Company Name

"First Stock" Title

Reason for Inclusion

1

02693.HK

Jinyan Kaolin

Anhui's First "NEEQ+H" Dual-Listed Stock

The first enterprise from Anhui Province to list on the HKEX Main Board after being listed on the National Equities Exchange and Quotations (NEEQ), marking a breakthrough in the "NEEQ+H" dual-listing model for the province. (NEEQ Code: 872844.NQ

2

02539.HK

Lemo Services

First Shared Massage Chair Stock

China’s leading provider of robotic massage services and the first in the industry to complete an IPO. Its core brand, "Lemo Bar," has held the top market share for three consecutive years (2022-2024).

3

02408.HK

Xiao Noodles

First Chinese Noodle House Stock

Specializing in Chongqing noodles, it has expanded into various spicy and non-spicy dishes. According to Frost & Sullivan, it ranked first among all Chinese restaurant chains in offline sales of Chongqing noodles and hot-and-sour rice noodles from 2022 to 2024.

4

02658.HK

Tianyu Semi

First Silicon Carbide (SiC) Epitaxial Wafer Stock

A major supplier of SiC epitaxial wafers in China. In 2024, it became the largest independent manufacturer in the Chinese market by both sales volume and revenue

5

02687.HK

Able Digital

First Higher Education Digital Teaching Stock

A leading provider of digital teaching solutions for higher education in China. Its core digital content business held the top market share in 2024, with over 600 courses rated as national-level ""Golden Courses.""

6

02676.HK

Novosense

Suzhou's First "A+H""Dual-Listed Stock

The first enterprise from Suzhou to achieve dual listing on both the A-share market (STAR Market) and the HKEX. (A-share Code: 688052.SH)

7

02659.HK

Bao Pharma-B

China's First Recombinant Human Hyaluronidase Stock

Its core product, KJ017, is China's first and only recombinant human hyaluronidase product to enter the New Drug Application (NDA) stage, leading all domestic competitors in the pipeline.

8

07618.HK

JD Industrials

First Industrial Supply Chain Digitalization Stock

The first HK-listed company focused on the digital transformation of traditional industrial supply chains. It is the largest service provider in China's industrial supply chain technology and service market by 2024 GMV.

9

03887.HK

HashKey

First Digital Asset Stock

Leveraging its licensed and compliant status, HashKey is the first HK-listed company focusing on fully licensed digital asset exchanges and financial services. It holds over 75% of the Hong Kong market share as of 2024.

10

03881.HK

CiDi

First Autonomous Mining Truck Stock

China’s largest commercial autonomous driving company. It ranked first in product sales revenue in 2024 (16.8% market share) and delivered China’s first fully unmanned electric mining fleet.

11

02691.HK

Nanhua Futures

First Internationalized Futures Service Stock

Ranked first among all Chinese futures companies by 2024 overseas revenue, and the first HK-listed company to build an integrated "Domestic + Overseas" futures and derivatives financial service platform.

12

02396.HK

B&K Corp-B

China's First PDGF Drug Stock

The company with the fastest clinical development of PDGF (Platelet-Derived Growth Factor) drugs in China. Its core products lead in treating burns and diabetic foot ulcers, with no commercialized PDGF drugs currently available in China.

13

02695.HK

Impression DHP

Fujian's First Cultural Tourism Stock

The first and only listed company whose core asset and primary revenue source is the iconic "Impression Dahongpao" outdoor landscape performance, the first of its kind in Fujian Province.

14

02635.HK

Nuobikan

First "AI + Infrastructure" Multimodal Model Stock

The first HK-listed company driven by vertical-specific AI industry models applied to intelligent solutions for transportation and energy infrastructure.

15

03696.HK

Insilico

First Generative AI Drug Discovery Stock

The only biotech company using a self-developed generative AI platform (Pharma.AI) as its core engine, having validated the entire process from drug discovery to clinical stages.

16

02657.HK

Forest Cabin

First Premium Domestic Anti-Aging Skincare Stock

Ranked first in retail sales among premium domestic Chinese skincare and anti-wrinkle brands in 2024. It is the first HK-listed company to establish a premium positioning based on a single botanical ingredient (Camellia).

17

06651.HK

51World

First Digital Twin Stock

Ranked first in both revenue and total financing within China's digital twin solution market in 2024. It is the only company in the industry capable of providing comprehensive, end-to-end digital twin solutions.

18

06600.HK

Onerobotics

Global First AI Embodied Home Robot Stock

The world's largest provider of AI embodied home robot systems, with an 11.9% retail market share in 2024. It is the first listed company to achieve multi-category innovation and full ecological deployment in this sector.

19

03317.HK

Xunce

First Large Model "Data Agent" Stock

The first Chinese listed company focusing on the "Data Agent" track, building a full-link real-time data service loop. Its business model is highly similar to the US AI giant Palantir.

Data Source/Compilation: Prospectuses / NewTimeSpace Research

Note: This list includes companies listed on the HKEX in December 2025.