Asia and Gulf IPOs: Hong Kong to Tadawul — 2026-09-04
Shein’s highly anticipated debut on the Hong Kong Stock Exchange resulted in a 9-10% share drop despite raising $1.74 billion, signaling a valuation reset for consumer tech. Meanwhile, the AI sector continues to drive listings in China, with Moonshot AI reportedly filing confidentially for a Hong Kong IPO at a $50 billion valuation. In India, retail enthusiasm remains high with ESDS Software and Lumino Industries seeing significant oversubscriptions and grey market premiums.
Asia and Gulf IPOs: Hong Kong to Tadawul — 2026-09-04
Top developments
Shein’s Hong Kong Debut Marks Valuation Reset
Fast-fashion giant Shein listed on the Hong Kong Stock Exchange on September 1, 2026, but its shares fell approximately 9-10% on the first day of trading. The company priced its IPO at HK$48.56, raising $1.74 billion and valuing the firm at roughly $26.5 billion, a figure significantly lower than previous private market valuations. The decline reflects investor concerns over slowing growth, regulatory risks in key Western markets, and rising tariffs, marking a shift from "growth story" pricing to that of a mature company.
Moonshot AI Files Confidentially for HK IPO
Moonshot AI, the developer of the Kimi chatbot, has reportedly filed confidentially for a Hong Kong IPO, aiming for a valuation of approximately $50 billion. This move underscores the continued dominance of AI and robotics firms in China’s equity capital markets, which are seeing an "IPO boom" as investors seek exposure to advanced technology. While Moonshot AI declined to comment on the specific valuation rumors, the filing highlights the intense competition among Chinese tech firms to list domestically rather than in the US.
Indian SME and Mainboard IPOs See Heavy Demand
In India, the primary market remains robust with several recent listings showing strong grey market premiums (GMP). ESDS Software’s IPO received subscriptions exceeding 28 times its offer size, with the Non-Institutional Investors (NII) quota oversubscribed by 81 times. Similarly, Hy-Tech Engineers saw its GMP cross 80% above the issue price of ₹53, driven by bids that exceeded the offer size by more than 247 times. These figures indicate sustained retail investor appetite for smaller-cap listings despite broader market volatility.
Local view
Hong Kong & China: Local financial media, including Phoenix Finance (ifeng), reported that 17 companies filed for listing applications in the last week of August alone, contributing to a total of 103 new IPOs in Hong Kong so far in 2026. Sing Tao Headlines noted that while Moonshot AI’s filing is confidential, the market is buzzing with speculation about the $50 billion valuation, reflecting the high stakes in the AI sector.
India: Hindi-language outlets like Moneycontrol and Hindustan highlighted the frenzy around small-cap IPOs. Moneycontrol reported that ESDS Software’s listing was highly anticipated due to its strong GMP, while Hindustan pointed to Hy-Tech Engineers' massive oversubscription as a sign of "bumper listing" potential. Retail investors are actively chasing these SME and mainboard listings for short-term gains.
South Korea: Korea Economic Daily (Edaily) reported on upcoming changes to the IPO market structure starting in November, where institutional investors may secure shares before price determination, potentially altering lock-up dynamics. Meanwhile, Bloter analyzed the volatility in Korean IPOs, noting that institutional selling immediately after listing—due to lack of lock-up commitments—is a key driver of price instability.
Context & numbers
- Hong Kong Fundraising: The HKEX has seen a surge in activity, with over HK$334 billion raised from 103 new listings year-to-date in 2026.
- Shein Metrics: Raised $1.74 billion; Final Price HK$48.56; Market Cap ~$26.5 billion.
- India Oversubscriptions: ESDS Software >28x; Hy-Tech Engineers >247x; Paluck Technologies SME IPO >18x on day one.
- Korea Pipeline: Approximately 10 IPOs are scheduled for subscription in September 2026, focusing on AI, robotics, and defense sectors.
On the radar
- Deepa Jewellers IPO Closing: The ₹177 crore IPO closes on September 3, with a GMP of ₹28 suggesting a potential 16% listing gain.
- Korean IPO Reforms: Watch for the implementation of new institutional allocation rules in South Korea in November, which could reduce first-day volatility but limit retail access.
- GEM Board Reform: Hong Kong’s GEM board is undergoing significant reforms, with new rules potentially affecting smaller tech companies seeking listings.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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