The Hong Kong stock IPO market is experiencing remarkable activity, with recent developments indicating robust performance and a vibrant investment atmosphere. On February 9, shares of Montage Technology surged nearly 64%, marking the continuation of a positive trend for newly listed stocks in 2026, which have seen a remarkable streak of 19 consecutive gains. This development not only enhances overall market sentiment but also highlights improvements in liquidity within the Hong Kong market, revealing a heightened interest from capital in pursuing high-quality investment opportunities.
Retail investors and institutional funds are both actively engaging in IPO subscriptions, reflecting a strong sentiment across the board. A noteworthy entry into the market is $HAIZHI TECH GP (02706.HK)$, touted as the first AI de-hallucination stock in Hong Kong. On its third day of public offering, the enthusiasm for subscriptions has remained intense. The company’s public offering has achieved an impressive financing subscription multiple of 1262.34 times, accumulating nearly HKD 100 billion in subscriptions. Futu Securities emerged as the largest funding channel, facilitating a subscription amount of HKD 72.097 billion.
According to Frost & Sullivan, HaiZhi Technology has established itself as a pioneering force in China by effectively mitigating the hallucination issues associated with large models through the utilization of knowledge graphs. This innovative approach helps build significant competitive advantages across three critical dimensions: factual accuracy, hallucination rate, and complex logical reasoning capabilities. As a core service provider in China’s government and enterprise AI sector, HaiZhi’s growth trajectory has attracted accelerated capital inflows, setting the stage for a substantial frozen capital scale that may exceed HKD 100 billion.
Market analysts note that HaiZhi’s final oversubscription multiple could rival the record set by MINIMAX, which achieved an oversubscription of 1837 times. The current landscape of ‘reserve companies’ on the Hong Kong Stock Exchange (HKEX) is equally promising, with over 370 enterprises in line for listing. Notable contenders include pioneering firms in frontier technologies such as ‘Pingtouge’, ‘Kunlun Chip’, ‘Ant International’, and ‘NeuroBrain Tech’, all of which are poised to make significant contributions to the market.
Experts are optimistic about the sustained growth of the Hong Kong IPO market throughout the year. This optimism stems from the expectation that more high-quality mainland enterprises will opt to list in Hong Kong, further enriching the market. Concurrently, the ongoing development and enhancement of the Hong Kong stock market’s infrastructure and appeal are anticipated to attract both domestic and international investors.
With the prime season for subscribing to new shares now underway, investors are encouraged to explore opportunities with Futu, which offers subscription perks such as no interest, no handling fees, and zero cash subscriptions. Recent promotional offerings also provide participants the chance to waive one year’s fees when subscribing to new shares, reinforcing the allure of involvement in this vibrant IPO landscape.
