IPO Digest — Friday, June 5, 2026

Four companies began trading on HKEX today, while Unitree Robotics cleared its final regulatory hurdle to launch China's first publicly listed humanoid-robot maker. Here is the full picture for the last business day of the week.

Summary table

Company	Exchange / Board	Issue price	Funds raised	First-day status	Sector
Dajin Heavy Industry (01081.HK / 002487.SZ)	HKEX Main Board (A+H)	HK$66.40	~HK$7.6B (incl. greenshoe)	Opened flat; gray-market close ~−2.1%	Offshore wind / shipbuilding
LongBio Pharma-B (01779.HK)	HKEX Main Board (B-share)	HK$96.06	HK$1.36B (~US$174M)	Gray market opened +87.4% to HK$180	Clinical biotech — allergic/autoimmune
Lung Fung Group (02290.HK)	HKEX Main Board	HK$5.18	HK$647.5M	Listed debut down ~17%	Retail pharmacy / health & beauty
Unitree Robotics / Yushu Technology	SSE STAR Market (pending)	TBD	Targeting RMB 4.202B (~US$578M)	Listing committee approval granted June 1	Humanoid robots / embodied AI

I.Century H Rights (08561.HK) also began trading on June 5, but as a rights issue for an existing GEM-listed stock it is outside the scope of this digest's IPO-event definition.

HKEX: June 5 new listings

Dajin Heavy Industry (01081.HK) — offshore wind foundations meet commercial shipbuilding

Business: Dajin is China's largest exporter of offshore wind turbine foundation structures. The company is now also building a commercial shipbuilding book: as of June 1, it had 16 confirmed vessel orders — 14 × 210,000 DWT bulk carriers and 2 multipurpose heavy-lift ships — with a combined contract value of about US$1.2 billion and deliveries running through 2029.1

Raise and valuation: The H-share offering price was set at HK$66.40. Including full exercise of the over-allotment option, Dajin issued up to 115 million H shares for gross proceeds exceeding HK$7.6 billion, ranking it among the top-tier HKEX IPOs of 2026 by proceeds. Dajin is already listed on the Shenzhen Stock Exchange (002487.SZ), making this a dual A+H listing — the 5th largest A+H deal of the year by funds raised.2

Use of proceeds: ~55% for deep-sea integrated-solution upgrades, ~20% for a European final-assembly base, ~10% for a global R&D center, ~5% for new overseas market entry, and ~10% for general working capital.1

Offshore wind turbine foundation under construction at sea — Offshore foundation construction — Dajin's core export product 1

First-day watch: Gray-market activity opened exactly at the issue price (HK$66.40) and slipped to a close of roughly HK$65 — around −2.1% on the day.3 A flat-to-down debut despite strong headline numbers. The gap between the scale of the deal and tepid initial trading likely reflects macro caution on the day (weak Asian equities, pre-weekend US payrolls risk) rather than stock-specific issues. Analysts will focus on how quickly Dajin's shipbuilding backlog converts into revenue and whether the European assembly base reaches operating-level capacity within the projected timeline.

Sector context: China's offshore wind installation pace continues to outrun global peers, and foundation-structure manufacturers with export capability are a direct beneficiary. Dajin's concurrent pivot into bulk-carrier construction diversifies its revenue base beyond a single energy-transition theme, but also introduces execution risk around simultaneous capacity ramp-ups in two adjacent heavy-industry verticals.

LongBio Pharma-B (01779.HK) — allergic/autoimmune biologics, 4,762× oversubscribed

Business: LongBio Pharma is a clinical-stage biopharmaceutical company based in Suzhou, focused on in-house discovery of biologic treatments for allergic and autoimmune diseases.4 Its two lead programs are:

LP-003 — an anti-IgE monoclonal antibody targeting allergic rhinitis, chronic spontaneous urticaria, allergic asthma, and related IgE-driven conditions
LP-005 — a bi-functional antibody fusion protein designed to block both C5 and C3b complement, aimed at renal and hematologic indications

Raise and valuation: 14.19 million H shares were priced at HK$96.06, raising gross proceeds of HK$1.36 billion (~US$174M). After listing expenses of HK$108.5M, net proceeds are approximately HK$1.25B. At the offer price, the fully-diluted market cap was approximately HK$7.01 billion (~US$894M).5 The offering includes a 15% greenshoe and consists entirely of primary shares.

LongBio Pharma 01779 HK IPO share price chart on first trading day — LongBio Pharma (01779.HK) first-day price chart 5

Demand: The Hong Kong public tranche was oversubscribed by 4,762 times — 266,377 applications received, 28,057 allocated. The international offering was 10.9× covered with 80 placees. About 50% of the international offer went to cornerstone investors including OrbiMed Genesis, The Biotech Growth Trust PLC, TruMed Health Innovation Fund, Value Partners, and Fullgoal Fund.5

First-day watch: Gray-market trading opened at HK$180 — up 87.4% from the issue price, before settling.6 Futunn's leaderboard showed the stock up 57% by end of June 5.7

Watchpoints: The heavy oversubscription and high concentration are two sides of the same coin. The top 10 H-shareholders hold over 76% of issued H shares at listing. Cornerstone lock-ups expire December 4, 2026; pre-IPO shareholders face a 12-month restriction through June 4, 2027. After each expiry date, free-float supply can expand materially. LP-003 and LP-005 are both in clinical stages with no approved products yet — the valuation is entirely pipeline-dependent. The anti-IgE class (competing with omalizumab / dupilumab) is well-validated, which de-risks LP-003 conceptually, but head-to-head differentiation data will matter for commercial prospects.

Lung Fung Group Holdings (02290.HK) — retail pharmacy chain stumbles on debut

Business: Lung Fung Group operates a chain of retail pharmacy, health, and beauty stores in Hong Kong.8 The company was incorporated in October 2025 and listed via a conventional IPO on the HKEX Main Board.

Raise: 125 million shares were offered at HK$5.18, raising approximately HK$647.5 million.9 Lung Fung is also among the 2026 A+H deals, with the 5th-largest A+H listing by funds raised also attributable to this transaction per Deloitte's post-listing congratulatory note.2

First-day watch: Despite opening up +13.5% on gray market to HK$5.88 (peak at HK$9.00), Lung Fung's debut ended down approximately 17% from the issue price.10 The intraday arc — from HK$9 high to HK$4.81 low — shows a sharp gap between pre-open speculative demand and actual secondary market conviction. The business is a consumer staple in a competitive market; investors evidently priced the stock down once real secondary-market liquidity arrived.

Watchpoints: Lung Fung is a young corporate entity (incorporated late 2025), which limits the historical earnings record available to investors. The pharmacy/health-and-beauty retail segment in Hong Kong is contested by established chains, online channels, and cross-border purchasing. Profitability trajectory, store expansion cadence, and any relationship with pre-existing Lung Fung-branded pharmacy outlets in the territory will be the key financial data points to track in the first quarterly earnings release.

Unitree Robotics / Yushu Technology — humanoid robot maker clears SSE review

Business: Yushu Technology (宇树科技) is the parent entity of Unitree Robotics, whose quadruped and humanoid robots have achieved global commercial reach.11 Since its founding, the company has pivoted from purely selling robot hardware toward a broader "embodied intelligence" platform strategy — building world-model (WMA) and vision-language-action (VLA) AI stacks alongside its physical robots. As of early June 2026, Yushu had released WMA model UnifoLM-WMA-0 and VLA model UnifoLM-VLA-0 in open-source, and combined them into WVLA 2.0, capable of fully autonomous multi-task operation on its G1 humanoid platform.

On June 1, NVIDIA CEO Jensen Huang announced at GTC Taipei 2026 that Unitree's H2 humanoid would be the foundation of the new Isaac GR00T reference design — a complete open platform integrating Unitree hardware, Jetson Thor edge compute, Isaac GR00T software, and Sharpa's five-finger dexterous hand.11

Stock trading monitors showing financial market data

Equity market monitoring — Unitree / Yushu Technology's STAR Market IPO is among the most-watched China listings of 2026

Financials: Per the prospectus, 2023–2025 revenue was RMB 159M / RMB 392M / RMB 1,708M. Full-year 2025 adjusted net profit was RMB 590M; gross margin reached 60.1%, up from 44.2% in 2023.11 Q1 2026 revenue was RMB 423M (+68.5% YoY), though net profit fell 47.7% YoY to RMB 50M, with management citing increased R&D and market-development costs.

Raise: Yushu plans to issue no fewer than 40.45 million new shares targeting RMB 4.202 billion (~US$578M) in proceeds. Roughly RMB 2.02B of that (~48%) is earmarked for the "intelligent robot model R&D" project — building out the WMA/VLA AI infrastructure — a step-change from the company's cumulative R&D spend of ~RMB 265M over the prior three years.12

Status: The SSE Listing Committee voted on June 1 that the offering meets all listing, issuance, and disclosure requirements. The company still needs to register with the CSRC, file its issuance and underwriting plan with the SSE (5 business days for no-objection), and then publish its offering prospectus before pricing.11 The timeline from committee approval to trading typically runs 4–8 weeks on the STAR Market under current registration-system rules.

Watchpoints: The Q1 profit decline despite revenue growth is a flag worth watching — Yushu is deliberately front-loading model R&D, but the delta between top-line growth and bottom-line compression needs to stabilize before IPO pricing. The valuation question is whether the market prices this as a hardware company (low-teens P/S) or a platform AI company (much higher). The NVIDIA partnership provides a quality signal, but also suggests that a key downstream adoption path runs through NVIDIA's ecosystem — a concentration factor that the prospectus risk section now explicitly covers. Finally, the 73-day span from SSE acceptance to committee approval (versus ~5 months for CXMT) reflects both regulatory efficiency under the new registration system and Yushu's pre-existing disclosure quality.

Two companies submitted or updated prospectus materials at the SSE on June 5:13

Tianbo Intelligent Technology (天博智能科技) — Main Board applicant; automotive thermal management components and acoustic parts. Filed its second-round inquiry response on June 5.
Shengu Group (沈鼓集团) — Main Board applicant; prospectus filing.

These are pre-approval disclosure events and do not represent listings or committee decisions.

This digest covers IPO events effective June 5, 2026 (last business day before the weekend). Today is Saturday June 6; no exchange sessions are open. Next digest covers Monday, June 8.

IPO Digest — June 5, 2026: 4 HKEX Listings, Unitree Robotics Clears A-Share Review