Hong Kong IPO Weekly | Six companies, including Creality, file for listing; leading PCB provider for computing power servers, Guanghe Technology, to officially debut on the Hong Kong Stock Exchange next Friday.
①What are the highlights of Creality 3D’s submission for listing? ②Several newly listed stocks performed poorly in their first week of trading; which ones saw significant declines?
This week (March 9 – March 15), six companies submitted listing applications to the Hong Kong Stock Exchange, three companies passed the hearing, three companies launched their IPOs, and four new stocks were listed.
First, let us look at the submissions. A total of six companies filed for IPOs this week:
1) On March 9, $Shenzhen Creality 3D Technology Co., Ltd (810854.HK)$ submitted its listing application to the Main Board of the Hong Kong Stock Exchange, with CICC acting as the sole sponsor.
The prospectus shows that Creality 3D was founded in 2014 and is a leading provider of consumer-grade 3D printing products and services. According to data from CIC灼识咨询, in 2024, Creality 3D ranked second in the global consumer-grade 3D printer market and first in the global consumer-grade 3D scanner market by GMV.
In terms of financial performance, for the fiscal years 2023, 2024, and 2025, the company reported revenues of approximately RMB 1.883 billion, RMB 2.288 billion, and RMB 3.127 billion, respectively. The profits were approximately RMB 129 million, RMB 88.66 million, and -RMB 182 million, respectively.
2) On March 9, $Sigenergy Technology Co., Ltd (810704.HK)$ Filed the prospectus with the Hong Kong Stock Exchange, with CITIC Securities and BNP Paribas acting as joint sponsors.
The prospectus shows that Sigen New Energy was founded in May 2022, with its main business being the development and provision of innovative renewable energy solutions for households and enterprises. In June 2023, the company launched its flagship product, SigenStor.
In terms of financial performance, Sigen New Energy’s revenue for the first three quarters of 2023, 2024, and 2025 was RMB 0.58 billion, RMB 1.33 billion, and RMB 5.641 billion, respectively; net profits were -RMB 3.73 billion, RMB 83.845 million, and RMB 1.89 billion, achieving a turnaround from losses to profits.
3) On March 9, $Herb Standard Holdings Limited (810847.HK)$ submitted its listing application to the Main Board of the Hong Kong Stock Exchange, with Honbo Capital Limited serving as its exclusive sponsor.
According to the prospectus, the company is primarily engaged in the development, sales, marketing, and distribution of health and beauty supplements and products in Hong Kong. According to Frost & Sullivan, based on the retail value of health and beauty supplements and products, the company held a market share of approximately 1.6% among all international and local health and beauty supplements and product suppliers in Hong Kong in 2024.
In terms of financial performance, the company’s revenue for the fiscal years 2023, 2024, 2025, and the six months of 2026 was approximately HKD 43.193 million, HKD 110 million, HKD 130 million, and HKD 52.442 million, respectively; corresponding profits were HKD 11.313 million, HKD 35.483 million, HKD 36.257 million, and HKD 9.44 million, respectively.
4) On March 11, $Medcaptain Medical Technology Co., Ltd (810876.HK)$Submitted a listing application to the Main Board of the Hong Kong Stock Exchange, with Morgan Stanley and Huatai International acting as joint sponsors.
The prospectus shows that Maiketian is a global medical device provider capable of meeting clinical needs across a wide range of hospital departments, wards, clinics, community health centers, testing institutions, and home care scenarios. As of December 31, 2025, the company’s product portfolio includes over (i) 60 life-support products, (ii) 110 minimally invasive interventional products, and (iii) 160 in-vitro diagnostic products, available in various models to meet diverse application requirements. Maiketian’s products have been distributed to more than 140 countries and regions worldwide.
In terms of financial performance, for the fiscal years 2023, 2024, and 2025, Maiketian reported revenues of approximately RMB 1.313 billion, RMB 1.399 billion, and RMB 1.619 billion, respectively. During the same periods, net losses were RMB 64.508 million, RMB 96.617 million, and RMB 50.738 million, respectively.
5) On March 13, $Holyfire Technology Group Limited (810865.HK)$Submitted a listing application to the Main Board of the Hong Kong Stock Exchange, with Cinda International acting as the sole sponsor.
According to the prospectus, Shenghuo Holdings is a marketing company ranked fourth among QR code marketing solution providers in China based on service revenue in 2024, with a market share of approximately 1.8%.
In terms of financial performance, for the fiscal years 2023, 2024, and 2025, the company reported revenues of approximately RMB 163 million, RMB 252 million, and RMB 301 million, respectively. Net profits were RMB 27.152 million, RMB 33.204 million, and RMB 38.607 million, respectively.
6) On March 13, $Jiangxi Qiyunshan Food Co., Ltd (810819.HK)$ Submitted a listing application to the Main Board of the Hong Kong Stock Exchange, with Zhongtai International acting as the sole sponsor.
According to the prospectus, Qi Yun Mountain is a fruit snack company in China primarily engaged in the sale of hawthorn-based food products. According to data from灼识咨询 (CIC), in 2024, Qi Yun Mountain accounted for 32.4% of the Chinese hawthorn-based food market by retail sales value, ranking first in the industry.
Financial performance shows that in the fiscal years 2023, 2024, and 2025, Qi Yun Mountain reported revenues of approximately RMB 247 million, RMB 339 million, and RMB 314 million, respectively. Net profits were RMB 23.705 million, RMB 53.199 million, and RMB 48.925 million, respectively.
Turning to listing hearings, three companies successfully passed their listing hearings this week:
1) On March 9, $Jiangsu New Vision Automotive Electronics Co., Ltd. (810753.HK)$ Passed the listing hearing for the Main Board of the Hong Kong Stock Exchange, with Haitong International Capital Limited and中信证券(香港)有限公司 (CITIC Securities (Hong Kong) Co., Ltd.) acting as joint sponsors.
According to the prospectus, Zejing Electronics specializes in HUD solutions. During the performance record period, the company provided integrated solutions primarily featuring windshield HUD (referred to as “W-HUD”) solution CyberLens and augmented reality HUD (referred to as “AR-HUD”) solution CyberVision, supplemented by testing solutions and other innovative visual technology solutions.
Financially, for the fiscal years ended December 31, 2022, 2023, 2024, and the nine months ended September 30, 2024, and 2025, Zeying Electronics’ revenue was approximately RMB 214 million, RMB 549 million, RMB 578 million, and RMB 480 million, respectively. During the same periods, the company incurred net losses of approximately RMB 256 million, RMB 175 million, RMB 138 million, and RMB 344 million, respectively.
2) On March 10, $HANGZHOU TONGSHIFU CULTURAL AND CREATIVE (GROUP) CO., LTD. (810754.HK)$ Passed the listing hearing for the Main Board of the Hong Kong Stock Exchange, with招银国际 (CMB International) acting as the exclusive sponsor.
According to the prospectus, Tong Shifu has been committed to combining traditional craftsmanship with modern design and usage scenarios to develop copper cultural and creative products since its establishment. According to a Frost & Sullivan report, for the fiscal year ended December 31, 2024, Tong Shifu ranked first in China’s copper cultural and creative craft product market by total revenue, with a market share of 35.0%.
In terms of financials, for the fiscal years 2022, 2023, 2024, and the nine months ended September 30, 2025, Tong Shifu’s revenues were approximately RMB 503 million, RMB 506 million, RMB 571 million, and RMB 448 million, respectively. During the same periods, the total profits were approximately RMB 56.938 million, RMB 44.131 million, RMB 78.982 million, and RMB 41.553 million, respectively.
March 12th,$Epiworld International Co., Ltd. (810723.HK)$ successfully passed the main board listing hearing of the Hong Kong Stock Exchange, with CICC serving as the sole sponsor.
According to the prospectus, Hanjingtiancheng is a global leader in the silicon carbide (SiC) epitaxy industry. The company focuses on the research, mass production, and sales of silicon carbide epitaxial wafers and components used in manufacturing silicon carbide semiconductor devices. According to a report by灼识咨询(CIC), since 2023, Hanjingtiancheng has been the largest supplier of silicon carbide epitaxial wafers globally based on annual sales volume, with a market share exceeding 30% in 2024.
In terms of financials, for the fiscal years 2022, 2023, 2024, and the nine months ended September 30, 2025, Hanjingtiancheng’s revenues were approximately RMB 441 million, RMB 1.143 billion, RMB 974 million, and RMB 535 million, respectively. During the same periods, the net profits were approximately RMB 128 million, RMB 108 million, RMB 165 million, and RMB 21 million, respectively.
In terms of offerings, three other companies are conducting initial public offerings this week:
1） $NSING TECH (02701.HK)$ conducted its IPO from March 13 to March 18, 2026. The company plans to globally offer 95 million H shares, with 10% allocated to the Hong Kong public offering and 90% to international placement. The offering price will not exceed HKD 10.80 per share. Each lot consists of 200 shares, and trading of the H shares on the Stock Exchange is expected to commence at 9:00 a.m. on Monday, March 23, 2026.
2） $FS.COM (03355.HK)$The company will conduct its initial public offering from March 13 to March 18, 2026. It plans to globally offer 40 million H shares, with 10% allocated for the Hong Kong public offering and 90% for international distribution. The offering price will range between HKD 35.2 and HKD 41.6 per share. Each lot consists of 100 shares, and the H shares are expected to commence trading on the Hong Kong Stock Exchange at 9:00 AM on March 23, 2026.
3） $DELTON (01989.HK)$The company will conduct its initial public offering from March 12 to March 17, 2026. It plans to globally offer 46 million H shares, with 10% allocated for the Hong Kong public offering and 90% for international distribution. The offering price will not exceed HKD 71.88 per share. Each lot consists of 100 shares, and the H shares are expected to commence trading on the Stock Exchange at 9:00 AM on March 20, 2026.
Additionally, there are four new listings debuting this week:
On March 9,$ALSCO POOLING (02649.HK)$、$ZHAOWEI (02692.HK)$、$ESTUN (02715.HK)$Three new stocks were listed simultaneously, with mixed performance on their first day. As of March 13,$ALSCO POOLING (02649.HK)$the cumulative decline in the first week was 54.73%,$ZHAOWEI (02692.HK)$the cumulative increase in the first week was 7.81%,$ESTUN (02715.HK)$the cumulative decline in the first week was 16.02%.
On March 10,$MEIG (03268.HK)$The stock rose 1.52% on its debut but weakened in the following days, resulting in a cumulative decline of 9.15% in the first week.
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