In the past couple of days watching Hong Kong IPOs, my biggest takeaway is not that the hype has cooled off, but that making profits is starting to get tricky.

As of May 20, 2026, the market hype is still there:

> Topcon CNC's dark trading once soared 47.8% above the IPO price
> Yushi Technology's dark trading, however, dipped 1.2% below the listing price
> Danano Pharmaceuticals-B reportedly oversubscribed over 9000 times in the public offering
> Yunyinggu Technology, Deep Learning Intelligence, and Huaxida are still in the issuance phase.

On the surface, the new stock market still looks hot.

But looking at all this together, my feeling is clear:

It's not that there's no money left,
but that the market is starting to clearly pick and choose stocks.

Those that can secure high premiums are usually still in a few categories:
Scarcity in the track
A clear narrative
A more appealing chip structure

So, Hong Kong IPOs in 2026 are shifting from a phase where any hype could push them up, to a phase where only recognizable names attract attention.

In a nutshell:

Hong Kong IPOs haven't fizzled out,
but the phase of easy profits is basically over.
#港股打新