9 Hong Kong IPOs that are unexpected, quirky and downright baffling

Pop Mart, the Chinese toy company famed for its Labubu toys, went public in 2020. Renowned for its collectable blind-box toys, Pop Mart, which was founded in 2010, occupies a unique, art-focused niche distinct from traditional sectors on the exchange. Having already established strong brand recognition and a loyal customer base before its IPO, the company experienced high investor demand, resulting in a significant initial surge in its stock price. 

100Most, founded in 2013, is a Hong Kong-based satirical magazine known for its tongue-in-cheek commentary on life in the city. It is run by the media firm Most Kwai Chung, which went public through an IPO in 2018. Unlike most media IPOs in Hong Kong, which typically come from established conglomerates, 100Most’s edgy, irreverent content made its IPO a unique and unconventional entry into the public markets.

Tam Jai International, which operates the popular TamJai Yunnan Mixian and TamJai SamGor Mixian chains, was founded in 1996 and listed for an IPO in 2021. Unlike the finance, tech or property sectors that dominate the Stock Exchange, and thanks to the brand’s renowned rice noodles, its IPO generated significant interest and was heavily oversubscribed on debut. It is reportedly expected to be delisted and privatised in August.

Mixue Ice Cream & Tea is a Chinese beverage giant renowned for its affordable bubble tea and ice cream. The brand opened its first Hong Kong store in 2023 and went public in 2025. Mixue’s IPO attracted overwhelming investor interest and was 5,258 times oversubscribed, setting a new record for retail subscriptions in the Hong Kong stock market.

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Jiumaojiu International, founded in 1995, is a Chinese company that operates multiple Chinese cuisine restaurant brands. Its portfolio includes popular restaurants such as Tai Er, famed for its pickled fish. Despite launching during the escalating Covid-19 outbreak in mainland China, Jiumaojiu’s Hong Kong IPO received a highly positive reception, with the stock price soaring on its first day of trading. Later that year, the company was included in the Hang Seng Family of Indexes.

Haidilao Hotpot, the renowned Chinese hot pot restaurant chain founded in 1994, has a global presence, with restaurants in more than 15 markets. Its 2018 IPO was notable, as hotpot chains are rarely seen among Hong Kong’s stock market listings. The IPO was heavily oversubscribed at its debut.

China Feihe, founded in 1962, is a leading Chinese dairy company specialising in baby formula. The company went public in 2019, and its IPO was well-received, with shares priced at the lower end of the range, reflecting strong investor demand.

Shaolin Temple, a historic Buddhist monastery in China founded in 495AD and famed for its kung fu monks, was rumoured to be filing an IPO on either the Hong Kong or Shanghai Stock Exchanges. The speculation sparked controversy, as critics argued that listing such a culturally and historically significant institution would commercialise the temple. The plans were later shelved.

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