Media365
A burst of 16 new and refiled initial public offering (IPO) applications on Tuesday – including Miniso-backed toy retailer Top Toy – signals a renewed push by companies to tap Hong Kong’s capital markets, as the city looks to cement its standing as a leading global listing venue despite intensifying competition and lingering headwinds.
The filings, disclosed by Hong Kong Exchanges and Clearing (HKEX) on March 31, span a range of sectors, though hard-tech firms dominate the pipeline.
Companies focused on integrated circuits, industrial robotics and intelligent manufacturing feature prominently, alongside a smaller cohort of consumer and services names such as Top Toy International Group.
Among the applicants are Alkaidsemi (Shanghai) Technologies, a semiconductor firm specialising in power devices and audio chips under a virtual IDM model, and Changzhou Microintelligence, which develops embodied intelligence for industrial robotics.
Top Toy is making a second attempt after its previous application lapsed, with JPMorgan Chase and UBS acting as joint sponsors. Founded in late 2020, the trend toy retailer completed a US$59.4 million funding round in July 2025, with backing from investors including Temasek, valuing the company at about US$1.3 billion, according to its prospectus.
It is among several companies – including chipmaker Rayson Hi-Tech (SZ) and smart manufacturing solutions provider Semi-Tech Group – returning to the market with refreshed filings.
