Q1 AH new stock dual increase; the profit-making effect of IPOs becomes prominent

With five new listings in the A- and H-share markets across the two locations on March 31, the new stock markets in both places officially concluded in the first quarter of 2026. Overall, whether in terms of the number of new listings or the amount of capital raised, both A- and H-shares showed an upward trend compared with the same period last year. According to Tonghuashun iFinD statistics, in the first quarter of 2026, a total of 70 new stocks were listed across the A- and H-share markets, including 40 new stocks in Hong Kong—performance particularly notable. The total amount raised was HK$109.926 billion, a significant increase from 16 new stocks and HK$18.669 billion raised in the same period last year. In the A-share market, 30 new stocks were listed, with a total fundraising of RMB 25.879 billion, and new stocks on the Beijing Stock Exchange accounted for more than half of the total. Looking ahead, experts believe that the medium- to long-term valuation bottoms for A- and H-shares will gradually rise, and the market structure will also be optimized.

70 A- and H-share new stocks in the first quarter

On March 31, five new stocks were listed across the A- and H-share markets. Specifically, on the A-share side, Longyuan Co., Ltd., Taijin New Energy, and Shenglong Co., Ltd. were listed on the Beijing Stock Exchange, the STAR Market, and the Shenzhen Main Board, respectively, on the same day. The three new stocks listed in a single day are also tied with February 10 and rank first for the number of new stocks listed in a single day in 2026 so far. On the H-share side, the two new stocks listed that day were Tongshifu and Fourier.

After the close on March 31, the first quarter of 2026 officially concluded. Overall, in terms of both the number of newly listed stocks and the capital raised, the two markets both grew compared with the same period last year.

According to Tonghuashun iFinD statistics, in the first quarter of 2026, A- and H-shares together saw 70 new stocks listed. Among them, the number of new stocks listed in Hong Kong reached 40, doubling compared with 16 in the same period last year. Beijing Business Daily’s reporter noted that among the 40 issues, 15 were also A-share listed companies, accounting for 37.5%.

For the A-share market, this year’s first quarter saw 30 new stocks listed in total, an increase as well compared with 27 in the same period last year. Notably, the Beijing Stock Exchange new-stock market expanded significantly in the first quarter of this year. Specifically, out of the 30, 16 were new stocks on the Beijing Stock Exchange, accounting for 53.33%; whereas among the 27 new stocks in the same period last year, only three were Beijing Stock Exchange issues.

Besides the Beijing Stock Exchange, in the first quarter of this year, the STAR Market, the Shanghai Main Board, the Shenzhen Main Board, and the ChiNext Market each saw 6, 4, 2, and 2 new stocks listed, respectively.

In terms of fundraising, in the first quarter of this year, the 40 new stocks in Hong Kong raised a combined total of HK$109.926 billion, compared with HK$18.669 billion raised by 16 new stocks in the same period last year—an increase of 488.82% year-over-year. Among the 40, two billion-level new stocks appeared: Muyuan Co., Ltd. and Dongpeng Beverage. Tonghuashun iFinD shows that the total funds raised by these two companies were HK$12.099 billion and HK$11.099 billion, respectively.

For the A-share market, the total fundraising amount of the 30 new stocks for the year to date was approximately RMB 25.879 billion; the same period last year was RMB 16.476 billion. Among them, Zhenshi Co., Ltd. ranked first with a total of RMB 2.919 billion raised. New stocks raising more than RMB 2 billion also included Shiya Technology and Hongming Electronics.

70% of A-share new stocks doubled their first-day gains

Judging by the first-day performance of new stocks in both A- and H-markets, investor enthusiasm was high. According to Tonghuashun iFinD statistics, 21 A-share new stocks doubled on their first trading day, accounting for 70%; and 6 Hong Kong-listed new stocks doubled on their first trading day.

Specifically, among the 21 A-share stocks, Dian Ke Lantian had the highest first-day increase at 596.3%; Zuxing New Materials followed at 405.73%. Additionally, Komat Materials and Hengyun Chang both saw their share prices rise by over 300% on the first day; Shenglong Co., Ltd. and Zhixin Shares increased by over 200%.

In Hong Kong, six stocks doubled on their first trading day. Haitai Technology Group led with a 242.2% increase, while Jixijiao, Deshi-B, MINIMAX-W, Lexin Outdoor, and Fourier all had first-day gains between 100% and 200%.

From a fundamental perspective, according to Tonghuashun iFinD statistics, as of now, 17 of the 30 A-share new stocks for the year have disclosed their 2025 performance. Among these, Shenglong Co., Ltd. ranked first with attributable net profit of RMB 884 million. Following were Zhenshi Co., Ltd. with RMB 734 million, and Hongming Electronics with approximately RMB 319 million in attributable net profit in 2025, ranking third.

Additionally, among these 17 stocks, only Shiya Technology reported a net loss for 2025. It is understood that Shiya Technology is a micro-display solutions provider, with core products being silicon-based OLED micro-displays, and it offers value-added services including strategic product development, optical systems, and XR integrated solutions.

In 2025, Shiya Technology achieved operating revenue of approximately RMB 513 million, up 83.19% year-over-year; attributable net profit was approximately RMB -212 million, narrowing its loss compared with the previous year. The prospectus states that based on its cautious estimate of future market potential and considering expected sales volume, pricing, material costs, and expense levels of key products, the company expects to be profitable in 2026.

Regarding this situation, Beijing Business Daily’s reporter sent an interview request to Shiya Technology; as of the time of publication, the company had not responded.

For the Hong Kong new stocks, out of the 40, 33 disclosed their 2025 net profit, with 20 achieving profitability, accounting for over 60%. In 2025, Muyuan Co., Ltd. led with a profit of RMB 15.812 billion, followed by Dongpeng Beverage with RMB 4.414 billion.

Maintaining momentum

Looking at the current pipeline of A-share companies scheduled for listing, according to arrangements, HuiGu New Materials on the ChiNext board is set to list on April 1. Additionally, five companies—Mingguang Electric Machinery, Sanrui Intelligent, Hongban Technology, Youyan Refractory Materials, and Saiying Electronics—have completed subscriptions and are awaiting listing; several others, including Chuangda New Materials and Dapu Micro, are in the queue for subscription.

On the Hong Kong side, the “reserve force” remains strong. According to Tonghuashun iFinD, more than 300 companies are currently in “pending listing,” “approved after hearing,” or “processing” stages.

“Compared to other capital markets, A-shares and Hong Kong stocks have valuations that are more attractive. Additionally, recent years have seen the markets optimize their operational mechanisms, which has boosted international institutional confidence,” said Qu Fang, CEO of Xiaohuo Private Fund, in an interview with Beijing Business Daily. Looking ahead, he believes that the medium- to long-term valuation floors for A- and H-shares will gradually rise, and their market structures will be further optimized.

Specifically, Zhai Dan, President of Xinhao Private Equity Fund, stated that in 2026, the A-share new stock market will continue to expand steadily. Companies in the fields of hard technology and new productive forces will become the main IPO drivers, with the share of IPOs and fundraising in sectors like AI, semiconductors, biotech, and commercial aerospace further increasing. Meanwhile, regulators will focus more on the quality of listed companies, enforce stricter review standards, and promote a shift from “quantity expansion” to “quality enhancement” in the new stock market.

Beijing Business Daily Reporter Wang Manlei