Hosin Electronics, a maker of memory products, issued 14.7 million shares at HK$72.83, bringing in HK$1.07 billion. Amicro Technology, which operates a robotics technology platform, priced 71.7 million shares at HK$9.9 to collect HK$709.7 million.
Combined, the two IPOs pulled in HK$1.78 billion (or $227.1 million) and will debut on the exchange on Thursday. Both IPOs were priced below their maximum offer levels, a nod to the current tone in tech.
These debuts double as a read on investor appetite for regional technology names ahead of Anthropic's blockbuster US listing. Hong Kong's primary market has been active again, even as tech stocks have swung with rising doubts about the artificial intelligence rollout and the effects of the US midterm election.
Results have been mixed this week. Jiangsu Xinde Semiconductor Technology has jumped 54% since its Tuesday debut, while Suzhou Denglin Technology is down 11.5% over the same stretch. Sichuan Neautus Traditional Chinese Medicine finished Wednesday up 72%.
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Hong Kong's new listings are key barometers for a tentative market rebound after a summer rush cooled. So far this year, IPOs in Hong Kong have brought in $52.2 billion, approaching the 2010 peak of $57.8 billion, according to Bloomberg, with Chinese tech listings contributing a large share.
Caution has crept in, though, as the AI trade wobbles and regulators step up scrutiny. Aberdeen Investments' investment director of China equities, Bush Chu, said, "Beating 2010 this year is possible but not easy - it would likely need one or two sizeable deals to price before year-end, supported by a stabilisation in secondary market sentiment, especially in AI/tech names." The pipeline has also seen more delays: CK Hutchison has paused a dual Hong Kong and London share sale tied to the planned IPO of A.S. Watson Group, Dow Jones reported Wednesday.
In plain English: the next few tech IPOs will rise or fall on how secondary markets trade and how confident investors feel about AI. If sentiment steadies, Hong Kong could challenge its 2010 record; if not, expect more downshifts in pricing and timing.
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