CITIC Securities said historical data show fundraising activity in Hong Kong stocks does not have a clear negative correlation with benchmark performance and is generally pro-cyclical, according to 36Kr. The brokerage said fundraising itself is not a catalyst for ending a rally and, under certain macro conditions, can support further gains, though it urged caution when fundraising peaks occur at market highs.
CITIC Securities added that, compared with IPOs, the wave of share lock-up expiries about six months after listing tends to have a larger negative impact on Hong Kong stocks. It said the effects are typically concentrated at the individual-stock level rather than creating a systemic drag on the broader market, with market capitalization and the proportion of shares becoming tradable key factors in post-expiry performance.
Looking ahead to the second half of 2026, the firm expects high levels of listing applications and companies in the IPO pipeline to keep the IPO market hot. It also forecast a lock-up expiry peak in H2 2026, with the most pronounced pressure in September, concentrated in sectors including software services and gold and precious metals.
CITIC Securities: Hong Kong IPO Boom Likely to Continue in H2 2026; Lock-Up Expiry Peak Seen in September
2026-06-24 00:51:15
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