Sixteen of the 20 most recent initial public offerings in Hong Kong were trading below their offer prices on Tuesday, according to AAStocks data, a weak aftermarket record that seven new issuers now have to sell against as their books close this week.

For investors in Asia, the gap matters because Hong Kong's record fundraising year rests on a steady flow of mainland technology and A+H listings. If buyers who took stock at the offer keep losing money, the next issuers have to price lower or find more cornerstone support. The losses also fall on retail investors, who chased several of these deals with oversubscription rates in the hundreds or thousands of times.

Shein and Dongshan Precision lead the losers

The AAStocks table covers listings from July 10 to Oct. 28. In delayed quotes at about 1:20 p.m. Hong Kong time on Nov. 3, only four of the 20 stood above their offer price: Camsense, Direct Drive, Excelland Robot and Nasn Tech.

The losers include some of the year's best-known names. Online retailer Shein, which listed on Sept. 1 at HK$48.56, traded at HK$35.90, down 26.1%. Its retail tranche was 4.6 times subscribed. Suzhou Dongshan Precision Manufacturing, the AI server component supplier that listed on Oct. 28 at HK$86.80, was at HK$78.50, 9.6% below the offer. Its public tranche was undersubscribed, the table shows. Capital Times reported on its flat debut and quarterly profit jump last week.

Heavy retail demand has been no protection. Medical device maker Medcaptain's public offer was 435.4 times subscribed before it listed on Sept. 7 at HK$15.42. It fell 42.9% on its first day and was at HK$6.135 on Tuesday, down 60.2%. Mech-Mind Robot drew 3,834.4 times subscription and was 19.3% below its HK$101.70 offer.

Several of the large September listings have lost about half their value. Robotechnik was 50.9% below its HK$436 offer, Transwarp was down 52.5% and Ligent down 46.2%. Optical module maker ZJ Innolight, which listed on July 30 at HK$980 a share, traded at HK$632, down 35.5%. Chipmaker Nexchip was 38.1% below its HK$32.30 offer.

The four winners show how concentrated the gains have been. Camsense rose 265.7% on its Sept. 30 debut and was still 50.5% above its HK$58.85 offer. Excelland Robot was up 135.3%, Direct Drive up 86.7% and Nasn Tech up 47.0%.

The pattern was visible early. On July 9, Luxshare Precision Industry, then the year's biggest listing at HK$24.27 billion, fell as much as 9.6% from its HK$63.28 offer on its first morning, The Standard reported, as Rigol and Guangdong Dtech also opened below their offer prices. By mid-October, Nikkei Asia reported that more mainland companies were delaying Hong Kong listings because new stocks were struggling in their first trading days.

Record proceeds, thinner returns

None of this has slowed the headline numbers. Hong Kong IPOs raised more than HK$388.0 billion from 116 listings in the first nine months of 2026, more than double a year earlier, according to KPMG China. The firm said more than 600 applicants were in the pipeline and that full-year proceeds could approach HK$500 billion, which would top the 2010 record of HK$449.5 billion. Louis Lau, head of KPMG China's Hong Kong capital markets group, said the city "could deliver a record year."

KPMG said 38 A+H listings supplied nearly 70% of proceeds, and more than half of all funds came from sectors such as AI, semiconductors and robotics. Those are the same sectors that dominate the list of stocks now below water. Ingenic, a chip designer, was 25.8% under its HK$100 offer, and Longsys, a memory maker, was down 41.1%.

Seven offerings close books this week

The next test comes within days. AAStocks lists seven IPOs taking orders. Hemay Pharma and RelyEZ Energy close on Nov. 4 and list on Nov. 9. Xinde Semiconductor and GPU designer Denglin Technology close on Nov. 5 and list on Nov. 10. Denglin is marketing shares at HK$231 to HK$288, as Capital Times reported when the books opened.

Health care supplies company Neautus is offering shares at HK$40.20 to HK$50.55, closing Nov. 6 and listing Nov. 11. Amicro Technology (HK$9.27 to HK$11.58) and HOSIN Electronics (HK$72.29 to HK$82.90) close on Nov. 9 and list on Nov. 12. AAStocks' IPO news feed said Transsion and Longsys, both recent listings that trade below their own offer prices, are among HOSIN's cornerstone investors.

Final pricing for Hemay Pharma and RelyEZ Energy is due before their Nov. 9 debuts, the first trading days in this batch.