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Hong Kong is back in the spotlight again thanks for the surge of IPO in Hong Kong Stock Exchange, which has made Hong Kong become the world’s largest listing destination this year, surpassing the Nasdaq and the New York Stock Exchange.
Multiple catalysts are fueling Investors and businesses’ enthusiasm around Hong Kong, including Beijing’s regulatory tailwinds, the muted pace of A-share listings, ample market liquidity, and delisting fears in U.S. markets, which all combine to drive mainland companies to raise funds in Hong Kong.
Chinese securities regulator last year issued a slew of measures aimed at fast-tracking approval for eligible mainland tech companies to list in Hong Kong. Hong Kong regulators also launched a so-called “Technology Enterprises Channel” in May to facilitate IPO approvals for specialist technology and biotech companies, particularly those already listed in the mainland.
Additionally, Hong Kong’s market is more “inclusive” of emerging sectors, like AI, renewable energy, digital consumption and biotech, which align with mainland firms’ needs.
Related data shows that in the first half of this year, there were 43 new listings in Hong Kong, with proceeds topping $13.6 billion, surpassing the total sum raised in 2024, and also new listing volumes jumped around eight times from just $1.8 billion in the same period in 2024. That excluded SPAC listings, or special purpose acquisition companies established solely to raise capital through an IPO. In comparison, there were only 73 listings in 2023, raising just $5.9 billion, according to HKEX data.
Also more positive factors help push a flurry of mainland China-traded companies to seek secondary listing in Hong Kong, including battery maker Contemporary Amperex Technology, which already listed in Shenzhen, raised more than $5 billion in a secondary listing in Hong Kong in May, in what is the world’s biggest such offering so far this year. Among the over 200 active IPO applicants in the pipeline to be listed on HKEX, over 40 are companies which already listed on mainland stock exchanges. So far high-profile companies that sought a primary listing in Hong Kong this year included bubble tea retailers Mixue Group, Guming Holding and ride-hailing platform operator Caocao Inc. Chinese companies flocked to Hong Kong for fundraising, sparking a frenzy in the market that had been years of lackluster IPO activity amid post-pandemic risk-off sentiment and stuttering economic growth. It is optimistically projected up to 100 IPOs in Hong Kong this year, with total fundraising to exceed $25.5 billion.Complete digital access to quality Glebors financial topic with expert analysis from industry leaders.
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