While VISEN Pharmaceuticals officially entered the commercial stage with the NMPA approval of lonapegsomatropin on January 26, 2026, the market remains skeptical. The stock closed at HK$35.20 on January 28, representing a **48.84% drop** from its IPO price, as the company grapples with deep losses and a high-pressure competitive landscape.
Renrenzu (Guangzhou Yanqu Information Technology Co., Ltd.) has recently submitted a listing application to the Hong Kong Exchanges and Clearing Limited (HKEX). As China's largest online rental consumption service platform, it held a market share of approximately 27.5% in 2024. Operating on an asset-light model, the platform connects merchants and users, offering rental services for categories such as mobile phones and computers, with over 61.2 million registered users.In 2024, the company recorded a revenue of RMB 421 million, representing a year-on-year increase of 43.2%. Its gross profit margin has long stayed above 80%, with a net profit margin maintaining over 25%. The company has secured capital support through multiple rounds of financing. The industry it operates in is projected to grow to a market size of RMB 292.4 billion by 2030, boasting broad development prospects.
Seres was listed on the Hong Kong Stock Exchange on 5 November 2025 at an offer price of HK$131.50 per share; net proceeds were about HK$14.283 billion. The IPO brought in 22 cornerstone investors who subscribed a combined HK$6.421 billion. Since listing, the share price has remained below the offer price; as of 27 January 2026 the cumulative decline is roughly 25%. According to the company’s financial report, revenue for the first nine months of 2025 was RMB 110.534 billion and net profit rose 31.56% year-on-year. Revenue is highly dependent on the AITO brand, whose vehicle sales account for more than 90% of total turnover.
GON Technology (02768.HK) has launched its H-share offering and is expected to list on the Hong Kong Stock Exchange in February 2026. With a dual-core business layout of "new chemical materials + healthcare", the Company ranks among the top players in China's organic polymer modified materials industry in the chemical sector, and has achieved vertical integration by extending upstream into polystyrene production. In the healthcare sector, it entered the gelatin and collagen industry through the acquisition of Dongbao Biotechnology. The Company has recorded a 19.6% compound annual growth rate (CAGR) in revenue over the past three years. However, its profitability has fluctuated significantly due to raw material price volatility, R&D investments and non-recurring gains.
AUX Electric listed on the Hong Kong Stock Exchange on September 2, 2025, at an offering price of HK$17.42 per share. Prior to listing, AUX Electric distributed approximately RMB 3.794 billion in dividends in 2024, representing 55.47% of combined net profit for the three-year period from 2022 to 2024. Following its debut below IPO price, the company remains in a post-IPO decline to this day. Since listing through January 26, 2026, AUX Electric has cumulatively declined 21.93% compared to its offering price.
Eastroc Beverage (Group) Co., Ltd. launched its H-share offering on the 26th, with a maximum offer price of HK$248.00 per share and an expected maximum fundraising of approximately HK$9.994 billion. The company is set to list on the main board of the Hong Kong Exchanges and Clearing Limited (HKEX) on February 3, 2026. The highlight of this offering is the introduction of 16 cornerstone investors including the Qatar Investment Authority, Temasek, BlackRock and Sequoia China, who have subscribed for a total of approximately US$640 million (about HK$4.990 billion), accounting for around 49.2% of the issued shares. This listing has provided Eastroc Beverage with a dual A+H financing platform, and whether it can leverage international capital to further consolidate its advantages and expand growth space will be the long-term focus of the market.
IPLUSMOBOT Technology filed for HKEX IPO on Jan 23, 2026, ranking among the global top 5 industrial intelligent mobile robot players by order value. The company posted 2024 revenue of RMB 115 million (+53.2% YoY) and RMB 201 million for 9M 2025, with improving margins but ongoing losses. Backed by ByteDance and Lenovo, it targets R&D and global expansion with the proceeds.
B&K listed on 22 December 2025 at HKD 38.20 per share and closed at HKD 10.71 on 23 January 2026, a loss of more than 70%. Marketed as “Hong Kong’s first PDGF stock”, its lead candidates are in Phase II trials, but the company has yet to generate meaningful revenue and remains loss-making.
Beijing Deltaphone Technology Co., Limited re-submitted its listing application to the Hong Kong Exchanges and Clearing Limited (HKEX) on January 20, with Sunny Fortune Capital Limited acting as the sole sponsor. As a national-level specialized, sophisticated, distinctive and innovative "Little Giant" enterprise, the company focuses on providing integrated AIoT production optimization software solutions for key industries such as energy and manufacturing, ranking third in market share in the energy sector. The company's revenue has maintained steady growth, reaching RMB 525 million in fiscal year 2024, yet it remains in a period of strategic loss due to high R&D investment. Boasting a strong shareholder lineup with the participation of "national team" investors and industrial capital including CICC CTS Logistics Investment, Shenzhen Venture Capital and Bank of Communications Investment, the company's post-investment valuation has risen to approximately RMB 2.35 billion. Benefiting from policy support and the industrial digitalization trend, the AIoT solution market where the company operates has broad prospects, providing sustained impetus for its future growth.
Newtrend was listed on the Hong Kong Stock Exchange on June 10, 2025, with an issue price of HKD 18.9 per share. According to the prospectus, the company is a food additive producer, with core products sucralose and food-grade glycine mainly sold overseas. Since its listing, the company's stock price has continuously declined, falling by more than 50% as of January 22, 2026, with an average daily trading volume of less than HKD 100,000.
Shenzhen Woke Technology Co., Ltd. submitted a listing application to the Hong Kong Exchanges and Clearing Limited (HKEX) on the 20th. Its core business is to sell 3C accessories and small home appliances to the Southeast Asian market under its own brands via a full-link digital platform. The company holds a leading position in the cross-border 3C accessories market in Indonesia and has built an omnichannel sales network connecting more than 40,000 retail stores across Southeast Asia.Its business model is underpinned by the "own brand + omnichannel sales + digital supply chain" framework, aiming to enhance operational efficiency in the fragmented market. Financial data shows that the company has achieved steady revenue growth, yet constrained by industry characteristics, it exhibits the trait of "high revenue with low net profit", with its net profit margin remaining at a low level.The proceeds raised from this listing will be mainly used to strengthen the supply chain and warehousing network, expand marketing channels, and upgrade the brand's digital capabilities, so as to consolidate its market position in the fast-growing Southeast Asian market.
Guoyi Medical Technology has formally submitted an application for a Main Board listing on the Hong Kong Stock Exchange. As the leader of China's third-party SPD solution market, the company held a 29.2% market share in 2024. Financial data shows that its net profit surged 368% year-on-year to RMB 57.585 million in 2024. The company's business covers 116 hospitals across 13 provinces in China, with shareholders including iFlytek Venture Capital and Xinli Capital.
Hongxing Coldchain's stock price performance has been sluggish since listing, falling for five consecutive trading days since January 15, 2026, and has fallen below the issue price of HK$12.26. According to a CIC report, the company is the largest frozen food warehousing service provider in central China, with a 13.6% market share in 2024. The prospectus shows that the company's 2024 revenue was RMB 234 million, but it experienced a "increasing revenue without increasing profit" situation in the first half of 2025. During the reporting period, its northern base's capacity utilization and renewal rates declined, and it faced pressure from new competitors entering the market.
Shandong Huawutang Cosmetics Co., Ltd., the entity behind the domestic beauty brand Dream Garden, recently submitted a listing application to the Hong Kong Exchanges and Clearing Limited (HKEX). According to the Frost & Sullivan report, based on retail sales in 2024, the company ranks first among domestic brands in China across three categories: body lotion, body scrub, and facial cleansing mousse. The prospectus shows that the company recorded revenue of RMB 1.895 billion in the first nine months of 2025, representing a year-on-year increase of 76.7%, with a net profit of RMB 125 million during the same period. Notably, revenue from its hair care segment surged by 496.1% year-on-year, emerging as a new growth driver.
Xiao Noodles was listed on the Hong Kong Stock Exchange on December 5, 2025, with an IPO price of HK$7.04 per share. The stock price has remained sluggish since listing, with the closing price as of January 20, 2026 down 37.36% from the issue price. The prospectus shows that the company's 2024 revenue was RMB 1.154 billion, and it achieved a turnaround to profitability with net profit reaching RMB 60.7 million.
Hangzhou Yodosmart Automotive Technology Co., Ltd. formally submitted a listing application to the HKEx Main Board on January 19, 2026. The company is a leading domestic supplier in China's intelligent connected vehicle solutions industry. According to Frost & Sullivan, it is China's third-largest domestic in-vehicle communication solution supplier (7% market share), and its 4G in-vehicle communication solution ranks first in shipment volume among domestic suppliers (7.8% market share). Its clients cover six of China's top ten OEMs in 2024. Financially, the company has demonstrated rapid revenue growth and stable profitability, with gross margins ranging between 23.5% and 27.4% from 2023 to the first nine months of 2025. The proceeds from this IPO are intended for product innovation, industrial base construction (including the new Wuhu factory), technological mergers and acquisitions, and working capital.
