A-share new consumer IPOs are about to open the floodgates. Who will drink the "first sip of soup"?

After nearly three years, the door for consumer companies in the A-share market is reopening.

Recently, Wu Qing, Chairman of the China Securities Regulatory Commission, explicitly stated that a more precise and inclusive set of listing standards will be added to the ChiNext Board to actively support high-quality innovative and entrepreneurial enterprises in new consumption, modern services, and other sectors to issue and list on the ChiNext. This statement has been widely interpreted by the market as a clear signal that “new consumption IPOs are opening.”

Since the “8.27 New Policy” in 2023, the listing channel for consumer companies in A-shares has narrowed, with many companies turning to Hong Kong stocks. Now, with the reform plan for the ChiNext Board about to be implemented, the market is full of anticipation for which new consumer companies will be the first to land on A-shares.

“Introducing new listing standards is a response to the phased needs of China’s economic restructuring,” said Liu Shengyu, partner at Gaohe Investment Management. Essentially, this is also an important signal that the capital market is actively adapting to the “new economic structure.”

Three Years of “Silence”

The past three years have been a “gap period” for consumer companies’ IPOs in A-shares.

Since the regulatory authorities tightened the IPO pace on August 27, 2023, the listing process for large consumer sector companies in A-shares has basically stalled. According to incomplete statistics, at least 30 consumer companies in sectors like clothing, food, housing, and transportation have terminated their A-share IPO projects since the implementation of the “8.27 New Policy.”

For example, Laoxiangji, once regarded as a strong contender for the “Number One Chinese Fast Food,” voluntarily withdrew its listing application in August 2023, ending over a year of IPO queueing; its competitor Laoniang Jiu also terminated review due to the sponsor withdrawing. Additionally, well-known consumer brands such as Bama Tea, Dezhou Braised Chicken, Wolong Food, Xianmeilai, Renyang Yitou Niu, Xiangnian Food, Dongcheng Group, and others have faced setbacks in their A-share listing attempts.

“At that time, technological innovation became the absolute mainstream, and the listing of consumer companies was secondary to tech-based enterprises. This consensus had already formed in the investment circle,” recalled a PE investor who participated in financing multiple consumer companies.

Liu Shengyu explained that traditional consumer growth has slowed, while new consumption forms represented by national trend brands, digital consumption, emotional consumption, and service consumption are becoming important drivers of domestic demand. However, these companies often feature “light assets, high growth, and unstable early profits,” making it difficult to fully meet the original listing standards.

Against this backdrop, Hong Kong stocks have become a preferred platform for many consumer companies to access capital markets. According to incomplete statistics, after the “8.27 New Policy,” at least 40 consumer companies such as Mixue Group, Laopu Gold, China Resources Beverage, Mingming Busy, and others have listed in Hong Kong. In January 2026 alone, more than 10 consumer companies have rushed to list in Hong Kong, significantly more than the same period in 2025.

What is “New Consumption”?

What is “Modern Service Industry”?

In 2024, the National Development and Reform Commission and other departments issued the “Measures for Creating New Consumption Scenes and Cultivating New Growth Points,” which focus on “scene innovation” in catering, cultural tourism, sports, digital consumption, and other areas.

According to Wang Pu, chief researcher at Hetai Asset, the “Strategic Outline for Expanding Domestic Demand (2022–2035)” categorizes new consumption scenes into four major types: first, online and offline integration, such as digital retail chains, unmanned retail stores, instant retail delivery platforms, and smart self-service ordering systems; second, “Internet + social services,” including digital health management, digital cultural tourism, smart sports venues, and online knowledge payment; third, new sharing economy formats, such as shared charging, high-end idle goods trading platforms, shared cars, and shared offices; fourth, new individual economy, including social e-commerce boutiques, influencer live streaming, lightweight digital cultural and creative products, and personal IP knowledge services.

The National Bureau of Statistics’ “Modern Service Industry Statistical Classification” clearly states that modern services encompass eight categories: information transmission software and information technology services, scientific research and technical services, finance, modern logistics, modern commerce, modern life services, modern public services, and integrated development services, emphasizing features such as “high technological content, high human capital content, and high added value.”

Who Will Take the Lead?

Liu Shengyu analyzed that the new listing standards for the ChiNext Board may place more emphasis on companies’ revenue growth potential and market space, moderately relax short-term profit requirements, and focus more on non-financial indicators such as brand strength, user scale, and channel capabilities, primarily supporting platform-based, service-oriented, and consumer tech-integrated enterprises to go public.

So, which companies are expected to be the first to land on the ChiNext as new consumer representatives? Through multiple interviews, the market generally favors two types of companies.

The first type includes companies already queued for Hong Kong IPOs and with a foundation for A-share listing. China Securities expects that consumer companies that previously shifted to Hong Kong due to policy restrictions will have significantly increased prospects of returning to the ChiNext. Companies with “consumer attributes + technological empowerment + scalable replication” are likely to benefit, including new tea drinks, smart trendy toys, pet economy, brand retail, community retail, digital content consumption, healthcare services, national trend brands, and consumer platforms with digital supply chain capabilities.

Currently, over 30 consumer companies are waiting in line for IPO in Hong Kong, such as Yuanji Food, Qian Dama, Junlebao, Nature Hall, Laoxiangji, Banuo International, and others. Some, like Junlebao and Laoxiangji, previously attempted to list in A-shares but shifted to Hong Kong.

Particularly noteworthy are trendy toy companies aligned with the “IP economy” and “grain economy,” as these typically feature light assets, high gross margins, and explosive growth. Since 2024, the IP economy represented by Pop Mart has sparked a capital market frenzy, with the “grain economy” market size expected to surpass 300 billion yuan by 2027. According to reports, TOP TOY, Copper Master, and others have already submitted applications or are undergoing hearings in Hong Kong.

However, some investment bankers point out that some consumer companies listing in Hong Kong have established red-chip structures. “From starting to dismantle the structure to meeting A-share filing conditions takes more than 18 months, plus a lengthy review process. ‘Abandoning Hong Kong to return to A-shares’ remains a major and difficult decision for many companies.”

The second type includes “top students” already proven successful in the Hong Kong market, returning to A-shares. For example, Laopu Gold’s stock price has risen more than 15 times since listing, and Mixue Group’s market value once exceeded HKD 200 billion. Analysts believe that these companies’ business models and growth potential have been recognized by overseas capital markets. Returning to A-shares could have a significant demonstration effect and further boost market confidence in the new consumption sector.

“A+H” Listing Becomes a Trend

Many industry insiders told reporters that the surge in new consumer companies listing in Hong Kong may not end soon.

Chen Wen, chief analyst of the consumer sector at Wanlian Securities Research Institute, predicts that by early 2026, numerous consumer companies are queued in Hong Kong, with leading firms gathering. She believes that multiple factors drive this trend: first, a large influx of VC/PE capital reaching exit points; second, the continued rise of the tech sector in Hong Kong’s market provides a good funding environment for IPOs; third, domestic consumer companies actively expanding overseas markets, with Hong Kong listing enhancing international visibility.

A notable change is that more consumer companies are increasingly adopting a “dual A+H” layout.

On February 3, 2026, Dongpeng Beverage, already listed in A-shares, officially listed in Hong Kong, becoming the first consumer company in 2026 to achieve “A+H” dual listing. The prospectus shows that the company raised about HKD 10.14 billion in this issuance, attracting cornerstone investors including Qatar Investment Authority and Temasek.

With the ChiNext reform plan about to be implemented, a “battle” for the listing of new consumer companies has quietly begun. This time, the protagonists are no longer traditional “clothing, food, housing, and transportation” companies but those representing “new consumption” with digital capabilities, IP operation skills, and innovative models.

Who will take the “first bite”? Let’s wait and see.