EquipmentShare.com, Inc. (Ticker: EQPT US) is a U.S. company specializing in equipment rental and construction technology. Headquartered in Missouri and incorporated in Texas, the firm operates as a major provider of modern, connected machinery with a network of 373 locations across 45 states. EquipmentShare.com manages a diverse fleet through its proprietary T3 platform, which reportedly provides real-time visibility into equipment efficiency and customer utilization, a feature that distinguishes it from traditional rental competitors.

The company plans to list on the NASDAQ on January 23, 2026. The offering consists of 30.5 million shares of Class A common stock with a price range of $23.50 to $25.50 per share. At the $24.50 mid-point, the IPO offer size is approximately $747.25 million (USD 747.25 million). Based on company filings, the estimated market capitalization at this price level is approximately $6.16 billion.

Czechoslovak Group (Ticker: CSG NA) is a Czech-based defence and industrial conglomerate specializing in the production of heavy ground equipment, radars, and large-calibre ammunition. Operating as a leading supplier to NATO partners and Ukraine, the company plans to list on Euronext Amsterdam on January 23, 2026. CSG intends to offer a 15.2% stake at €25.00 per share, raising €3.8 billion ($4.44 billion).

At this pricing, the company targets a market capitalization of approximately $29.19 billion (€25 billion). The offering is reportedly the largest ever in the defence sector. The majority of proceeds will go to selling shareholder and owner Michal Strnad, while the company expects to raise €750 million in new capital to be used for general corporate purposes and potential future acquisitions. Cornerstone investors include BlackRock and the Qatar Investment Authority, with the accelerated bookbuild managed by BNP Paribas and J.P. Morgan.

Shanghai Longcheer Technology Co., Ltd. (Ticker: 9611 HK) is a China-based company that focuses on the development and production of smartphones, tablets, and artificial intelligence internet of things (AIoT) products for global brands such as Xiaomi, Samsung and Lenovo. The company is currently listed on the Shanghai Stock Exchange under the ticker 603341 C.

Longcheer plans to list on the Hong Kong Stock Exchange on January 22, 2026, offering 52.26 million H shares. At an expected price of HKD 31.00 per share, the offering size is approximately HKD 1.62 billion (USD 207.75 million). Reportedly, the net proceeds are intended for expanding domestic and international production capacity, increasing investment in research and development, supporting marketing and customer expansion, and funding strategic acquisitions and working capital. The offering is managed by sponsors including Citigroup Global Markets Asia Ltd., Haitong International Capital Ltd., and Guotai Junan Capital Ltd.

Bitgo Holdings, Inc. (Ticker: BTGO US) is a Cayman Islands-incorporated company specializing in digital asset custody, lending, and infrastructure services. Operating primarily out of the United States, Bitgo Holdings provides a technology platform that enables institutional clients to secure, manage, and create digital assets. The company serves over 4,600 clients globally, including financial institutions and government agencies, and reportedly managed approximately $90.3 billion in assets as of June 2025.

Bitgo Holdings plans to list on January 22, 2026. The company is planning to offer 11.82 million Class A shares at an expected price range of $15.00 to $17.00. This offering aims to raise approximately $200.97 million (USD). Based on the pricing terms, the company is targeting a market valuation of up to $1.96 billion (USD). The offering is led by Goldman Sachs & Co, with participation from Citigroup and Deutsche Bank. This move follows the company’s pivot to profitability and its recent approval to operate as a federally chartered national trust bank.

GigaDevice Semiconductor Inc. (Ticker: 3986 HK) is a leading China-based fabless integrated circuit (IC) design house specializing in a diverse range of memory, ARM/RISC-V microcontroller (MCU), and sensor solutions. The company operates a "Sense, Memory, Compute, Control and Connectivity" ecosystem, providing Flash memory (NOR and SLC NAND), niche DRAM, analog chips, and fingerprint sensors. These products are utilized across various sectors, including automotive, industrial automation, energy storage, and consumer electronics. According to Frost & Sullivan, GigaDevice held significant market positions in 2024, ranking second globally in NOR Flash with an 18.5% market share and eighth globally in the MCU market.

GigaDevice plans to list on the Hong Kong Exchange on January 13, 2026. The company intends to offer approximately 28.92 million shares within a price range of HKD 132.00 to HKD 162.00 per share. This offering aims to raise up to HKD 4.68 billion (approximately USD 601.75 million). At the upper end of the price range, the company's implied market capitalization would be approximately HKD 112.88 billion (approx. USD 14.5 billion). Reportedly, the company plans to allocate the IPO proceeds toward research and development, product capacity expansion, brand promotion, and strategic acquisitions. The listing is sponsored by CICC and Huatai Financial Holdings.

Hongxing Coldchain (Hunan) Co., Ltd. (Ticker: 1641 HK) is a Chinese logistics services provider specializing in integrated frozen food storage and space leasing. Headquartered in Changsha, Hunan province, the company operates a business model that connects wholesalers and retailers by combining cold storage facilities with trading space leasing. According to the CIC Report cited in its filings, the company was the largest frozen food storage service provider in Central China and the leading provider of frozen food space leasing services in Hunan province by revenue in 2024. Its facilities in Changsha offer a designed storage capacity exceeding one million cubic meters.

Hongxing Coldchain plans to list on the Hong Kong Exchange on January 13, 2026. The company is offering approximately 23.26 million H-shares at a fixed price of HKD 12.26 per share. This IPO is expected to raise HKD 285.20 million (USD 36.64 million), implying a market capitalization of approximately USD 154.76 million. Reportedly, the company plans to use the proceeds for R&D and product capacity expansion, brand promotion, business development, working capital, and strategic acquisitions. The offering is sponsored by ABCI Capital and CCB International Capital.

OmniVision Integrated Circuits Group Inc (Ticker: 501 HK) is a China-based global fabless semiconductor design company specializing in CMOS image sensors (CIS), display solutions, and analog integrated circuits. According to Frost & Sullivan, the company is the third-largest digital image sensor provider globally by revenue, holding a 13.7% market share. Its portfolio serves diverse verticals including smartphones, automotive electronics, medical devices, and emerging markets like Edge AI. The company employs a fabless model, focusing on R&D and design while collaborating with third-party foundries for manufacturing.

OmniVision plans to list on the Hong Kong Exchange on January 12, 2026. The company intends to offer 45.80 million shares, targeting a raise of approximately HKD 4.80 billion (USD 616.59 million) at an expected price of HKD 104.80 per share. Upon listing, the company is expected to have a market capitalization of approximately HKD 176 billion. Reportedly, the company plans to use the IPO proceeds for research and development, product capacity expansion, brand promotion, and strategic acquisitions. The offering is sponsored by CICC, UBS, GF Capital, and Ping An of China Capital.

Aktis Oncology, Inc. (Ticker: AKTS US) is a U.S. clinical-stage biotechnology company developing a proprietary miniprotein radioconjugate platform for solid tumors. The company engineers proteins designed to deliver alpha-emitting Actinium-225 to validated targets, optimizing for deep tumor penetration and rapid systemic clearance to minimize toxicity. Its lead candidate, [225Ac]Ac-AKY-1189, targets Nectin-4 and is currently in a Phase 1b trial.

Aktis plans to list on the NASDAQ on January 9, 2026. Offering 17.7 million shares at $16.00–$18.00, the IPO aims to raise approximately $300 million at a ~$900 million valuation after upsizing the offer follwoing a $100 million cornerstone investment by Eli Lilly.
J.P. Morgan, BofA Securities, Leerink Partners, and TD Cowen are the underwriters. Proceeds will reportedly fund the lead program's clinical advancement and the progression of a second candidate targeting B7-H3 into trials.

Minimax Group Inc (Ticker: 100 HK) is a Shanghai-based company specializing in information technology services, specifically focusing on Artificial Intelligence (AI) foundation model research and AI-native application development. The company develops multi-modal models capable of processing text, video, and audio, such as MiniMax-M2 and Hailuo-02, which power consumer products like Talkie and Xingye.

Minimax plans to list on the Hong Kong Exchange on January 9, 2026, planning to offer approximately 25.39 million shares at a price range of HKD 151.00 to HKD 165.00 per share. This IPO is expected to raise approximately HKD 4.19 billion (USD 538.19 million). According to the prospectus, Minimax plans to use the majority of the IPO proceeds (90%) for R&D and product capacity expansion, with the remaining 10% allocated to working capital and strategic acquisitions. The offering is managed by a syndicate including China International Capital Corporation, UBS, Goldman Sachs (Asia), Morgan Stanley, and others. The company, which utilizes a "Mixture-of-Experts" architecture for its models, reportedly serves over 200 million users globally across more than 200 countries and regions.

Yunnan Jinxun Resources Co., Ltd. (Ticker: 3636 HK) is a Chinese company specializing in the processing, smelting, and trading of non-ferrous metals, with a primary focus on producing high-quality copper cathodes. Strategically operating in Africa, the company manages copper smelters and flotation plants in the DR Congo and Zambia. According to Frost & Sullivan, the firm ranked fifth among PRC copper cathode producers in these regions by volume in 2024. The company also conducts non-ferrous metal trading via subsidiaries in Singapore and China and is reportedly expanding into cobalt-related production to serve the new energy materials sector.

Yunnan Jinxun Resources plans to list on the Hong Kong Exchange on January 9, 2026. The company is offering approximately 36.77 million H-shares at a fixed price of HKD 30.00 per share. The offering aims to raise HKD 1.10 billion (USD 141.69 million), implying a market capitalization of approximately USD 566.75 million. Reportedly, the company plans to use the majority of the IPO proceeds (80%) for brand promotion and business development, with the remaining funds allocated to working capital, strategic acquisitions, and debt repayment. The offering is sponsored by Huatai Financial Holdings and underwritten by a syndicate including ABCI Capital, BOCI Asia, and CITIC Securities.

Suzhou Ribo Life Science Co., Ltd. (Ticker: 6938 HK) is a Chinese biopharmaceutical company specializing in the research and development of oligonucleotide therapeutics, with a primary focus on small interfering RNA (siRNA) drugs. Founded in 2007, the company develops innovative treatments for cardiovascular, metabolic, renal, and liver diseases. Its core product, RBD4059, is an FXI-targeting siRNA drug designed to treat thrombotic diseases and is currently in Phase 2 clinical trials.

Ribo Life plans to list on the Hong Kong Exchange on January 9, 2026. The company is offering approximately 27.49 million H-shares at a fixed price of HKD 57.97 per share. This IPO is expected to raise HKD 1.59 billion (USD 204.69 million), valuing the company at approximately USD 1.20 billion. According to the prospectus, Ribo Life plans to allocate the vast majority of the IPO proceeds toward R&D and product capacity expansion for its pipeline assets, with the remaining funds set aside for working capital and strategic acquisitions. The offering is joint-sponsored by CICC and Citigroup.

Shanghai Iluvatar CoreX Semi (Ticker: 9903 HK, also trading as Shanghai Tianshu Zhixin Semiconductor Co. Ltd.) is a Chinese semiconductor company specializing in general-purpose graphics processing units (GPGPUs) and AI computing solutions. The company plans to list on the Hong Kong Stock Exchange on January 8, 2026. The company is offering 25.43 million shares at HKD 144.60 per share, aiming to raise HKD 3.68 billion (approximately USD 472.5 million). This offering values the company at approximately HKD 36.77 billion (USD 4.73 billion).

According to filings, the company plans to allocate a significant portion of the IPO proceeds to research and development and product capacity expansion, with the remaining 20% split between brand promotion and working capital. Iluvatar CoreX focuses on a "software-hardware co-design" philosophy and reportedly is the first Chinese chip designer to mass-produce both training and inference GPGPU chips using 7nm process technology. Its product line includes cloud training chips and driver software compatible with mainstream GPGPU ecosystems. The IPO is sponsored by Huatai Financial Holdings, with Bowlea Securities and CMB International among the underwriters.

Shenzhen Edge Medical Co (Ticker: 2675 HK) is a Chinese medical equipment company specializing in advanced surgical robotics. The company, formally Shenzhen Edge Medical Co., Ltd., plans to list on the Hong Kong Stock Exchange on January 8, 2026. The offering consists of 27.72 million H-shares at a price of HKD 43.24 per share, aiming to raise HKD 1.20 billion (approximately USD 154 million). This implies a market capitalization of approximately HKD 16.77 billion (USD 2.15 billion).

The company intends to use the IPO proceeds for research and development (R&D), product capacity expansion, brand promotion, business development, working capital, and strategic acquisitions. Founded in 2017, Shenzhen Edge Medical designs and manufactures robot-assisted devices for minimally invasive surgery (MIS). Its portfolio includes the "Edge Multi-Port" and "Edge Single-Port" Endoscopic Surgical Robots, both of which are core products approved by China's NMPA and have received CE Marking in the EU. The company claims to be the first in China to receive registration approvals for multi-port, single-port, and natural orifice surgical robots. In 2024, it reportedly ranked first among domestic manufacturers in sales of multi-port units. The offering is sponsored by Morgan Stanley and GF Capital.

Beijing Zhipu Huazhang Technology Co. Ltd. (Ticker: 2513 HK) is a Chinese technology company specializing in artificial intelligence and general-purpose large language models (LLMs). The company plans to list on the Hong Kong Stock Exchange on January 8, 2026, planning to offer 37.42 million H-shares at a price of HKD 116.20 per share. The company aims to raise HKD 4.35 billion (approximately USD 559 million), resulting in a valuation of approximately USD 6.57 billion.

The firm reportedly plans to use the IPO proceeds primarily for research and development and product capacity, with the remainder allocated to brand promotion, business development, and general working capital. The company is a leading independent AI developer in China, known for its proprietary GLM framework and "Z.AI" models. Its latest iteration, GLM-4.7, reportedly ranks 6th on the LLM Leaderboard, positioning it alongside major global competitors like ChatGPT and Gemini. According to filings, the company generated RMB 312.4 million in revenue in 2024, reflecting a CAGR of over 130% since 2022. The offering is sponsored by China International Capital Corporation.

Shanghai Biren Technology Co., Ltd. (Ticker: 6082 HK) is a Chinese technology company specializing in the development of general-purpose graphics processing units (GPGPU) and artificial intelligence computing solutions. The company plans to list on the Hong Kong Stock Exchange on January 2, 2026. Biren Technology is offering approximately 247.7 million shares at an expected price range of HKD 17.00 to HKD 19.60 per share. The IPO aims to raise HKD 4.85 billion ($624.03 million). At the proposed pricing, the company anticipates a market capitalization between HKD 40.1 billion and HKD 46.2 billion (approximately $5.16 billion to $5.95 billion).

Biren Technology focuses on providing foundational computing power for AI through its self-developed GPGPU architecture and the proprietary BIRENSUPA software platform. Its products support the training and inference of large language models (LLMs) and are deployed across data centers, telecommunications, and financial technology sectors. According to filing documents, the company reportedly plans to allocate 85% of the IPO proceeds toward research and development and expanding product capacity, with the remainder designated for working capital, strategic acquisitions, and brand promotion. The offering is managed by BOCI Asia, CICC, CLSA, and others.

USAS Building System (Shanghai) Co., Ltd. (Ticker: 2671 HK) is a Chinese integrated prefabricated steel structure building (PS building) subcontracting service provider specializing in the industrial sector. The company plans to list on the HKEX on December 30, 2025, offering 24.6 million shares at an expected price range of HKD 7.10 to HKD 9.16. This offering aims to raise approximately HKD 225.34 million (equivalent to roughly USD 28.96 million). USAS Building is a leading player in its field, reportedly ranking third in China’s industrial PS building market by revenue in 2024 with a 3.5% market share.

The company has an estimated market capitalization at the time of the offer ranging from approximately USD 110 million to USD 142 million (HKD 856 million to HKD 1.1 billion). According to its prospectus, USAS Building plans to use the IPO proceeds for research and development and increasing production capacity, brand promotion and business development, and for working capital and potential strategic acquisitions. The company provides a full suite of services including project design, procurement, manufacturing, and installation. The offering is sponsored by Shenwan Hongyuan Capital (H.K.) Limited, with ABCI Securities and BOCI Asia among the joint underwriters.

OneRobotics Shenzhen Co Ltd (Ticker: 6600 HK) is a China-based company specializing in home robotic systems, smart automation devices and sport robotics (e.g. tennis robot Acemate). The company develops execution-enhanced robots, including humanoid and dexterous hand-mimic robots under the SwitchBot brand, serving markets across Japan, Europe, and North America. OneRobotics plans to list on the Hong Kong Stock Exchange on December 30, 2025.

The company is offering 22.22 million shares at a price range of HKD 63.00 to HKD 81.00 per share. The offer aims to raise up to HKD 1.80 billion (approximately USD 231 million). At the proposed pricing, the company reportedly seeks a market capitalization between USD 1.8 billion and USD 2.3 billion. According to regulatory filings, OneRobotics plans to use the majority of the IPO proceeds for research and development and product capacity expansion. The remaining funds are allocated for brand promotion, working capital, and debt repayment. The deal is sponsored by Huatai Financial Holdings and Guotai Junan Capital, with BOCI Asia and others acting as underwriters.

Beijing 51WORLD Digital Twin Technology Co., Ltd. (Ticker: 6651 HK) is a Chinese technology company specializing in digital twin infrastructure and software. The company integrates proprietary 3D graphics, physical simulation, and artificial intelligence to generate accurate virtual replicas of real-world entities, serving sectors such as urban planning, automotive, and energy. Its core business lines include the enterprise platform 51Aes, the autonomous driving simulation platform 51Sim, and the consumer-facing 51Earth initiative. 51World plans to list on the Hong Kong Stock Exchange on December 30, 2025.
The company plans to offer approximately 23.98 million shares at a price of HKD 30.50 per share. Through this offering, 51World aims to raise approximately HKD 731 million (USD 93.98 million). According to the prospectus, the company reportedly ranked first in revenue within China's digital twin industry in 2024. 51World plans to use the IPO proceeds to enhance its research and development capabilities, expand product capacity, and fund brand promotion and strategic acquisitions. The listing is jointly sponsored by China International Capital Corporation (CICC) and Huatai Financial Holdings, with distribution supported by a syndicate including ABCI Securities and BOCI Asia.

Insilico Medicine Cayman TopCo (Ticker: 3696 HK) is a Hong Kong-based biotechnology company specializing in artificial intelligence-driven drug discovery. The company utilizes its proprietary generative AI platform, Pharma.AI, to accelerate the development of pharmaceuticals, reportedly generating over 20 clinical or IND-enabling assets to date. Insilico Medicine plans to list on the Hong Kong Stock Exchange on December 30, 2025, planning to offer approximately 94.69 million shares at HKD 24.05 per share.

Through this offering, the company is raising HKD 2.28 billion (approximately USD 293 million). At this listing price, the company reportedly commands a market capitalization of approximately USD 1.72 billion. According to filings, Insilico Medicine plans to use the IPO proceeds primarily (83%) for research and development and expanding product capacity, with the remainder allocated to brand promotion, business development, and general working capital. The offering is sponsored by CICC, Morgan Stanley, and GF Capital, with BNP Paribas and BOCI Asia serving as joint underwriters.

Shanghai Forest Cabin Cosmetics Group Co., Ltd. (Ticker: 2657 HK) is a Chinese premium skincare company specializing in anti-wrinkle and firming products rooted in camellia-based ingredients. Forest Cabin plans to list on the HKEX on December 30, 2025, offering 13,966,450 shares at a price of HKD 77.77. This offering aims to raise approximately HKD 1.086 billion (equivalent to roughly USD 139.59 million). According to the prospectus, the company is a domestic leader in the "oil-based skincare" market, with its flagship Camellia Essence Oil ranking first in China by retail sales among facial essence oils for eleven consecutive years.

The company reportedly plans to use the IPO proceeds for brand promotion and business development (40%), research and development and production capacity (30%), working capital and strategic acquisitions (15%), and other general corporate purposes (15%). Forest Cabin ranked as the only domestic brand among the top 15 premium skincare labels in China by retail sales in 2024. The listing is sponsored by Huatai Financial Holdings and CITIC Securities. Founded in 2003 with its primary research journey beginning in 2012, the company maintains a dominant position in China’s high-end beauty sector, reporting revenue of RMB 1,197.8 million for the full year 2024.

Shenzhen Xunce Technology Co., Ltd. (Ticker: 3317 HK) is a Chinese provider of real-time data infrastructure and analytics solutions, primarily serving the asset management industry and various diversified sectors. The company plans to list on the HKEX on December 30, 2025, following a subscription period from December 18 to December 23. Xunce Technology is offering 22.5 million shares at a price range of HKD 48.00 to HKD 55.00, aiming to raise approximately HKD 1.24 billion (equivalent to roughly USD 148.91 million). Based on 2024 revenue, the company reportedly ranks fourth in China’s real-time data infrastructure and analytics market and first within the asset management sub-segment.

The company has an estimated market capitalization ranging from approximately USD 1.98 billion to USD 2.27 billion (HKD 15.48 billion to HKD 17.74 billion). According to its prospectus, Xunce Technology plans to use the IPO proceeds for the further development of existing solutions and new technology capabilities, deepening penetration into diversified industries, enhancing marketing capabilities, and general working capital. The company's platform provides unified data processing within milliseconds to seconds for high-stakes decision-making. Guotai Junan Capital Limited is the sole sponsor for the offering, and major investors reportedly include Tencent and KKR.

SemiFive Inc. (Ticker: 490470 KS) is a South Korea-based semiconductor design solution provider specializing in custom System-on-Chip (SoC) platforms and ASIC design services. The company plans to list on the KOSDAQ exchange on December 29, 2025. SemiFive intends to offer 5.4 million new shares within a target price range of KRW 21,000 to KRW 24,000 per share. At the lower end of this guidance, the IPO is expected to raise KRW 113.4 billion (approximately $77.1 million USD).

Founded in 2019, SemiFive operates as a Design Solution Partner (DSP) within the Samsung Advanced Foundry Ecosystem (SAFE), acting as a bridge between fabless companies and Samsung’s foundry manufacturing. The company offers turnkey services ranging from architecture planning to packaging, with expertise in advanced process nodes including 14nm, 8nm, and 5nm. Strategic backers include RISC-V computing company SiFive, Inc., which holds an 18% stake. Samsung Securities is serving as the lead underwriter for the transaction. While the company generated reported revenues of KRW 111.8 billion, it remains loss-making, and proceeds will reportedly support continued R&D and ecosystem expansion.

LivsMed Inc. (Ticker: 491000 KS) is a South Korean medical device manufacturer specializing in the development of advanced tools for minimally invasive surgery. The company plans to list on the KOSDAQ exchange on December 24, 2025. LivsMed intends to offer 2.47 million new shares within a target price range of KRW 44,000 to KRW 55,000 per share. At the lower end of this range, the offering aims to raise approximately KRW 108.7 billion (roughly $73.9 million USD).

LivsMed focuses on handheld multi-joint laparoscopic surgical instruments, marketed primarily under the brand ArtiSential. Unlike traditional straight instruments, these devices are designed to replicate the articulation of the human wrist, providing surgeons with 90-degree dexterity in all directions within narrow surgical cavities. The company is also commercializing the ArtiSeal vascular sealer and developing the LivsCam 3D4K camera system. Samsung Securities and Mirae Asset Securities are acting as the lead underwriters for the deal.

HanX Biopharmaceuticals Inc. (Ticker: 3378 HK) is a Chinese biotechnology company specializing in structural biology, translational medicine, and clinical development. The company is focused on creating next-generation immunotherapeutics for oncology and autoimmune diseases. Its pipeline includes one core product, HX009, a bifunctional anti-PD-1 antibody SIRP fusion protein currently in clinical trials for various cancers, as well as two key clinical-stage products, HX301 and HX044. HanX plans to list on the Hong Kong Stock Exchange on December 23, 2025.

The company aims to offer approximately 18.32 million shares at a price range of HKD 28.00 to HKD 32.00, targeting a raise of up to HKD 586.27 million (approximately USD 75.34 million). This valuation implies a market capitalization between HKD 3.81 billion and HKD 4.36 billion (roughly USD 490 million to USD 560 million). Reportedly, HanX intends to direct the vast majority of proceeds (85%) toward R&D and product capacity, with the remainder allocated to working capital and brand promotion. The IPO is sponsored by ICBC International, with a syndicate of underwriters including ABCI, CCB International, and others.

QingSong Health Corp (Ticker: 2661 HK) is a China-based company operating two core business lines: Qingsong Insurance, an internet insurance sales platform leveraging AI and big data to offer personalized products in collaboration with major insurers like PICC and Ping An; and Qingsong Healthcare, which provides comprehensive solutions including early disease screening, customized health packages, and medical research assistance. The company is scheduled to list on the Hong Kong Stock Exchange on December 23, 2025.

The company plans to offer 26.54 million shares at a fixed price of HKD 22.68, aiming to raise HKD 601.93 million (approximately USD 77.35 million). This pricing implies a market capitalization of roughly USD 601.45 million. Reportedly, QingSong Health intends to allocate 50% of the IPO proceeds to brand promotion and business development, 40% to R&D and product capacity expansion, and the remaining 10% to working capital and strategic acquisitions. The offering is sponsored by CICC and China Merchants Securities.

Nuobikan Artificial Intelligence Technology (Chengdu) Co., Ltd. (Ticker: 2635 HK) is a Chinese company specializing in industrial AI and digital twin technologies. The company provides integrated software and hardware solutions for transportation, energy, and urban management, serving as a prominent provider of AI-enabled traction power supply inspection systems for rail transit in China. Nuobikan plans to list on the Hong Kong Stock Exchange on December 23, 2025.

The company intends to offer approximately 3.79 million shares priced between HKD 80.00 and HKD 106.00, aiming to raise up to HKD 401.38 million (USD 51.58 million). This pricing implies a market capitalization ranging from approximately USD 389 million to USD 515 million. Reportedly, Nuobikan plans to allocate 80% of the IPO proceeds to R&D and product capacity expansion, with the remaining funds designated for working capital and strategic acquisitions. The offering is sponsored by CICC, with underwriting support from Livermore Holdings and Patrons Securities.

BenQ BM Holding (Ticker: 2581 HK) is a China-based private for-profit general hospital group specializing in comprehensive healthcare services. A subsidiary of the Taiwan-listed technology group Qisda Corporation (2352 TT), the company operates two major facilities, Nanjing BenQ Hospital and Suzhou BenQ Hospital. It ranks as the largest private for-profit general hospital group in East China by 2024 revenue. BenQ BM Holding is scheduled to list on the HKEX Main Board on 22 December 2025.

The IPO involves an offering of 67,000,000 shares marketed at a price range of HK$9.34 to HK$11.68 per share. The company aims to raise between HK$625.8 million and HK$782.6 million (approximately US$80.4 million to US$100.6 million). This pricing implies a market capitalization of roughly HK$2.91 billion to HK$3.64 billion (US$374 million to US$468 million).

Reportedly, the company plans to use the majority of proceeds (74.2%) for R&D and product capacity expansion, with the remainder allocated to working capital and strategic acquisitions (17.8%) and brand promotion and business development (8%). The IPO is sponsored by China International Capital Corporation and Citigroup, with a syndicate including CTBC Bank and UOB Kay Hian.

B&K Corp (Ticker: 2396 HK) is a China-based biopharmaceutical company specializing in the development of protein drugs for wound healing, with a specific focus on platelet-derived growth factor (PDGF) therapies. Founded in 2012, the company’s pipeline is anchored by two core products: Pro-101-1, which has completed Phase IIb analysis for deep second-degree thermal burns, and Pro-101-2, currently in Phase II trials for diabetic foot ulcers.

B&K Corp is scheduled to list on the HKEX Main Board on 22 December 2025. The company plans to offer 17,648,800 shares marketed at a price range of HK$38.20 to HK$51.00 per share. This offering targets raising approximately HK$900.1 million (US$115.6 million), implying a market valuation of roughly US$674 million.

Reportedly, the majority of the IPO proceeds (80.6%) will be allocated to research and development and capacity expansion. Remaining funds are designated for working capital and strategic acquisitions (10%), brand promotion and business development (6.3%), and other general purposes. The IPO is sponsored by Huatai Financial Holdings (Hong Kong) and CITIC Securities (Hong Kong).

Nanhua Futures (Ticker: 2691 HK) is a China-based futures company providing comprehensive global financial services, including futures brokerage, risk management, and wealth management. Founded in 1996 and headquartered in Hangzhou, the company reportedly ranks as the eighth-largest futures company in the PRC by total revenue and the largest among non-financial institution-related futures companies. Nanhua Futures operates a global network with branches across Asia, North America, and Europe.

The company is scheduled to list on the HKEX Main Board on 22 December 2025. The IPO involves an offering of 107,659,000 H shares, marketed at a price range of HK$12.00 to HK$16.00 per share. Through this offering, Nanhua Futures targets raising approximately HK$1.29 billion to HK$1.72 billion (US$166 million to US$221 million). This pricing implies a market capitalization ranging from HK$8.61 billion to HK$11.48 billion (approximately US$1.1 billion to US$1.48 billion).

According to the listing documents, the IPO proceeds are allocated primarily for brand promotion and business development. The offering is sponsored by CITIC Securities (Hong Kong), supported by a syndicate of underwriters including ABCI Securities, BOCI Asia, and CLSA.

Zhihui Mining (Ticker: 2546 HK) is a Chinese mining company focused on zinc, lead and copper exploration, mining, production and sales of concentrates from its operations in Xizang (Tibet), China. The company is scheduled to list H-shares on the Hong Kong HKEX Main Board on 19 December 2025, with an offer period running 11–16 December 2025 and pricing set for 17 December 2025.

The IPO is marketed at HK$4.10–4.51 per share, offering 121,952,000 shares, implying gross proceeds of approximately HK$500.0–550.0 million (about US$67.4 million). The deal implies a market capitalization of roughly HK$2.0–2.2 billion (about US$270 million). Zhihui Mining’s flagship asset is the Mengya’a Mine in Nagqu, featuring an open-pit mine in operation since 2007 and an underground mine that commenced commercial operations in 2Q25.

Proceeds are reportedly earmarked mainly for R&D and capacity expansion (~47.9%), brand promotion and business development (~23.4%), working capital and strategic acquisitions (~21.7%), and debt repayment (~7%). Sponsors include Maxa Capital and Sinolink Securities (Hong Kong), with ABCI Securities among the underwriters.