HK$255 billion in Hong Kong lockups set to expire in July
Why it matters: The shares turning tradable could add selling pressure to a Hang Seng market already down 3% this year.
Hong Kong’s stock market is heading into its biggest month this year for expiring share lockups, with at least HK$255 billion worth of stock becoming tradable in July. The overhang comes after a late-2025 and early-2026 IPO surge, when technology companies rushed to tap investor demand tied to the AI boom. Goldman Sachs estimated Hong Kong IPO lockup expiries will total US$274 billion over the coming year, a record for any 12-month period. The Hang Seng Index has fallen 3% this year, trailing sharp gains in South Korea and Taiwan. Companies facing sizable July expiries include MiniMax Group and Zhipu, while Insilico Medicine Cayman TopCo and Shanghai Biren Technology are among those later this year.