Zhongke Wenge Surges 81% on Trading Debut, Adding a New Hard-Tech IPO in Beijing

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Author | Peng Xiaoqiu

On June 26, Zhongke Wenge (01956.HK) officially rang the bell to list on the main board of the Hong Kong Stock Exchange. It opened 81.2% higher at HK$110, with a market capitalization of HK$19 billion. As of press time, the intraday high was HK$125 and the low was HK$110. The amplitude narrowed to 24.71%, and the turnover rate was 2.21%. At the current price, the paper profit for one lot is HK$10,800, and the company's market capitalization is HK$19.837 billion.

For in - depth reports on Zhongke Wenge, you can refer to the previous report - A doctor from the Chinese Academy of Sciences rushes to the listing, with a market capitalization of over HK$10.5 billion.

In the pre - market trading yesterday afternoon, it closed at HK$115.40, up 90.12% from the issue price of HK$60.70, corresponding to a market capitalization of HK$19.976 billion (about RMB 17.5 billion). Calculated at 200 shares per lot, the paper profit for one lot is about HK$10,900; the intraday high reached HK$128, up 110.9%; the low was HK$85, up 40%, with an amplitude of up to 70.84%. The total turnover in the pre - market trading was HK$250 million, and the turnover rate was 1.32%.

Behind the sharp rise of Zhongke Wenge is the resonance of three forces:

Firstly, the environment for subscribing to new stocks in the Hong Kong stock market is hot. Subscribing to new stocks in the Hong Kong stock market in 2026 is like a grand feast. The proportion of new stocks rising on the first day exceeds 90%. The market has a high risk appetite, and new stocks generally enjoy an emotional premium.

Secondly, it is supported by the AI concept. It is the first stock of the general decision - making large model + with a lineup of state - owned shareholders, such as the China Development Bank, China Internet Investment Fund, CCTV Media Convergence, Zhongguancun Science City, Beijing AI Fund, Shenzhen Capital Group... It also happens to be at the intersection of the AI narrative and the state - owned technology concept, which is the kind of story most likely to be chased by funds at present.

Thirdly, the tradable shares are limited. The public offering of Zhongke Wenge's IPO this time is not large. Coupled with the fact that 6 cornerstone investors have locked in their shares for 6 months, the truly tradable chips in the pre - market trading and on the first day of listing are limited - a small amount of buying can push up the price, which is also the reason why the amplitude in the pre - market trading is 70.84% but the turnover rate is only 1.32%.

Buffett said that the stock market is a voting machine in the short term and a weighing machine in the long term. In the end, the market still has to return to the fundamentals.

In terms of valuation, at the issue price, Zhongke Wenge's static price - to - sales ratio is about 22.7 times, which is already on the expensive side among similar stocks in the Hong Kong stock market; calculated at the pre - market trading price of HK$115.40, the price - to - sales ratio directly soars to about 43 times, and the valuation doubles directly.

However, after adjustment, Zhongke Wenge still loses about a quarter of its revenue. The adjusted loss rate in 2025 is - 24.8%; the net cash flow from operating activities has had a large - scale net outflow for three consecutive years; 70% of its revenue comes from project - based local deployment that relies heavily on manpower.

Next, two events are worthy of attention. One is the lifting of the 6 - month lock - up period for cornerstone investors. The subscription amount of the 6 cornerstone investors accounts for about 27%. The time of unlocking will be an important node. The other is the exit of pre - IPO investors. Among Zhongke Wenge's 10 rounds of financing, the institutions that entered in the Series B in 2019 only had a cost of 18 yuan per share, with a discount of about 66% to the issue price, and the paper profit is nearly 3 times. Generally speaking, the earlier an institution enters, the thicker the paper profit is, and the more motivation it has to cash out after the listing. However, the unlocking will only happen one year after the listing.