HK Recently Listed Stocks Weekly Tracker: BAIGE DIGITAL Gains 27.36%, Z.AI Tops with Average Daily Turnover of HK$2.089 Billion-20261009

This week (October 5 – October 9), Hong Kong recent listings showed divergent performance. The top five weekly gainers were BAIGE DIGITAL, DIRECT DRIVE TECH, YUNJI, GLORY FLAME and BONJOUR HOLD (Old); the top five weekly decliners were CHINA SANDI, SINO ENGY CONS, BRETON, TH MEDICAL-B and CENTURY GP INTL (Old). No recent listing saw its lock-up restrictions lifted this week; next week, SIGENERGY, MANYCORE TECH and GPIXEL will see a total of 99.0526 million shares released from lock-up. In terms of liquidity, Z.AI topped the list with average daily turnover of approximately HK$2.089 billion. In terms of price deviation, DEEPZERO topped the list with a deviation of 1,071.17% from its issue price, while REFIRE topped the list with a decline of 96.89% below its issue price.

I. Weekly Changes: BAIGE DIGITAL Up 27.36%, CHINA SANDI Down 45.83%

Source: Choice / NewTimeSpace Research Institute, as of the close on October 9, 2026

Among the recent listings with the largest weekly gains, BAIGE DIGITAL rose 27.36% for the week, DIRECT DRIVE TECH rose 27.35%, YUNJI rose 19.42%, GLORY FLAME rose 18.00%, and BONJOUR HOLD (Old) rose 15.65%. On the decline side, CHINA SANDI fell 45.83% for the week, SINO ENGY CONS fell 39.41%, BRETON fell 34.90%, TH MEDICAL-B fell 34.55%, and CENTURY GP INTL (Old) fell 25.70%.

II. Review of Lock-up Expiries This Week: None

No recent listing completed a lock-up expiry this week (October 5 – October 11).

III. Next Week’s Lock-up Expiry Preview:

Three recent listings will see their lock-up restrictions lifted next week, with a total of 99.0526 million shares unlocked. SIGENERGY will see 6.7604 million shares released from lock-up on October 16, 2026; MANYCORE TECH will see 59.647 million shares released from lock-up on October 17, 2026; and GPIXEL will see 32.6452 million shares released from lock-up on October 17, 2026.

IV. Liquidity Observations:

Source: Choice / NewTimeSpace Research Institute, as of the close on October 9, 2026

The liquidity rankings shifted this week. Z.AI had an average daily turnover of HK$208,939.70 ten thousand, or approximately HK$2.089 billion, with an average daily turnover rate of 1.2036%; MINIMAX-W had an average daily turnover of HK$134,565.55 ten thousand, or approximately HK$1.346 billion, with an average daily turnover rate of 2.2536%; CATL had an average daily turnover of HK$107,874.12 ten thousand, or approximately HK$1.079 billion, with an average daily turnover rate of 1.0159%; ZHONGJI INNOLIGHT had an average daily turnover of HK$94,508.79 ten thousand, or approximately HK$945 million, with an average daily turnover rate of 1.4813%; and INSILICO had an average daily turnover of HK$69,439.52 ten thousand, or approximately HK$694 million, with an average daily turnover rate of 2.3219%, the highest among the top five. Among the bottom-ranked stocks, GF HEALTHCARE (Old) had an average daily turnover of HK$106.0, CAPITAL IND FIN (Old) HK$873.4, BIOSTAR PHARM-B HK$1,384.0, AUGROUP HK$1,404.0, and JINYAN KAOLIN HK$1,429.5.

V. Deviation from IPO Price: DEEPZERO Up 1,071.17% Ranks First, REFIRE Down 96.89%

Source: Choice / NewTimeSpace Research Institute, as of the close on October 9, 2026

Compared with the issue price, DEEPZERO closed at HK$650.00, deviating 1,071.17% from its issue price of HK$55.50, ranking first; QIYUNSHAN FOOD deviated 1,060.00%, NEW GONOW RV 883.46%, Z.AI 452.07%, and BAIGE DIGITAL 375.96%. On the issue-price-break side, REFIRE closed at HK$4.565, deviating -96.89% from its issue price of HK$147.00, making it the recent listing with the largest decline below its issue price; GUOFUHEE deviated -94.89%, ZG GROUP-W -93.35%, HESAI-W -92.62%, and CIDI -92.44%.

Matters to Watch Next Week

1. Lock-up expiry: next week, SIGENERGY will see 6.7604 million shares released from lock-up on October 16, 2026, MANYCORE TECH 59.647 million shares on October 17, 2026, and GPIXEL 32.6452 million shares on October 17, 2026, a total of 99.0526 million shares.

2. Liquidity: Z.AI had an average daily turnover of HK$208,939.70 ten thousand, or approximately HK$2.089 billion, with an average daily turnover rate of 1.2036%, ranking Liquidity TOP1; MINIMAX-W had an average daily turnover of HK$134,565.55 ten thousand, or approximately HK$1.346 billion, with an average daily turnover rate of 2.2536%.

3. Weekly change and deviation: BAIGE DIGITAL topped the list with a weekly gain of 27.36%, while CHINA SANDI ranked last with a weekly decline of 45.83%; DEEPZERO topped the list with a deviation of 1,071.17% from its issue price, while REFIRE topped the list with a decline of 96.89% below its issue price.

Note: This report defines newly listed stocks as HK-listed targets listed for less than 24 months. Note that YUNJI (02670.HK) had a capital reorganisation involving parallel old and new share codes during the period; its weekly change is presented on the adjusted basis of the data source.

Summary:

Hong Kong recent listings diverged this week, with BAIGE DIGITAL up 27.36%; CHINA SANDI down 45.83%; Z.AI led turnover at HK$2.089 billion; REFIRE slid 96.89%.