Hong Kong Stock Market Rides Tech Fever to Bumper First Quarter
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Hong Kong’s equity capital market raised $16.7 billion in the first quarter, up more than 13 times year-on-year, fueled by a surge of investor interest in Chinese tech companies, according to data from London Stock Exchange Group (LSEG).
The vast majority of fundraising was via follow-on offerings — post-IPO share sales — which totaled around $14 billion. This was led by two mainland-based giants: automaker BYD Co. Ltd. and consumer electronics firm Xiaomi Corp., raising a combined amount of about $11 billion.
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- Hong Kong's equity capital market raised $16.7 billion in Q1, boosted by significant follow-on offerings from BYD and Xiaomi, amounting to $11 billion.
- IPOs surged to $2.3 billion, a nearly fourfold increase, led by Mixue Group's $443.7 million IPO amid high retail and institutional interest.
- The market is expected to remain active, with 80 IPOs projected to raise HK$130 billion to HK$150 billion in 2025, driven by Chinese tech firms' AI advancements.
AI generated, for reference only
What Happened When
- Late 2024：
- An influx of large IPOs was completed
- Early 2025：
- DeepSeek made its disruptive debut on the world stage, shifting global investor interest toward Chinese mainland tech companies
- First Quarter of 2025：
- Hong Kong's equity capital market raised $16.7 billion, up more than 13 times year-on-year, with follow-on offerings reaching around $14 billion
- March 2025：
- BYD's HK$43.5 billion share sale took place, attracting long-only funds and Middle East strategic investors
- By April 1, 2025：
- Louis Lau, head of Hong Kong Capital Markets Group at KPMG China, commented on improved investor confidence in an April 1 press release
- Last week Before the article：
- A Deloitte report was released, showing 15 IPOs in Hong Kong in the first quarter of 2025, raising $2.3 billion
AI generated, for reference only
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