Hong Kong Stocks Face Pressure From $33 Billion Lockup Expiry

Hong Kong's stock market faces potential selling pressure as at least HK$255 billion ($32.5 billion) worth of shares from IPOs and secondary share sales will see lockup expiries in July, the largest monthly expiry for the rest of 2026. Goldman Sachs estimates $274 billion in IPO-induced lockup expiries over the coming year, a record. Stocks typically face a median 4% decline in three months and 7% in six months post-expiry, with tech and healthcare names like MiniMax Group and Zhipu most at risk.