Hong Kong faces record wave of IPO lock-up share releases

Shares from several newly listed Hong Kong companies are set to be released from lock‑up periods this week, creating a potential overhang for the city’s struggling equity market. Knowledge Atlas Technology will free 25.6 million shares – about 6 % of its outstanding stock – after a six‑month cornerstone lock‑up. MiniMax and Shanghai Iluvatar CoreX Semiconductor are also on the list, with 45 % and 4.3 % of their shares becoming tradable.

The average first‑day return of Hong Kong IPOs in the first half of 2026 was 61 %, far outpacing the broader market, while the Hang Seng Index is down 8.9 % year‑to‑date. Analysts warn that the unlockings could create liquidity headwinds and fuel profit‑taking, noting that historically prices dip 4‑7 % within three to six months after release. Goldman Sachs estimates a record $274 billion of locked‑up shares will flow into the market over the next 12 months.