HK Newly Listed Stocks Weekly Tracker: CHINA SANDI Gains 84.62%, Z.AI Tops with Average Daily Turnover of HK$2.147 Billion-20261016

In the period from October 12 to October 16, 2026 , Hong Kong recent listings showed divergent performance. The top five weekly gainers were CHINA SANDI, STAR GROUP ASIA, MOKINGRAN, MOMENTA-W and SG GROUP HLDGS; the top five weekly decliners were TH MEDICAL-B, ABLE DIGITAL, S ROBOT EDU, BRAINAURORA-B and ALEBUND-B. This week, SIGENERGY, MANYCORE TECH and GPIXEL completed lock-up expiries, with a total of 99.0526 million shares released; next week, VGT and HUAQIN TECHNOLOGY will see a total of 66.4702 million shares released from lock-up. In terms of liquidity, Z.AI topped the list with average daily turnover of approximately HK$2.147 billion. In terms of price deviation, QIYUNSHAN FOOD topped the list with a deviation of 1,011.25% from its issue price, while REFIRE topped the list with a decline of 96.93% below its issue price.

I. Weekly Changes: CHINA SANDI Up 84.62%, TH MEDICAL-B Down 66.07%

Source: Choice / NewTimeSpace Research Institute, as of the close on October 16, 2026

Among the recent listings with the largest weekly gains, CHINA SANDI rose 84.62% for the period, STAR GROUP ASIA rose 28.04%, MOKINGRAN rose 21.46%, MOMENTA-W rose 20.48%, and SG GROUP HLDGS rose 18.00%. On the decline side, TH MEDICAL-B fell 66.07%, ABLE DIGITAL fell 46.64%, S ROBOT EDU fell 42.92%, BRAINAURORA-B fell 34.38%, and ALEBUND-B fell 33.54%.

II. Review of Lock-up Expiries This Week: SIGENERGY, MANYCORE TECH and GPIXEL Released a Total of 99.0526 Million Shares

This week (October 12 – October 18), three recent listings completed lock-up expiries, with a total of 99.0526 million shares released. SIGENERGY saw 6.7604 million shares released on October 16, 2026 and fell 9.67% over the period; MANYCORE TECH saw 59.647 million shares released on October 17, 2026 and fell 28.81%; GPIXEL saw 32.6452 million shares released on October 17, 2026 and fell 13.21%. The expiry dates for MANYCORE TECH and GPIXEL fell on a Saturday, so execution was postponed to the next trading day, while attribution remains to the original expiry dates within this week.

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

Next week (October 19 – October 25), two recent listings will see their lock-up restrictions lifted, with a total of 66.4702 million shares unlocked. VGT will see 37.2201 million shares released on October 21, 2026, and HUAQIN TECHNOLOGY 29.2501 million shares on October 23, 2026.

IV. Liquidity Observations:

Source: Choice / NewTimeSpace Research Institute, as of the close on October 16, 2026

The liquidity rankings held their earlier pattern this period. Z.AI had an average daily turnover of HK$214,703.65 ten thousand, or approximately HK$2.147 billion, with an average daily turnover rate of 1.4656%; CATL had an average daily turnover of HK$189,569.84 ten thousand, or approximately HK$1.896 billion, with an average daily turnover rate of 1.8897%; MINIMAX-W had an average daily turnover of HK$142,746.48 ten thousand, or approximately HK$1.427 billion, with an average daily turnover rate of 2.6774%; ZHONGJI INNOLIGHT had an average daily turnover of HK$134,449.72 ten thousand, or approximately HK$1.344 billion, with an average daily turnover rate of 2.5152%; and CIG had an average daily turnover of HK$132,694.76 ten thousand, or approximately HK$1.327 billion, with an average daily turnover rate of 13.4467%, the highest among the top five. Among the bottom-ranked stocks, GLORY FLAME had an average daily turnover of HK$2,167, AUGROUP HK$2,344, HAIWEI ELEC HK$11,728, CU VENTURE INV HK$13,910, and SAIMO HK$17,267.

V. Deviation from IPO Price: QIYUNSHAN FOOD Up 1,011.25% Ranks First, REFIRE Down 96.93%

Source: Choice / NewTimeSpace Research Institute, as of the close on October 16, 2026

Compared with the issue price, QIYUNSHAN FOOD closed at HK$88.90, deviating 1,011.25% from its issue price of HK$8.00, ranking first; NEW GONOW RV deviated 933.86%, Z.AI 345.78%, ZHIHUI MINING 323.50%, and BAIGE DIGITAL 323.08%. On the issue-price-break side, REFIRE closed at HK$4.52, deviating -96.93% from its issue price of HK$147.00, making it the recent listing with the largest decline below its issue price; GUOFUHEE deviated -95.23%, HESAI-W -93.93%, ZG GROUP-W -93.50%, and CIDI -93.46%.

Matters to Watch Next Week

1. Lock-up expiry: next week, VGT will see 37.2201 million shares released from lock-up on October 21, 2026, and HUAQIN TECHNOLOGY 29.2501 million shares on October 23, 2026, a total of 66.4702 million shares.

2. Liquidity: Z.AI had an average daily turnover of HK$214,703.65 ten thousand, or approximately HK$2.147 billion, with an average daily turnover rate of 1.4656%, ranking Liquidity TOP1; CATL had an average daily turnover of HK$189,569.84 ten thousand, or approximately HK$1.896 billion, with an average daily turnover rate of 1.8897%.

3. Weekly change and deviation: CHINA SANDI topped the list with a weekly gain of 84.62%, while TH MEDICAL-B ranked last with a weekly decline of 66.07%; QIYUNSHAN FOOD topped the list with a deviation of 1,011.25% from its issue price, while REFIRE topped the list with a decline of 96.93% below its issue price.

Note: This report defines newly listed stocks as HK-listed targets listed for less than 24 months. Weekly changes, average daily turnover and average daily turnover rates are measured over the five trading days of the period, while lock-up expiries are attributed by calendar week. The universe excludes old share codes, temporary rights instruments and targets with no trading during the period, leaving 258 stocks. Note that YUNJI (02670.HK) experienced a price gap caused by a capital reorganisation during the period, so its issue price is not comparable with its current closing price and the stock is excluded from the deviation ranking; its weekly change is still presented on the adjusted basis of the data source.