HK Newly Listed Stocks Weekly Tracker: AUX ELECTRIC's 1.3 Billion-Share Lock-up Expiry Lands Softly; UNISOUND Leads Rebound in Newer Listings - 20260904

During the week (August 31 - September 4), the market for recently listed stocks was mixed: names that had fallen sharply on earlier lock-up expiries, such as UNISOUND and MININGLAMP-W, rebounded, while SHEIN-W and MECH-MIND ROBOTICS, which listed on September 1, both fell more than 21% in their debut week. AUX ELECTRIC released 1.301 billion shares from lock-up this week, the largest single-issuer release recently, yet fell only 5.05% over the week, a relatively mild impact. On liquidity, MINIMAX-W's average daily turnover overtook Z.AI to take the top spot. DEEPZERO's cumulative gain widened to 1,599%, keeping it in the lead; ZG GROUP-W regained the deepest discount-to-offering-price position. Few lock-up expiries are scheduled next week, all of small size.

I. Weekly Changes:UNISOUND Leads Gains; Two New Listings Fell over 20% in Debut Week

The best-performing recently listed stocks this week included UNISOUND (+32.31%), MININGLAMP-W (+25.06%), TOPNC (+23.61%), XIZHI TECH-P (+21.05%) and MINIMAX-W (+20.31%). UNISOUND and MININGLAMP-W, which had fallen sharply on lock-up expiries in late June and late July respectively, both recorded notable gains this week. On the downside, CF PHARMTECH fell 24.19% this week, the biggest weekly drop among recently listed stocks; SHEIN-W and MECH-MIND ROBOTICS declined 21.36% and 21.34% respectively, both having listed on September 1 and retreating considerably in their debut week. XUNZHONG fell 20.26% and MOMENTA-W declined 19.53%. Of the five biggest weekly losers, SHEIN-W and MECH-MIND ROBOTICS were newly listed names, while the other three had no recent lock-up expiries.

II. Review of Lock-up Expiries This Week:AUX ELECTRIC Released 1.3 Billion Shares and Fell 5.05% on the Week

Only one recently listed stock had a lock-up expiry this week. AUX ELECTRIC released 1,300,921,300 shares on September 2, the largest single-issuer release recently, with the stock falling 5.05% over the week. Relative to the size of the release, the decline was mild, and the more than 30% single-week drops seen for some names after earlier expiries did not recur.

III. Next Week's Lock-up Expiry Preview: Three Stocks, All of Small Size

Three recently listed stocks will see lock-up expiries next week. ESTUN will release 34,048,600 shares on September 9, MEIG 15,887,400 shares on September 10 and ZHAOWEI 9,140,700 shares on September 9. All three releases are below 50 million shares, clearly smaller than AUX ELECTRIC's release this week, so overall lock-up pressure next week is light.

IV. Liquidity Observations: MINIMAX-W's Average Daily Turnover Overtakes Z.AI

The top of the liquidity rankings among recently listed stocks changed this week. MINIMAX-W's average daily turnover surged to HKD 7.168 billion from HKD 3.425 billion last week, jumping to first place with an average daily turnover rate of 7.56%. Z.AI's average daily turnover recovered to HKD 6.744 billion from HKD 4.672 billion last week but slipped to second, with an average daily turnover rate of 2.43%. ZJ INNOLIGHT averaged HKD 1.713 billion in daily turnover, CATL HKD 1.476 billion and ZIJIN GOLD INTL HKD 1.321 billion, ranking third to fifth. Among the least liquid names, CONTIOCEAN averaged HKD 10,904 in daily turnover, AUGROUP HKD 19,890, SYNTRUST GK HKD 24,072, GOLDEN LEAF INT HKD 27,197 and XJ ELECTRICS HKD 29,039. The bottom ranks were broadly unchanged from last week.

V. Deviation from IPO Price: DEEPZERO Extends Cumulative Gain to 1,599%; ZG GROUP-W Back to Deepest Discount

Measured against its offering price, DEEPZERO closed at HKD 943.00, a deviation of 1,599.10% from its IPO price of HKD 55.50, ranking first among recently listed stocks for a second consecutive week, with the deviation widening further from 1,320.72% last week. QIYUNSHAN FOOD closed at HKD 86.50, a deviation of 981.25%, staying second. Z.AI closed at HKD 1,075.00, a deviation of 825.13%, ranking third. NEW GONOW RV (553.54%) and ABLE DIGITAL (441.04%) entered the top five this week. On the discount side, ZG GROUP-W closed at HKD 0.70, a deviation of -93.05%, regaining the title of the most deeply discounted recently listed stock. CIDI deviated -92.73%, HESAI-W -91.45%, REFIRE -90.47% and CLOUDBREAK-B -88.32%.

Matters to Watch Next Week

1. ESTUN, MEIG and ZHAOWEI will see lock-up expiries next week, each releasing no more than 35 million shares, implying light overall lock-up pressure.

2. MINIMAX-W's average daily turnover rose to HKD 7.168 billion this week, overtaking Z.AI to become the most liquid; Z.AI's average daily turnover recovered to HKD 6.744 billion, though still below its July high.

3. SHEIN-W and MECH-MIND ROBOTICS, both listed on September 1, fell 21.36% and 21.34% respectively in their debut week, the only two new listings among the week's five biggest losers, underscoring the high volatility of recently listed stocks in their early trading days.

Note: This report defines "newly listed stocks" as HK-listed targets listed for less than 24 months.

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