HK Recently Listed Stocks Weekly: HQVT Surges 95.59%, Z.AI Tops Liquidity at HK$8.30 Billion Average Daily Turnover-20260918

HK recently listed stocks diverged in the week of September 14–18. The top five weekly gainers were HQVT, BAIGE ONLINE, ILUVATAR COREX, ROBOTPHOENIX and KING ENTERTAINMENT INTL RIGHTS; the top five weekly decliners were Century Group International, JIANGSU HORIZON, 160 HEALTH, GALAXIS TECH and XIPUNI. DELTON completed a lock-up expiry this week, the only recently listed stock to do so, with 20,674,500 shares unlocked. In terms of liquidity, Z.AI ranked first with average daily turnover of approximately HK$8.30 billion. In terms of deviation from issue price, QIYUNSHAN FOOD led at 743.12%, while REFIRE recorded the deepest break below issue price at 94.45%.

I. Weekly Performance: HQVT Rose 95.59%, Century Group International Fell 86.15%

Data Source/Compiled by: Choice/NewTimeSpace Research Institute. As of market close on September 18, 2026.

Among the top weekly gainers, HQVT rose 95.59%, BAIGE ONLINE rose 37.83%, ILUVATAR COREX rose 35.27%, ROBOTPHOENIX rose 34.93% and KING ENTERTAINMENT INTL RIGHTS rose 30.00%. On the downside, Century Group International fell 86.15%, JIANGSU HORIZON fell 42.01%, 160 HEALTH fell 34.83%, GALAXIS TECH fell 27.53% and XIPUNI fell 23.00%.

II. Lock-up Expiry Review This Week: DELTON Unlocked 20,674,500 Shares

As of market close on September 18, DELTON (01989.HK) completed a lock-up expiry this week (September 14–20), with 20,674,500 shares unlocked. It should be noted that DELTON's lock-up expiry date was originally September 20, 2026, a non-trading day, and the unlock was in practice deferred to the trading day of September 21; this report classifies lock-up expiries by the calendar week to which the expiry date belongs and accordingly counts DELTON in this week's expiries. The unlock volume is below 30 million shares, making the overall lock-up pressure relatively manageable.

Data Source/Compiled by: Choice/NewTimeSpace Research Institute. As of market close on September 18, 2026.

III. Lock-up Expiry Preview for Next Week:

Three recently listed stocks will see lock-up expiries next week, totalling 32,372,800 shares. FS.COM will unlock 16,922,900 shares on September 23, 2026, NSING TECH will unlock 12,962,400 shares on September 23, 2026, and NEW VISION CO will unlock 2,487,500 shares on September 24, 2026. All three unlock volumes are below 20 million shares, with NEW VISION CO's unlock the smallest. In terms of timing, FS.COM and NSING TECH unlock on the same day, and the combined impact on short-term market sentiment warrants attention.

IV. Liquidity Observation:

Data Source/Compiled by: Choice/NewTimeSpace Research Institute. As of market close on September 18, 2026.

The concentration effect at the top of the liquidity table remained pronounced this week. Z.AI posted average daily turnover of HK$8,301,584,900, or approximately HK$8.30 billion, with an average daily turnover rate of 4.4371%, retaining its position at the top of recently listed stock liquidity; MINIMAX-W posted average daily turnover of HK$3,736,739,600, or approximately HK$3.74 billion, with an average daily turnover rate of 5.3609%; CATL posted average daily turnover of HK$2,171,764,600, or approximately HK$2.17 billion, with an average daily turnover rate of 1.9538%; ZHONGJI INNOLIGHT posted average daily turnover of HK$1,955,208,200, or approximately HK$1.96 billion, with an average daily turnover rate of 2.7391%; CIG posted average daily turnover of HK$1,275,224,500, or approximately HK$1.28 billion, with an average daily turnover rate of 11.4760%, the highest turnover rate among the five, underscoring notably active trading.

The liquidity table includes only securities with actual traded value during the reporting period; stocks with zero average daily turnover are excluded from the ranking. The five least liquid names this period were NEW QIAN (HK$2,400), BBSB INTL (HK$5,400), HUIGE ENV (HK$9,900), HAIWEI (HK$11,600) and MEILIAN (HK$18,900), all with average daily turnover below HK$20,000 and trading close to a standstill.

V. Price Deviation: QIYUNSHAN FOOD Led with a 743.12% Deviation, REFIRE Broke Below Issue Price by 94.45%

Data Source/Compiled by: Choice/NewTimeSpace Research Institute. As of market close on September 18, 2026.

Compared with their issue prices, QIYUNSHAN FOOD closed at HK$67.45 versus an issue price of HK$8.00, a deviation of 743.12%, ranking first; DEEPZERO deviated by 718.02%, NEW GONOW RV by 656.30%, Z.AI by 571.26% and ABLE DIGITAL by 441.04%. On the break-below-issue-price side, REFIRE closed at HK$8.165 versus an issue price of HK$147.00, a deviation of -94.45%, the deepest among recently listed stocks; ZG GROUP-W deviated by -93.45%, GUOFUHEE by -92.83%, HESAI-W by -92.27% and CIDI by -91.59%.

Key Watch Items for Next Week

1. Lock-up expiries: three recently listed stocks — NSING TECH, FS.COM and NEW VISION CO — will see lock-up expiries next week, with unlock volumes of 12,962,400 shares, 16,922,900 shares and 2,487,500 shares respectively, all below 20 million shares; DELTON's 20,674,500 shares were unlocked on September 20, 2026 (deferred to the trading day of September 21 for implementation).

2. Liquidity: Z.AI posted average daily turnover of HK$8,301,584,900, or approximately HK$8.30 billion, with an average daily turnover rate of 4.4371%, ranking liquidity TOP1; MINIMAX-W posted average daily turnover of HK$3,736,739,600, or approximately HK$3.74 billion, with an average daily turnover rate of 5.3609%.

3. Weekly moves and deviation: HQVT led gains with a weekly rise of 95.59%, BAIGE ONLINE rose 37.83% in second place, while Century Group International led losses with a weekly fall of 86.15%; QIYUNSHAN FOOD led deviation from issue price at 743.12%, while REFIRE recorded the deepest break below issue price at 94.45%.

Note: This report defines "recently listed stocks" as Hong Kong-listed securities that have been listed for less than 24 months. 

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