Throughout the first half of this year, 30 new companies were listed on the Hong Kong Stock Exchange, all of which raised nearly HK $13.2 billion through IPOs. The number of newly listed companies decreased by 3 as compared to 2023, and the amount of fundraising decreased by 4.677 billion yuan year on year, a range of about 26%. Although the number of new shares and the amount of money raised are decreasing, the IPO is one more year on year.
 In addition, the degree of new shares subscription increased significantly compared with the same period last year. After excluding the undersubscribed minority shares, the average oversubscription ratio of new shares listed on the main board of Hong Kong stocks in the first half of 2024 was nearly 150 times, significantly higher than less than 10 times of the average of the same period last year.
 At the same time, Hong Kong shares on the first day of performance in the first half of this year, 30 listed companies on the first day of only 9 break (30%), compared with the first half of last year 33 new shares of 17 break (break rate 51.5%), the first day of performance and future trading volume also has been improved significantly.
 To sum up, this year's Hong Kong IPO market in the "nine", "18C" and other policy support to maintain a certain degree of activity, but still lack of large new shares ornament support.

1. Number of Newly Listed Companies

Listing Method	The first half of 2024	The first half of 2023
Main board · IPO listing	29	29
Main board · Intro. Listing	-	2
Main board · from GEM	-	2
GEM · IPO listing	1	-
Quantity	30	33

 

Month	In 2024	In 2023
January	5	10
February	-	-
March	7	8
April	3	4
May	6	6
June	9	5
Quantity	30	33

 

 

2. Capital raised by new listed companies

Listing Method	First Half of 2024	First Half of 2023
Main Board	131.09	178.55
Average Offering Amount	4.52	6.16
GEM	0.69	-
Average Offering Amount	0.69	-
Quantity	131.78	178.55

In the first half of 2024, the amount of Hong Kong shares raised decreased by about 26% over the same period was mostly due to the reduction of medium and large IPOs. Compared with the new shares with the largest amount raised in two years: in the first half of 2024, Cha Shidao (02555.HK), raised 2.586 billion yuan, and in the first half of 2023, Zhenzhen Lido (06979.HK) raised HK $5.309 billion, more than twice the amount of the fundraising.

 

3. IPO fundraising amount distribution

Distribution of the offering amount  (USD)	First Half of 2024	First Half of 2023
≥ one billion	-	-
Five billion to one billion	-	1
1~500 Million	5	4
05 ~ 100 Million	7	9
0.2 million ~ 0.50 million	7	7
≤ twenty million	11	8
amount to	30	29

 

Among the statistics, five companies that raised more than us $100 million are respectively:

Stock Name and Code	Amount Raised
Tea Hundred Road (02555.HK)	HK $2.586 billion
Sagitar Juchuang (02498.HK)	HK $1.059 billion
Jingtai Technology-P (02228.HK)	HK $989 million
Meigao Group (09879.HK)	HK $954 million
Old Shop Gold (06181.HK)	HK $906 million

 

4. IPO Fundraising Amount Distribution

Oversubscription multiple	First Half of 2024	First Half of 2023
And 1,000 times more	1	-
From 1,000 to 1,000 times	13	-
From 10 to 100 times each time	10	10
1~10 Times	4	11
Below 1 times	-	4
Subscription is insufficient	2	4
Quantity	30	29

 In the first half of 2024, among the 30 listed companies listed through IPO (29 in the same period of 2023), 28 were oversubscribed, accounting for 93.3%, and less than 2 were subscribed, accounting for 6.7%. Among them, the IPO oversubscribed at more than 50 times 16 (0 in the same period).

Excluding GEM-listed Ubo Holdings (more than 2,500 times oversubscribed) and the extreme situation of two undersubscribed, the average oversubscription of the remaining shares in the first half of this year was 149.83 times, more than 15 times the same statistics last year.

 In addition, average subscription ratio of the 15 new shares listed in the last two months reached 354.42 times, among which 10 shares subscribed to more than 100 times, a good trend.

 

5. Submission of Listing Application & Passing Hearing

 In the first half of this year, a total of 133 companies submitted listing applications on HKEX, including 130 companies on the main board and 3 companies on GEM.
 Among them, 73 are the first table, and 60 are secondary (at least two or more). The industry distribution is as follows:

 

In the first half of 2024, a total of 37 companies disclosed through the listing hearing of the Hong Kong Stock Exchange, of which 25 have been listed, 10,10 will be listed, 1 will be listed, 1 to be listed, Black Sesame Intelligence-P; 1 prospectus has expired, Round Heart Technology.

Companies going Public in the First Half of 2024
Stock Name	Stock Code
元续科技	08637.HK
中赣通信	02545.HK
经发物业	01354.HK
方舟健客	06086.HK
百望股份	06657.HK
瑞昌国际	01334.HK
声通科技	02495.HK
如祺出行	09680.HK
西锐飞机	02507.HK

 

 

6. Industry distribution of newly listed companies

 

Industry classification	The first half of 2024	Proportion	The first half of 2023	Proportion
1 Health care industry	5	16.7%	7	21.2%
2 The TMT industry	11	36.6%	7	21.2%
----Information technology industry	7	23.3%	4	12.1%
----Media and Entertainment *	3	10.0%	3	9.1%
----Telecommunications industry	1	3.3%	-	0%
3 Consumer industry
----Non-essential consumption	5	16.7%	3	9.1%
----Required consumption	2	6.7%	3	9.1%
4 Industry	1	3.3%	6	18.2%
5. Real estate and construction industry	4	13.3%	5	15.2%
6 Auto Industry *	-	0.0%	-	0.0%
7 Other industries	2	6.7%	2	6%
----public utility	-	0.0%	-	0.0%
----banking business	-	0.0%	1	3.0%
----Energy industry	-	0.0%	1	3.0%
----Raw material	2	6.7%	-	0.0%
SPAC	-	0.0%	-	0.0%
Quantity	30	100.0%	33	100.0%
Note 1: Classification: refer to the Hang Seng Industry classification Note 2: Media, entertainment and automobile industries are listed separately, belonging to non-essential consumption

 

7. Other circumstances

• 9 companies listed in the form of H-share;
• No secondary listing of Chinese concept shares;
• No SPAC listing; 2 De-SPAC applications;
• 11 applications were submitted in Chapter 18A, and 2 companies were listed;
• Three applications were submitted in Chapter 18C, one of which was pending through the hearing and one was listed.