NewTimeSpace | Monthly Review of the Hong Kong IPO Market: Contrasting fortunes for two new listings, 530 companies queuing for listing (August 2026)

NewTimeSpace News: In August 2026, the Hong Kong primary market continued the cooling trend seen since July, with only two new listings completing their IPOs during the month — NASN TECH (02261.HK), listed on 7 August, and Ingenic Semiconductor Co., Ltd. (03223.HK), listed on 25 August. Despite the small number, the two new listings presented starkly different pictures in subscription and debut performance.

On 7 August, NASN TECH, a developer of intelligent driving motion control technology, was the first to land on the Hong Kong Stock Exchange, becoming the "first wire-controlled chassis stock" on the Hong Kong market. The final offer price was set at HKD 10.42 per share, with total IPO gross proceeds of approximately HKD 600 million, and the valid subscription multiple for the Hong Kong public offering reached as high as 2,513.54 times. On its debut day, NASN TECH closed at HKD 17.10, up 64.11% from the offer price, with full-day turnover of approximately HKD 231 million.

On 25 August, Ingenic Semiconductor, a "storage + computing + analog" chip provider, listed at an offer price of HKD 100 per share, with total IPO gross proceeds of approximately HKD 3.129 billion, far exceeding NASN TECH in size. The valid subscription multiple for the public offering was 927.37 times. The Company brought in 11 cornerstone investors, subscribing for approximately HKD 1.503 billion in aggregate, corresponding to 15.034 million shares. However, its debut performance was far less buoyant than the subscription side, and the stock eventually closed flat at HKD 100, with full-day turnover of approximately HKD 582 million. The greenshoe mechanism became key to holding the offer price.

While the number of new listings cooled temporarily, the HKEX pipeline of listing applications remained substantial. As of the end of August, there were 20 applications on the Main Board approved by the Listing Committee and pending listing, none on GEM, and 510 applications under processing, including 501 on the Main Board and 9 on GEM — a total of 530 companies queuing for listing. On the Main Board basis, in the first eight months of 2026, HKEX accepted 444 new listing applications, which, together with 372 carried forward from the end of 2025, totalled 816 processed, of which 104 had been successfully listed.

In terms of institutional participation, the two new listings this month attracted a total of 4 sponsors, 12 lead underwriters, 10 law firms, 2 auditors and 12 bookrunners.

Specifically, in the sponsor segment, NASN TECH was jointly sponsored by Haitong International Capital Limited and BOC International (Asia) Limited, while Ingenic Semiconductor was jointly sponsored by Guotai Junan Capital Limited and Guotai Junan Securities (Hong Kong) Limited. In the underwriter segment, Futu Securities International (Hong Kong) Limited participated in the underwriting and bookrunning of both new listings, making it the most active underwriter this month; the remaining 11 institutions each participated in one deal.

There were 12 bookrunners in total this month, evenly split between the two deals. In the law firm segment, a total of 10 law firms participated in the projects this month; NASN TECH engaged 5 law firms jointly (including domestic and Hong Kong law firms), while Ingenic engaged 5 law firms. In the auditor segment, Ernst & Young Hong Kong and ShineWing Certified Public Accountants each took charge of the audit of one company.

Overall, although the number of new listings in August remained low, the composition of intermediary participation still reflected the centralisation trend among leading investment banks and professional service institutions — the three sponsors Guotai Junan, Haitong International and BOC International accounted for all the projects, while Futu Securities became the most active underwriter this month through its cross-deal underwriting participation.

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