HK Newly Listed Stocks Weekly Tracker: STAR GROUP ASIA Gains 77.49%, Z.AI Tops with Average Daily Turnover of HK$3.838 Billion-20261023

In the period from October 20 to October 23, 2026 (four trading days, with the market closed on October 19 for the Chung Yeung Festival), more Hong Kong recent listings fell than rose, with 93 gainers, 158 decliners and 2 unchanged among the 253 stocks in the universe. The top five weekly gainers were STAR GROUP ASIA, 51WORLD, ZHAOWEI, BRAINAURORA-B and SEER TECH; the top five weekly decliners were MICOT PHARMA-B, MANYCORE TECH, YUNJI, NUOBIKAN and STAR SPORTS MED. This week, VGT and HUAQIN completed lock-up expiries, with a total of 66.4702 million shares released; next week, XIZHI TECH-P, MABWELL-B and SUNMI TECH-W will see a total of 33.9409 million shares released from lock-up. In terms of liquidity, Z.AI topped the list with average daily turnover of approximately HK$3.838 billion. In terms of price deviation, NEW GONOW RV topped the list with a deviation of 1,002.36% from its issue price, while REFIRE topped the list with a decline of 96.60% below its issue price.

I. Weekly Changes: STAR GROUP ASIA Up 77.49%, MICOT PHARMA-B Down 39.92%

Source: Choice / NewTimeSpace Research Institute, as of the close on October 23, 2026

Among the recent listings with the largest weekly gains, STAR GROUP ASIA rose 77.49% for the period, 51WORLD rose 58.92%, ZHAOWEI rose 51.33%, BRAINAURORA-B rose 38.89%, and SEER TECH rose 36.74%. On the decline side, MICOT PHARMA-B fell 39.92%, MANYCORE TECH fell 36.48%, YUNJI fell 32.36%, NUOBIKAN fell 23.33%, and STAR SPORTS MED fell 22.69%.

II. Review of Lock-up Expiries This Week: VGT and HUAQIN Released a Total of 66.4702 Million Shares

This week (October 19 - October 25), two recent listings completed lock-up expiries, with a total of 66.4702 million shares released. VGT saw 37.2201 million shares released on October 21, 2026 and fell 1.39% over the period; HUAQIN saw 29.2501 million shares released on October 23, 2026 and fell 0.37%.

III. Next Week’s Lock-up Expiry Preview: XIZHI TECH-P, MABWELL-B and SUNMI TECH-W to Release a Total of 33.9409 Million Shares

Next week (October 26 - November 1), three recent listings will see their lock-up restrictions lifted, with a total of 33.9409 million shares unlocked. XIZHI TECH-P will see 8.9746 million shares released on October 28, 2026, MABWELL-B 15.0206 million shares on October 28, 2026, and SUNMI TECH-W 9.9457 million shares on October 29, 2026.

IV. Liquidity Observations: Z.AI Tops with Average Daily Turnover of HK$3.838 Billion

Source: Choice / NewTimeSpace Research Institute, as of the close on October 23, 2026

Concentration at the top of the liquidity rankings increased further this period. Z.AI had an average daily turnover of HK$383,762.33 ten thousand, or approximately HK$3.838 billion, with an average daily turnover rate of 3.0065%; CATL had an average daily turnover of HK$360,902.07 ten thousand, or approximately HK$3.609 billion, with an average daily turnover rate of 4.5035%; MINIMAX-W had an average daily turnover of HK$218,727.90 ten thousand, or approximately HK$2.187 billion, with an average daily turnover rate of 4.6533%; ZJ INNOLIGHT had an average daily turnover of HK$160,205.16 ten thousand, or approximately HK$1.602 billion, with an average daily turnover rate of 3.3900%; and VGT had an average daily turnover of HK$106,135.95 ten thousand, or approximately HK$1.061 billion, with an average daily turnover rate of 6.3504%, the highest among the top five. Among the bottom-ranked stocks, AUGROUP had an average daily turnover of HK$585, CONTIOCEAN HK$767, CU VENTURE INV HK$5,273, ZG GROUP-W HK$9,659, and XJ ELECTRICS HK$16,382.

V. Deviation from IPO Price: NEW GONOW RV Up 1,002.36% Ranks First, REFIRE Down 96.60%

Source: Choice / NewTimeSpace Research Institute, as of the close on October 23, 2026

Compared with the issue price, NEW GONOW RV closed at HK$14.00, deviating 1,002.36% from its issue price of HK$1.27 and ranking first; QIYUNSHAN FOOD deviated 906.88%, BAIGE DIGITAL 391.03%, Z.AI 329.43%, and LIULIUMEI 288.94%. On the issue-price-break side, REFIRE closed at HK$5.00, deviating -96.60% from its issue price of HK$147.00, making it the recent listing with the largest decline below its issue price; GUOFUHEE deviated -95.25%, HESAI-W -94.13%, ZG GROUP-W -93.35%, and CIDI -93.31%.

Matters to Watch Next Week

1. Lock-up expiry: next week, XIZHI TECH-P will see 8.9746 million shares released on October 28, 2026, MABWELL-B 15.0206 million shares on October 28, 2026, and SUNMI TECH-W 9.9457 million shares on October 29, 2026, a total of 33.9409 million shares.

2. Liquidity: Z.AI had an average daily turnover of HK$383,762.33 ten thousand, or approximately HK$3.838 billion, with an average daily turnover rate of 3.0065%, ranking Liquidity TOP1; CATL had an average daily turnover of HK$360,902.07 ten thousand, or approximately HK$3.609 billion, with an average daily turnover rate of 4.5035%.

3. Weekly change and deviation: STAR GROUP ASIA topped the list with a weekly gain of 77.49%, while MICOT PHARMA-B ranked last with a weekly decline of 39.92%; NEW GONOW RV topped the list with a deviation of 1,002.36% from its issue price, while REFIRE topped the list with a decline of 96.60% below its issue price.

Note: This report defines newly listed stocks as HK-listed targets listed for less than 24 months. The market was closed on October 19 for the Chung Yeung Festival, so weekly changes, average daily turnover and average daily turnover rates are calculated over the four trading days from October 20 to October 23, with the daily turnover rate derived by dividing the period turnover rate by four; 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 253 stocks. Note that the issue price of YUNJI (02670.HK) of HK$95.6 is stated on a pre-reorganisation basis and is not comparable with its current closing price, so the stock is excluded from the deviation ranking; its weekly change is presented on the adjusted basis of the data source.