The secondary market is once again lively.

On November 6th, the Hong Kong Exchange saw the IPO of four companies simultaneously - Junsei Electronics (00699.HK), Wenyuan Intelligence (00800.HK), Xiaoma Technology (02026.HK), and Wantri Water (02630.HK). It happened to be the same day that Dame

Among them, Junsei Electronics opened with a slight decrease of 0.91% with a market value of 33.807 billion Hong Kong dollars; Wenfar Group fell by 6.35% at the beginning of trading with a market value of 26.056 billion Hong Kong dollars; Pony AI als

Today, five IPOs have been launched so far.

Such a lively scene has become common for the recent secondary market. On October 28th last week, seven companies listed simultaneously on the secondary market.

As investors joke, there isn't enough listing gong this year. This scene is just a vivid manifestation of the booming secondary market this year.

Five IPOs in one day

Five capital narratives converge on the same day's calendar, writing an intense IPO poem out of an ordinary Thursday.

Among the five listed companies, two companies with the same founders from Baidu, the same focus on autonomous driving, and the same choice for dual listings-Wenyuan Zhixing and Xiaoma Zhixing, are particularly eye-catching.

The two stars in the field of autonomous driving are competing on the same stage on the Hong Kong Stock Exchange this time. Behind this is the origin of the same school. The founders of Wenyuan Zhixing and Xiaoma Zhixing are both from Baidu, which ca

As a global pioneer in L4 autonomous driving, Wenyuanknow Technology has deployed autonomous driving products and solutions in more than 30 cities across 11 countries. According to its prospectus, the company plans to use about 40% of the funds raise

This fund allocation plan clearly reflects the current development priorities of autonomous driving companies - on one hand, it requires continuous investment in technology research and development to maintain a leading position, and on the other han

Pony.ai is also showing strong growth momentum. Founded in 2016, this autonomous driving company has established research and development centers in multiple cities in China and the United States, and was the first to be listed on the Nasdaq in the U

Meanwhile, the three other listed companies with IPO on the same day also have their own characteristics.

Junsheng Electronics focuses on automotive parts and equipment. This veteran in automotive safety and electronics that originates from Ningbo has been listed on the A-share market since 2011. At that time, the company was successfully listed on the A

The name Wangshan Wangshui sounds the most gentle, but it is labeled as domestic Viagra. This is mainly because the company's core product TPN171, a new drug named Ang Wēida®, which is used to treat erectile dysfunction (ED), was approved for market

The sound of the Hong Kong Stock Exchange's four gongs is still echoing, and the clock tower's chimes at the Shanghai Stock Exchange are taking over.

The protagonist is a hidden champion with over 30 years of experience in the automotive electronic components supporting industry - Daming Electronics, which is rapidly accelerating into the forefront of the industry. The body electronic and electric

Until now, 5 IPOs have come in one day.

The dual listing trend continues

All of the five IPOs, including Junsen Electronics, Winy Technology and Pony.ai, are dual listed. Behind them, a continuous dual listing trend comes into sight.

Starting from March 10th, Chifeng Gold landed on the Hong Kong Stock Exchange, becoming the first A+H company this year. Also in March, CATL obtained the Overseas Issuance and Listing Registration Notice from the International Department of the China

In May, the leading innovative drug company, Hengrui Pharmaceutical, officially went public on the Hong Kong Stock Exchange, becoming the largest IPO in the Hong Kong stock market's pharmaceutical sector in the past five years. In June, Hailan-the la

The selection of the above A-share leader is not an isolated case.

Since 2025, the Hong Kong stock market has continued to rise in popularity, with many A-share leading enterprises accelerating their layout in the capital market and seeking to list in Hong Kong. According to incomplete statistics from Rongzhong, abo

The latest move of the A+H giant with a market value of hundreds of billions occurred just the day before. On November 5, Thalys successfully landed on the Hong Kong Stock Exchange. As the first luxury new energy car company listed on the A+H market,

The story of Thalys begins at a spring factory by the Jialing River in Chongqing. Zhang Xinghai, the founder, started Phoenix Electrical Spring Factory with an initial investment of 8,000 yuan in 1986. With his independently developed automotive spri

In the 1990s, Zhang Xingyuhai keenly grasped the opportunity of auto and motorcycle parts, led his enterprise to transition into producing shock absorbers and entered the overseas market. In 2003, he seized the opportunity of a joint venture with Don

Faced with the saturation of the fuel vehicle market after 2010, Zhang Xinghai launched his third venture in 2016, leading Xiaokang shares to land in A-shares and initiate new energy transformation. In-depth cooperation with Huawei in 2021 has become

After thirty-nine years of ups and downs in business, the company at the helm of Zhang Xinghai has experienced three entrepreneurial changes, starting from the precision forging of a spring to setting an industry benchmark with new luxury smart elect

From the choice of A-share giants to pursue A+H strategy to the dual listing of two U.S. stock listed companies in Hong Kong on the same day today, this grand wave of second listing in Hong Kong continues.

Hong Kong Returns to the Top of the World

Of the five newly listed companies today, four are from the Hong Kong Exchange. Yet the IPO boom at the Hong Kong Exchange is far from over.

According to the latest report of KPMG's China and Hong Kong IPO Market Review: Mid-Year Review 2025, the global IPO market raised a total of US$60.9 billion with 544 listings in the first half of 2025. Hong Kong led the pack with a fundraising amoun

Among them, the IPO fund-raising amount in the first half of 2025 in Hong Kong stock market is the second highest for the same period in the past ten years, only lower than the historical peak in 2021. Currently, the number of applications for listin

In the second half of 2025, the Hong Kong IPO market will remain hot. With sufficient reserves for listing applications, leading enterprises in technology, consumption, and high-end manufacturing will continue to appear, supporting the main themes of

In the hard technology field, the technology 18C mechanism will continue to be an accelerator for unprofitable innovative enterprises. Leading players in areas such as robotics and innovative medical devices will submit their applications in large nu

As the geopolitical landscape evolves, Hong Kong will become the core platform for global capital allocation in China, and it may reclaim the top spot in global IPO fundraising by 2025.

This is inseparable from the strong policy support of the China government.

At the launch event for the Comprehensive Financial Policy to Support Market Stability and Expectations held by the State Council on May 7th, 2025, the Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, stated that the market ope

Looking ahead, as indicated by Hong Kong Exchange CEO Chen Yiting, China is already the world's second largest capital market, which is the result of years of efforts from several mainland exchanges and the Hong Kong Stock Exchange. Next, it is neces

For example, the Science and Technology Innovation Board focuses on hard technology that addresses key challenges, the ChiNext is designed to serve growth-oriented innovative and entrepreneurial companies, while the Hong Kong Stock Exchange, with its

The sound of the gongs in the primary market will become increasingly clear and loud with this transformation.

This article comes from the WeChat public account Rongzhong Finance (ID: thecapital)