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China Tech IPO Pre-Marketing Picked Up in March; Subscriptions Open in Q2

Three dual-class primary listings target a combined USD 7.5 billion raise.

By lisa zhu5 min read
Hong Kong financial district skyline at night
Hong Kong financial district skyline at night

The setup

The IPO pre-marketing cycle in Hong Kong picked up meaningfully in March 2026, with three dual-class primary listings entering book-building in the second half of the month. Subscriptions are expected to open in Q2 2026 for a combined target raise of USD 7.5 billion.

The roster

  • AI / cloud platform: target raise USD 3.2 billion (primary + secondary)
  • EV / battery supply chain: target raise USD 2.4 billion
  • Robotics / industrial automation: target raise USD 1.9 billion

The leads are the three China tech names that have been working the deal cycle since late 2024, when the HKEX weighting-voting-rights threshold relaxation made their listings feasible.

The pricing dynamics

  • AI / cloud: indicated range 14-18x 2027 EV/Revenue (broadly in line with U.S. comps)
  • EV / battery: indicated range 22-28x 2027 EV/Revenue (premium to U.S. comps on growth)
  • Robotics: indicated range 30-36x 2027 EV/Revenue (premium for category)

The pre-marketing tone is constructive. — Morgan Stanley, ECM

Risk factors

  • A deterioration in the U.S.-China tariff truce
  • A HKD peg break
  • Any regulatory surprise on dual-class issuer eligibility

Lisa Zhu

96 articles4 categories

Lisa Zhu covers Hong Kong capital markets, IPOs, and the cross-border financial ecosystem. She previously worked in equity capital markets at a global investment bank in Hong Kong.

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