Vitalink Technology Co., Ltd., the world's largest provider of PVD interface enhancement solutions for consumer electronics, formally submitted an IPO application to the HKEX on February 9. The company is deeply bound to giants such as Apple and Samsung, with revenue surging 49.3% in 2024. However, its top two customers account for over 70% of revenue, representing high customer concentration as the major risk. To mitigate such risk, the company's smart wearable business has grown rapidly and become a high-margin growth engine. Moving forward, the company needs to seize opportunities from AI hardware innovation, reduce customer dependency, and successfully expand its technology into new sectors such as smart vehicles.
Lockin Tech filed HKEX IPO.2024 vein lock leader(10.5%).Q1-Q3 revenue RMB774M,profit RMB32M.Baidu holds 18.43%.Proceeds for biometric R&D.
TAILG Technology Co., Ltd. has recently submitted an application for a listing on the Hong Kong Stock Exchange, with CITIC Securities and China Merchants Securities International acting as its joint sponsors. As the founder of the "long-range electric two-wheeler" category in China, the company has established a leading position in the global light electric vehicle market. According to a Frost & Sullivan report, based on 2024 revenue, the company ranks third in the global market with a market share of approximately 5.2%, and also secures the third position in the Chinese mainland market with a market share of about 12.7%.
On February 4, 2026, affected by the sell-off in software stocks triggered by overseas AI automation tools, global e-commerce SaaS leader JST (06687.HK) recorded its largest single-day decline since listing. As of the close on February 5, the stock JST has cumulatively fallen 28.10% since its October 2025 IPO. The market is questioning whether AI will shrink pricing margins for software and destabilize the traditional subscription model, leaving the software industry facing a severe "replacement crisis."
Shenzhen Woer Heat-Shrinkable Material Co., Ltd. (09981.HK) launched its H-share offering on February 5, 2026, with listing on the Main Board of the Hong Kong Stock Exchange (HKEX) expected on February 13. As a global leader in the heat-shrinkable materials industry and a major manufacturer of high-speed communication cables, the company is driven by the dual engines of "Electronic Communications + Power Transmission," with business coverage in emerging sectors such as data centers and new energy vehicles (NEVs). The offering has garnered support from 16 cornerstone investors, including Hillhouse and Greenwoods Asset Management, with expected net proceeds of approximately HK$2.734 billion. Key risks include intense industry competition, fluctuating raw material costs, uncertainty regarding trade tariffs, and increasing customer concentration.
Since its listing in December 2025, CiDi Inc. (03881.HK) has made significant progress in commercial implementation and industry cooperation. Recently, the company signed multiple strategic partnerships and completed the delivery of 40 autonomous mining trucks in late January, with its deployment scale in Xinjiang exceeding 120 units. However, the capital market response has been lukewarm. Although the company has proposed a "1-for-10" share split to enhance liquidity, as of February 4, 2026, the share price remains below its offer price.
Beijing Haizhi Technology Group Co., Ltd. (02706.HK) launched its H-share offering on February 5, 2026, with an offer price range of HK$25.60 to HK$28.00 per share, and is expected to list on the Main Board of the Hong Kong Exchanges and Clearing Limited (HKEX) on February 13, 2026. As a leading provider of graph-model fusion technology and industrial-grade AI agent solutions in China, the company holds a dominant position in the graph-centric AI niche. However, as a technology firm still in a high-investment phase, Haizhi Technology has not yet achieved profitability and faces significant financial challenges, including sustained net losses and a high net debt position.
As a global leader in fishing gear, Ridge Outdoor (02720.HK) has launched its IPO with a 23.1% global market share and a dual-drive business model of "OEM/ODM + proprietary brands". Despite post-pandemic performance fluctuations, the company’s gross profit margin has kept improving. The IPO aims to raise funds for global capacity and R&D enhancement, while bringing in cornerstone investors including those with state-owned background. Key risks to watch include customer concentration, US tariff policies and industry cyclicality.
BenQ BM (02581.HK) has delivered a lackluster performance in the secondary market since its listing on December 22, 2025. As of February 3, 2026, the closing price was HK$3.88, a cumulative drop of 58.46% from the offer price of HK$9.34, resulting in nearly 60% of its market capitalization being wiped out. Its nearly 50% drop on the first day set a record for HKEX new listings in 2025. The company's operational fundamentals are under pressure, with net profit attributable to the parent company falling sharply by 34.95% in 2024. Affected by DRG payment policies, the average expenditure per inpatient at its two hospitals decreased by 8.61% and 15.31%, respectively.
Ribo Life(06938.HK), which listed in January 2026, has seen its stock price undergo a continuous correction after an initial surge. As of February 2, the closing price of HK$61.40 is just one step away from the HK$57.97 offer price. Financially, this siRNA-focused drugmaker has yet to achieve commercialization in its 18-year history, with revenue heavily reliant on BD collaborations. While 2024 revenue hit RMB 143 million, cumulative losses over the last two and a half years have exceeded RMB 800 million.
As a global leader in lithium battery equipment, Wuxi LEAD Intelligent Equipment Co., Ltd. is set to list on the HKEX on February 11. The company specializes in providing high-end smart equipment and turnkey line solutions for the lithium battery, photovoltaic, 3C manufacturing and other industries, and ranks first in the global market share for lithium battery equipment in particular. However, affected by cyclical fluctuations in the downstream industry, the company's performance has seen a significant decline in recent years, with its cash flow and inventory management facing severe challenges. This renders its listing journey a combination of the advantages of an industry leader and notable operational risks.
Axera Semiconductor (Shanghai) Co., Ltd. (00600.HK) officially launched its H-share offering on January 30, 2026. Leveraging its self-developed Axera Core NPU and the world’s first large-scale commercialized Axera Vision AI-ISP technology platforms, the company has established significant technological and market advantages in the intelligent vision sector. However, its high growth is accompanied by deep losses stemming from sustained massive R&D investment, as well as inherent risks in the semiconductor industry such as high customer concentration, supply chain dependence and strong cyclicality. These factors render its listing journey and investment logic characterized by both high potential and high risks.
Auntea Jenny (02589.HK) listed on the Hong Kong stock market in May 2025. Although it received over 3,600 times oversubscription during its IPO phase, its stock price has continued to decline since listing. As of January 30, 2026, the closing price was HK$86.50, down 22.98% from its offer price, with its total market cap shrinking to HK$9.105 billion. The company officially surpassed the 10,000-store milestone by the end of 2025, becoming the third new-style tea brand in China to do so. Financial performance showed resilience, with 1H 2025 net profit increasing 20.9% year-on-year and full-year profit expected to reach up to RMB 525 million, a 50%-60% increase. However, the hidden concerns behind this expansion cannot be ignored, as the average daily GMV per store faces downward pressure.
Despite being the first domestic company to list via De-SPAC on the HKEX, **ZG Group (06676.HK)** has struggled to gain investor confidence. As of January 29, 2026, its market value has shrunk by over 80%, with a market cap falling below HK$2 billion. The company remains caught in a cycle of "growing revenue but expanding losses," as its 1H 2025 net loss widened by 573.1% to RMB 499 million.
Atomrobot filed for HKEX IPO with Huatai. Leading high-speed parallel robot maker, ranking first in China for five consecutive years per Frost & Sullivan.
As the world's top pig producer by slaughter volume for four consecutive years, Muyuan Foods Co., Ltd. (02714.HK) officially launched its H - share offering on January 29. The offer price is capped at HK$39.00 per share, with a trading lot of 100 shares and an entry cost of HK$3,939.34. It is expected to be listed on the Main Board of the Hong Kong Exchanges and Clearing Limited (HKEX) on February 6, 2026. Relying on its vertically integrated full - industry - chain model, the company has shown remarkable cost - control capabilities and scale resilience amid the industry cycle trough. Meanwhile, its fast - growing downstream slaughtering and meat business has become a crucial engine for smoothing cyclical fluctuations and supporting performance growth.
