A-Share IPO Market Warms Up as Hong Kong-Listed Companies Accelerate Plans to Flow Back
Taylor Wilson
A-share IPO fundraising hit RMB 95.36 billion in H1 2026 — roughly 2.5× the year-ago level — while at least five Hong Kong-listed firms pushed ahead with mainland listings. This means → capital flows between the two markets are shifting structurally.
How strong is the A-share IPO rebound?
H1 fundraising totalled RMB 95.36 billion, about 2.5 times the same period in 2025. This means → after two years of tightening, the A-share primary market gate has clearly reopened.
Three mega-deals made up nearly 40%: CR Power New Energy (RMB 24.50 bn), HKC (RMB 8.49 bn), and Shenghe Jingwei (RMB 5.03 bn) — over RMB 38 billion combined.
The pipeline heated up too — Shanghai, Shenzhen, and Beijing exchanges accepted 242 IPO applications, up 37% year-on-year. ChiNext and STAR Market acceptances rose over 2× and 1.3× respectively.
In plain terms = it is not just bigger deals — more companies are lining up, including previously quiet sectors like pharmacy chains, civil aviation, and art.
What new policy signal dropped?
CSRC Chairman Wu Qing announced in June at the Lujiazui Forum: the STAR Market's fifth listing standard now extends to artificial intelligence, specifically targeting leading AI large-model companies.
This means → STAR Market previously focused on semiconductors and biotech; it has now opened a fast track for "cash-burning, pre-profit" AI firms.
This reflects a regulatory shift from watching AI to actively channelling top AI companies toward A-share listings.
Why are Hong Kong-listed companies heading back to A-shares?
At least five HK-listed firms advanced A-share IPO plans in H1: Zhipu, Paradigm Intelligence, MINIMAX, DotBio, and Yingtai Medical. DotBio has already filed its listing application; Liqin Resources faces a Shenzhen listing-committee review in July.
The trend marks a clear break — BioAtla's December 2025 STAR Market debut was the first and only "H-then-A" case since 2024.
In plain terms = going from Hong Kong to A-shares used to be a one-off; now it is a wave, driven by higher A-share valuations and a warmer fundraising climate.
Some companies are even running both tracks at once: Baidu's chip unit Kunlun Xin filed confidentially with HKEX in January, then registered for STAR Market IPO coaching in Beijing just four months later.
What about A-share companies heading to Hong Kong?
Hong Kong's H1 IPO placement market reached HKD 112.11 billion — nearly 2× the full-year 2024 figure.
Three A-share companies contributed almost a quarter of HK IPO fundraising: Shenghong Tech (HKD 23.1 bn), Muyuan Foods (HKD 12.1 bn), and Dongpeng Beverage (HKD 11.1 bn).
This means → the two markets are not a one-way street — A-share firms tap international capital in Hong Kong while HK-listed firms seek higher valuations on the mainland.
Shenghong Tech ranked among the global top-ten IPOs.
Does acceptance guarantee a successful listing?
No. 32 companies terminated their IPO process in H1 — down nearly half year-on-year, but the list included high-profile names.
Baifei Dairy, once seen as a landmark consumer-sector acceptance, withdrew voluntarily in January and pivoted to HKEX. Solar-equipment maker Jiangsong Tech grew revenue from RMB 807 million to RMB 2.02 billion yet also pulled its application.
The VIE structure — a legal arrangement letting Chinese companies receive offshore investment through overseas entities — remains a key barrier for HK-listed firms returning to A-shares. Only Qunhe Tech cleared CSRC filing under a VIE structure in H1, and it pledged to restructure equity within six months of listing.
A southern China investment banker said: "If clients ask whether to dismantle the VIE, we generally still recommend dismantling — otherwise the follow-up communication costs pile up."
How has the investment-bank league table shifted?
CICC topped the A-share IPO underwriting table with RMB 30.07 billion, overtaking CITIC Securities for the first time in five years.
The edge came from mega-deals: among the top-ten H1 fundraisers, CICC sponsored CR Power New Energy, HKC, Zhenshi, Viaya Tech, and Huikang Tech — combined proceeds exceeding RMB 40 billion. CITIC's only major involvement was CR Power New Energy.
CICC's H2 pipeline remains strong: CXMT, Dianjian New Energy, LandSpace, Liqin Resources, and Tengdun Chuangchuang together target RMB 53 billion, with CXMT's RMB 29.5 billion already registered by the CSRC. CITIC's five marquee pipeline deals total just RMB 28.3 billion.
One wildcard: CICC withdrew in June from the joint coaching of Zhipu's IPO, leaving Guotai Haitong as the sole sponsor. This means → the allocation of mega-deals remains the decisive variable for the full-year league table.
Content is for reference only, not financial advice.