CBN丨Hong Kong IPO market booms as more mainland giants return- HKEX CEO
Hieveryone.I’mStephanieLI.
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Here’swhatyouneedtoknowaboutChinainthepast24hours
SinceHongKongExchangesandClearing(HKEX)reformeditslistingrulesin2018,33ChinesefirmslistedintheU.S.havedebutedinHongKong,accountingforover70percentofthetotalmarketvalueofallU.S.-listedChineseequities.
In2025,HongKong’sIPOmarketisbooming,withgeopoliticaltensionsdrivingmoreleadingfirmsfromtheChinesemainlandtoseeksecondarylistingsinHongKong.
Inanexclusiveinterviewwiththe21stCenturyBusinessHerald,BonnieChan,CEOofHKEX,underscoredtheexchange’sreadinesstoaccommodatemega-listings,categoricallydismissingliquidityconcerns.
“TheHKEXisabsolutelyconfidentinhavingthesemainlandgiants,"shesaid."Qualityenterprisesattractcapitalnaturally,andourmarket’sdepthisproven."
Thenumbersspeakforthemselves:HongKong’saveragedailytradingvolumehitHK$242.3billioninthefirstfivemonthsof2025,doublethe2024figure.
Lastyear,themarketsetarecordHK$650billiondailyturnover,while2025’sIPOproceedsofHK$773.46billioninthefirstfivemonthsnearlymatched2024’sfull-yeartotal.
NotabledebutsincludeCATL’sH-sharelisting,whichbecametheworld’slargestIPOoftheyear,attractingtopglobalinvestorslikeKuwait’ssovereignwealthfund.
MarketfocusnowcentersonwhetherHKEXwillrelaxdual-classsharerestrictions.Of27U.S.-listedChinesefirmswithover$1billioninmarketcap,22currentlyfailtomeettheexchange’sownershiprules.
Chanvowedmoreflexibility,statingHKEXreviewslistingrulesregularly"toservetherealeconomy,"citingthe"TechnologyEnterprisesChannel"thathassofarguidedover20innovativefirmsthroughpre-listingprocesses.
TheA+Hlistingmodelisgainingsteam,fueledbypolicysupport.Chinahasoptimizedoverseaslistingprocedures,whileanewruleallowingGreaterBayAreafirmslistedinHongKongtodual-listinShenzhen(H+A)promisesstrongercross-marketsynergy.
"Liquiditybegetsmoreliquidity,"Channoted,highlightingCATL’slistingasacasewhereHongKongandA-sharemarketsboostedeachother’stradingactivity.
DrivenbyeconomicresilienceintheChinesemainlandandtheintensifyingtrendof"de-dollarization"intheglobalmarket,HongKonghasseenrobustcapitalinflows.InternationalplacementsforCATL’sH-shareIPOaccountedfor92.5percent,with23globalcornerinvestorsjoiningtheoffering.
"InvestorsarerediscoveringChineseassetsastheyreassesstheirportfolio,"Chansaid,emphasizingHongKong’sroleasagatewayforglobalcapitaleyeingnon-U.S.markets.
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