Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

An inquisitive investment analyst with background in both finance and computing. Covering ECM research, biotech, market data analytics.

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

Victory Giant Technology (HuiZhou) / Equity Capital Markets

Victory Giant Technology (HuiZhou) (2476 HK)

<ul>
<li>We study the 32 HK IPOs of at least US$100m listed in 2Q26, comparing Day 1 and 2W performance with the five prior quarters.</li>
<li>2Q26 had more deals, smaller median deal size, and record subscription demand. Day 1 return reached a six-quarter high, while 2W follow-through weakened.</li>
<li>International-Sponsored deals outperformed domestic-only deals after trailing for three quarters, while the high-retail-subscription debut screen produced negative Day 1 closes for the first time.</li>
</ul>


We study the 32 HK IPOs of at least US$100m listed in 2Q26, comparing Day 1 and 2W performance with the five prior quarters.
2Q26 had more deals, smaller median deal size, and record subscription demand. Day 1 return reached a six-quarter high, while 2W follow-through weakened.
International-Sponsored deals outperformed domestic-only deals after trailing for three quarters, while the high-retail-subscription debut screen produced negative Day 1 closes for the first time.


HK IPO 2Q2026 Essential Analytics: Record Demand, Faster Fade