Chinese Stocks Ignite Hong Kong Market (AI Translation)
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文｜财新周刊 王小青
By Caixin Weekly's Wang Xiaoqing
全球动力和储能电池龙头宁德时代（300750.SZ/03750.HK）于2025年5月20日登陆港股市场，以410亿港元集资额，暂时荣膺年内全球最大IPO。5月23日，中国医药行业龙头恒瑞医药（600276.SH/01276.HK）“接力”，由内地A股转赴香港二次上市，首日H股股价收市飙升25%，带动在港上市医药股普涨。
Global leader in power and energy storage batteries, Contemporary Amperex Technology Co. Ltd. (CATL, 300750.SZ/03750.HK), debuted on the Hong Kong Stock Exchange on May 20, 2025, raising HK$41 billion and temporarily securing the title of the world's largest IPO of the year. On May 23, China's pharmaceutical giant Jiangsu Hengrui Medicine Co. Ltd. (600276.SH/01276.HK) followed suit, shifting from an A-share listing in mainland China to a secondary listing in Hong Kong. On its first trading day, Hengrui's H-shares surged 25% at the close, fueling a broad rally among pharmaceutical stocks listed in Hong Kong.
两大A股龙头赴港上市后，香港特区政府财政司司长陈茂波撰文称，2025年不到五个月，香港新股集资额已超过760亿港元，同比大增7倍，接近2024年全年新股集资总额880亿港元的九成。
After two major A-share giants made their debut on the Hong Kong stock exchange, Paul Chan Mo-po, Financial Secretary of the Hong Kong Special Administrative Region government, wrote that less than five months into 2025, Hong Kong's IPO fundraising has already exceeded HK$76 billion—a year-on-year surge of sevenfold. This figure is close to 90% of the total IPO fundraising of HK$88 billion for the entire year of 2024.
香港交易所（下称“港交所”）行政总裁陈翊庭出席宁德时代上市仪式后称，香港在全球新股集资排名中已位居第二，目前港交所在审理中的上市申请达150个，当中不乏龙头企业及集资额超过10亿港元的大型新股。据德勤统计，截至5月27日，香港凭借27只新股、776亿港元的融资总额，已暂列全球新股融资规模首位。
After attending the listing ceremony of Contemporary Amperex Technology Co. Limited (CATL), Hong Kong Exchanges and Clearing Limited (commonly referred to as “HKEX”) CEO Bonnie Chan Yiting stated that Hong Kong now ranks second globally in new share fundraising. Currently, HKEX is reviewing 150 IPO applications, among which there are both industry leaders and large-scale new listings raising over HK$1 billion each. According to Deloitte statistics, as of May 27, Hong Kong leads the world in IPO fundraising, with 27 newly listed companies raising a total of HK$77.6 billion.
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- Hong Kong's IPO market rebounded strongly in 2025, raising over HK$77.6 billion by late May, led by major listings such as CATL (HK$41 billion) and Jiangsu Hengrui Medicine, with international and sovereign fund participation.
- H-share discounts have narrowed, even inverted for some top A-share companies, making dual "A+H" listings more attractive; 152 IPO applications are under HKEX review.
- HKEX reforms, like the "Tech Express" listing channel for tech/biotech firms and improved listing rules, aim to attract high-quality new economy companies amid global capital shifts and U.S.-China tensions.
In 2025, Hong Kong’s IPO market has witnessed a remarkable revival, driven by heavyweight listings from leading mainland Chinese companies and significant international investor participation. Contemporary Amperex Technology Co. Ltd. (CATL), a global battery leader, debuted on the Hong Kong Stock Exchange (HKEX) on May 20, 2025, raising HK$41 billion and temporarily holding the title of the world’s largest IPO for the year. Shortly after, Jiangsu Hengrui Medicine, a Chinese pharmaceutical giant, pursued a secondary listing in Hong Kong with its H-shares surging by 25% on the first day, triggering a rally in Hong Kong-listed pharma stocks [para. 1]. These landmark listings propelled Hong Kong’s IPO fundraising to over HK$76 billion in the first five months of 2025, nearly 90% of 2024’s total and a sevenfold year-on-year increase [para. 2].
HKEX now ranks second globally for new share fundraising and is reviewing 150 IPO applications, with 27 companies having raised HK$77.6 billion by May 27, outpacing global IPO hubs [para. 3]. This reverses the poor performance of 2022-2023, when fundraising sank to a two-decade low of HK$46.3 billion [para. 4]. The turnaround began with important dual listings such as Midea Group and SF Holding, both A-share industry leaders who listed in Hong Kong. Their moves reignited investor confidence and set precedents for others [para. 5]. This trend accelerated in early 2025 with the influential appearance of the DeepSeek-R1 AI model and a stabilizing Chinese economy, boosting risk appetite and funding activities [para. 6].
A wave of A-share leaders, including CATL and Jiangsu Hengrui, attracted robust demand from sovereign wealth funds and long-term institutional investors from Europe, the U.S., and the Middle East. Strong international participation, especially from Middle Eastern funds, reversed the historical deep discounts of H-shares to A-shares, leading even to price inversions as seen with CATL listing at a 13% premium versus its A-shares. This “demonstration effect” is expected to prompt more A-share firms to seek “A+H” dual listing status in Hong Kong [para. 7][para. 12][para. 13].
Hong Kong’s regulatory environment is also evolving. HKEX’s new “Tech Express”—a confidential, pre-application communication channel for innovative and biotech firms—streamlines the listing process under specialized Chapters 18A (biotech) and 18C (specialist tech). Since 2018, 360 new economy companies have raised over HK$1 trillion, or 65% of Hong Kong’s total IPO capital in that period [para. 20][para. 22][para. 24]. As of May 2025, around 70 18A and three 18C companies are listed, with more waiting in the pipeline [para. 25]. However, strict entry requirements (notably for independent, sophisticated investor backing) have limited specialist tech listings, suggesting future reforms may further lower entry barriers [para. 27][para. 28].
Hong Kong’s IPO boom also reflects shifting global capital flows and geopolitics. With U.S.-China tensions and threats of forced delistings for Chinese companies in America, more are returning or pivoting to Hong Kong, including cross-border leaders like SHEIN [para. 17]. Consumer companies have delivered outsized returns, heightening investor enthusiasm [para. 30]. Concurrently, fundraising innovations and a registration-based IPO system make Hong Kong increasingly attractive for international and domestic issuers, supporting post-IPO refinancing: Q1 2025 saw a 22-fold year-on-year jump, with giants like BYD and Xiaomi each raising over HK$40 billion [para. 51][para. 52]. HKEX is also considering reforms to IPO pricing and cornerstone lockups to further enhance market appeal [para. 48].
Analysts suggest that if momentum continues, Hong Kong could top the globe in IPO fundraising in 2025, potentially doubling 2024’s levels [para. 57]. In summary, driven by A-share leaders, vigorous international demand, regulatory innovation, and geopolitics, Hong Kong has re-emerged as a premier global IPO destination [para. 1][para. 3][para. 12][para. 48][para. 57].
- Contemporary Amperex Technology Co., Limited (CATL)
宁德时代 - Contemporary Amperex Technology Co., Limited (CATL), a global leader in power and energy storage batteries, debuted on the Hong Kong Stock Exchange on May 20, 2025. It raised HKD 41 billion, marking the largest IPO globally so far in 2025. The listing attracted strong institutional interest and became the third A+H stock with an H-share premium over A-shares, demonstrating its significant influence in the capital market.
- Jiangsu Hengrui Pharmaceuticals Co., Ltd.
恒瑞医药 - Jiangsu Hengrui Pharmaceuticals Co., Ltd. (Hengrui Medicine, 600276.SH/01276.HK) is a leading Chinese pharmaceutical company. On May 23, 2025, it completed its secondary listing in Hong Kong, with its H-share price surging 25% on the first trading day. The company's H-share discount to its A-share price narrowed to about 7% after listing. It attracted several major international cornerstone investors, including GIC, Invesco, and UBS Singapore Asset Management.
- Midea Group Co., Ltd.
美的集团 - Midea Group Co., Ltd. (000333.SZ/00300.HK) is a leading A-share company that successfully listed its H shares in Hong Kong in September 2024. This event marked a turning point in the Hong Kong IPO market's recovery, sparking renewed investor interest and serving as an example for other A-share industry leaders pursuing “A+H” dual listings.
- SF Holding Co., Ltd.
顺丰控股 - SF Holding Co., Ltd. (顺丰控股, 002352.SZ/06936.HK) is a leading Chinese logistics company. According to the article, SF Holding completed its H-share listing in Hong Kong in November 2024. As an A-share industry leader that pursued a “先A后H” (A-share first, then H-share) path, SF Holding’s Hong Kong listing helped spark renewed investor interest in Hong Kong’s IPO market alongside other major A-share listings.
- DeepSeek-R1
DeepSeek-R1 - According to the article, DeepSeek-R1 is an artificial intelligence (AI) large language model that emerged at the beginning of 2025. Its debut invigorated the market and, along with improving perceptions of China's stabilizing economy, contributed to a notable recovery in risk appetite in the Hong Kong stock market, encouraging the return of major IPOs and large-scale financing projects.
- Xiaomi Corporation
小米 - According to the article, Xiaomi Corporation (01810.HK) was among the first companies with a weighted voting rights structure to list in Hong Kong, following the introduction of Chapter 8A of the Hong Kong Listing Rules in 2018. Additionally, in the first quarter of 2025, Xiaomi raised about US$5.5 billion (approximately HK$42.5 billion) through a share placement, contributing to a 22-fold year-on-year increase in Hong Kong's post-listing refinancing.
- Meituan
美团 - According to the article, Meituan (03690.HK) is mentioned as one of the early companies with a weighted voting rights (WVR) structure that listed in Hong Kong under the new Chapter 8A regulations. Meituan was listed in September 2018, shortly after regulatory changes allowed companies with different voting rights to go public on the Hong Kong Stock Exchange.
- BYD Company Limited
比亚迪 - BYD Company Limited (002594.SZ/01211.HK) is mentioned as a major A+H listed company. It is one of only three stocks, alongside CATL and China Merchants Bank, to have its H-share price "reverse" and trade at a premium over its A-share. In Q1 2025, BYD raised about HKD 43.5 billion (USD 5.6 billion) in Hong Kong through a placement—demonstrating the strong financing capability of the Hong Kong market.
- China Merchants Bank Co., Ltd.
招商银行 - According to the article, China Merchants Bank Co., Ltd. (600036.SH/03968.HK) is one of the leading A-share companies that have listed in Hong Kong. It is noted as the third stock, after BYD, to achieve a price “inversion”—where its H-share price exceeded the A-share price—highlighting its strong market performance and the growing appeal of dual listings in Hong Kong.
- Huatai Financial Holdings (Hong Kong) Limited
华泰金融控股（香港） - According to the article, Liang Youting, Managing Director and Head of Equity Capital Markets Syndicate and Private Capital Markets at Huatai Financial Holdings (Hong Kong) Limited, noted that the narrowing H-share discount for large companies is opening new opportunities for A-share leaders to list in Hong Kong, with future H-share pricing likely referencing tighter discount benchmarks below 20%, facilitating more A-share leaders' Hong Kong listings.
- China International Capital Corporation (CICC)
中金公司 - According to the article, China International Capital Corporation (CICC) acted as one of the lead underwriters for CATL’s H-share listing in Hong Kong. CICC reportedly received numerous orders from international sovereign funds, long-term funds, and multi-strategy funds during the international placement, with total order amounts exceeding USD 50 billion and an oversubscription ratio above 30 times.
- UBS
瑞银 - According to the article, William Hu, Head of China Equity Capital Markets at UBS Global Banking, is optimistic about mobilizing international funds for high-quality Hong Kong IPOs. UBS also acted as a bookrunner for Hengrui Medicine’s H-share issuance, which attracted leading international cornerstone investors, such as Singapore’s GIC, Invesco, Oaktree Capital, and UBS Asset Management Singapore. UBS is actively engaged in helping Chinese companies list in Hong Kong and secure international investor participation.
- Oaktree Capital Management
橡树资本 - Oaktree Capital Management is mentioned in the article as one of the international cornerstone investors participating in the H-share IPO of CATL (宁德时代) in Hong Kong. Oaktree also took part in the H-share issuance of Hengrui Medicine (恒瑞医药). The article highlights Oaktree as a well-known global investment institution involved in major Hong Kong IPO deals, signaling strong international investor interest.
- RBC Global Asset Management
加拿大皇家银行全球资产管理 - According to the article, RBC Global Asset Management was one of the cornerstone investors in the H-share listing of CATL (宁德时代) in Hong Kong. The company participated as part of a group of 23 cornerstone investors for the IPO, which included several prominent international funds and sovereign wealth funds.
- Lao Pu Gold
老铺黄金 - Lao Pu Gold (老铺黄金, 06181.HK) is mentioned in the article as a representative of consumer companies that have recently debuted on the Hong Kong IPO market. Since its IPO, Lao Pu Gold's stock price has surged nearly 20 times, exemplifying the wealth effect of "IPO lottery" and enhancing the attractiveness of Hong Kong IPOs for investors.
- Mixue Group
蜜雪集团 - Mixue Group (蜜雪集团), known for its strong performance and popular brand, is highlighted as a representative consumer company that recently debuted in the Hong Kong IPO market. After its listing, the company's stock price doubled, showcasing the wealth effect and attractiveness of Hong Kong IPOs for investors, particularly in the consumer sector.
- Mao Geping Cosmetics Co., Ltd.
毛戈平 - Mao Geping Cosmetics Co., Ltd. (毛戈平, 01318.HK) is a representative consumer company that has recently appeared on the Hong Kong IPO market. Noted in the article for its outstanding performance and hot market themes, it has contributed to the strong "wealth effect" for investors participating in new listings, further enhancing the attraction of Hong Kong IPOs.
- Bloks (Blue Creative Intelligence Technology Co., Ltd.)
布鲁可 - According to the article, Bloks (Blue Creative Intelligence Technology Co., Ltd.) is one of the three companies that recently went public on the Hong Kong Stock Exchange under Chapter 18C, which is designated for "specialist technology companies." Bloks is classified within the "specialist technology company" segment, benefiting from recent regulatory changes aimed at attracting innovative and high-tech firms to list in Hong Kong.
- XtalPi Inc.
晶泰科技 - XtalPi Inc. (晶泰科技, 02228.HK) is mentioned as one of the three companies listed in Hong Kong under Chapter 18C of the Listing Rules, which is dedicated to "Specialist Technology Companies." The company benefited from Hong Kong Stock Exchange's recent rule changes, aimed at attracting innovative and pre-profit technology companies to list in Hong Kong.
- Black Sesame Technologies
黑芝麻智能 - Black Sesame Technologies (黑芝麻智能) is mentioned in the article as one of the companies that recently went public in Hong Kong under the Hong Kong Stock Exchange's Chapter 18C, which is designed for "Specialist Technology Companies." Alongside companies like XtalPi and Yuejiang Robot, Black Sesame Technologies represents the new wave of innovative tech firms listing in Hong Kong.
- DOBOT (Shenzhen Yuejiang Technology Co., Ltd.)
越疆机器人 - DOBOT (Shenzhen Yuejiang Technology Co., Ltd.) is one of the three companies listed in Hong Kong under the new Chapter 18C for "Specialist Technology Companies." Its listing reflects the success of the Hong Kong Stock Exchange’s regulatory innovation, aiming to attract high-tech firms in advanced hardware, robotics, and related sectors to the Hong Kong market under the tailored IPO pathway.
- InnoCare Pharma
映恩生物 - The article does not specifically mention InnoCare Pharma. It discusses trends of A-share (Mainland China) industry leaders and biotech companies listing or relisting in Hong Kong, regulatory reforms, and key IPOs, but InnoCare Pharma is not referenced in the provided content.
- Foshan Haitian Flavouring and Food Co., Ltd.
海天味业 - Foshan Haitian Flavouring and Food Co., Ltd. (stock code: 603288.SH) is a leading Chinese condiments producer. The article mentions that Haitian has passed the Hong Kong Exchange listing hearing and is expected to issue H-shares soon, aiming to raise around US$1 billion. This move marks another major A-share industry leader joining the wave of mainland companies seeking Hong Kong IPOs in 2025.
- Eastroc Beverage Group Co., Ltd.
东鹏饮料 - Eastroc Beverage Group Co., Ltd. (东鹏饮料, stock code: 605499.SH) is a major Chinese beverage company. According to the article, Eastroc Beverage has submitted an application to the Hong Kong Stock Exchange (HKEX) for an H-share listing and is expected to go public in Hong Kong within the year. The company is valued at over $10 billion.
- Seres Group Co., Ltd.
赛力斯 - According to the article, Seres Group Co., Ltd. (赛力斯, stock code: 601127.SH) is among several A-share companies with a market capitalization exceeding USD 10 billion that have submitted listing applications to the Hong Kong Stock Exchange. Seres is expected to go public in Hong Kong within 2025, reflecting a broader trend of leading Chinese companies seeking dual listings to access international capital markets.
- Sanhua Intelligent Controls Co., Ltd.
三花智控 - Sanhua Intelligent Controls Co., Ltd. (stock code: 002050.SZ) is a leading A-share company in China. According to the article, Sanhua has submitted an application to the Hong Kong Stock Exchange for an H-share listing and may go public within the year. This is part of the broader trend of major Chinese A-share companies seeking dual listings in Hong Kong to access international capital.
- NIO Inc.
蔚来汽车 - According to the article, NIO Inc. (蔚来汽车, NYSE: NIO/09866.HK) is listed in both the U.S. and Hong Kong. In March 2025, despite being only a secondary listed company in Hong Kong, NIO raised HKD 4.03 billion through a placement on the Hong Kong stock exchange. This demonstrates Hong Kong's growing importance and competitiveness as a global capital market, especially for companies with dual listings.
- SHEIN
希音 - According to the article, cross-border e-commerce company SHEIN plans to switch its IPO destination to Hong Kong, aiming to go public there within 2025. This development was reported by Reuters on May 28, indicating that SHEIN, which originally targeted other overseas markets for its IPO, now intends to list in Hong Kong amid shifting market dynamics.
- Invesco
景顺 - According to the article, Invesco is mentioned as one of the internationally renowned institutions that served as cornerstone investors in the H-share issuance of Hengrui Medicine, along with other foreign institutions like GIC, Oaktree Capital, and UBS Singapore Asset Management.
- GIC (Government of Singapore Investment Corporation)
新加坡政府投资公司 - GIC (Government of Singapore Investment Corporation) is identified in the article as one of the cornerstone international investors in Hengrui Medicine’s H-share issuance in Hong Kong. GIC is a globally recognized sovereign wealth fund from Singapore, known for investing across a broad range of asset classes worldwide. Its participation underscores the growing international interest and confidence in quality Chinese companies listing on the Hong Kong stock market.
- Kuwait Investment Authority (KIA)
科威特投资局 - According to the article, the Kuwait Investment Authority (KIA) participated as a cornerstone investor in CATL’s (宁德时代) H-share Hong Kong IPO, acquiring shares equivalent to 9.45% of the total H-share capital issued. KIA is highlighted as a prominent Middle Eastern sovereign wealth fund actively investing in major Chinese companies listing in Hong Kong, reflecting growing international interest in Hong Kong IPOs.
- July 2018：
- Xiaomi became the first company to go public in Hong Kong using the weighted voting rights (WVR) structure under Chapter 8A.
- September 2018：
- Meituan, using a weighted voting rights structure, went public in Hong Kong under the new Chapter 8A framework.
- 2021：
- Weibo became the last company prior to CATL to simultaneously launch IPO and derivatives (stock-and-warrant) trading on its first day in Hong Kong.
- 2022：
- Hong Kong IPO market slumped due to a lack of large new listings.
- March 2023：
- Chapter 18C was added to the Hong Kong Listing Rules, enabling specialist technology companies to list under a dedicated framework.
- March 31, 2023：
- New rules for the registration and filing of domestic companies seeking overseas listings came into effect.
- 2023：
- Funds raised through IPOs on HKEX amounted to about HK$46.3 billion, a 20-year low, and Hong Kong fell to sixth in global IPO rankings.
- Since May 2024：
- A new wave of consumer-oriented companies, such as Lao Pu Gold, Mixue Group, and Mao Geping, began listing in Hong Kong, delivering substantial wealth effects for IPO investors.
- Since May 2024：
- Chapter 18C of HKEX, created for specialist tech companies, bore fruit with new listings including XtalPi Inc., Black Sesame Technologies, and Dobot.
- September 2024：
- Midea Group successfully listed its H shares in Hong Kong, triggering renewed interest in the Hong Kong IPO market.
- November 2024：
- SF Holding completed its H share listing in Hong Kong following the precedent set by Midea.
- December 2024：
- By this month, international bankers begin noticing strong foreign investor interest in quality Hong Kong IPOs.
- End of 2024：
- Since this time, the pace of China Securities Regulatory Commission approvals for Hong Kong listings remained steady, with the exception of CATL's expedited filing.
- Early 2025：
- Debut of DeepSeek-R1 AI model boosts market sentiment and risk appetite in Hong Kong.
- First quarter of 2025：
- The Hong Kong stock market saw a 22-fold year-on-year increase in post-IPO refinancing.
- First half of 2025：
- A cohort of A-share industry leaders, led by CATL and Jiangsu Hengrui Medicine, made their debut in Hong Kong.
- March 2025：
- NIO Inc., secondarily listed in Hong Kong, raised HK$4.03 billion through a placement.
- By 2025：
- A-share listed companies such as Eastroc Beverage, Seres Group, and Sanhua Intelligent Controls are expected to go public in Hong Kong.
- May 6, 2025：
- Hong Kong Exchanges and Clearing and the Securities and Futures Commission jointly announced the launch of the 'Tech Express' listing channel for specialist technology and biotech companies.
- May 20, 2025：
- Contemporary Amperex Technology Co. Ltd. (CATL) debuted on the Hong Kong Stock Exchange, raising HK$41 billion and becoming the world's largest IPO of the year to date.
- May 20, 2025：
- HKEX launched derivative products tied to CATL, including options and derivative warrants, and approved CATL for short selling.
- May 23, 2025：
- Jiangsu Hengrui Medicine completed its secondary listing in Hong Kong, with its H-shares surging 25% on debut.
- May 25, 2025：
- CLSA published a report noting the premium of CATL's H shares may reflect market optimism about the Hong Kong listing.
- By May 27, 2025：
- There were 152 IPO applications under review at the Hong Kong Stock Exchange.
- As of May 27, 2025：
- Hong Kong led the world in IPO fundraising with 27 newly listed companies raising HK$77.6 billion.
- As of May 28, 2025：
- Reuters reported that SHEIN is planning a Hong Kong IPO within 2025.
- As of May 28, 2025：
- CATL's H-shares closed at HK$312, about 13% higher than its A-share price on the same day.
- As of May 28, 2025：
- There are approximately 70 companies listed under Chapter 18A and 3 under Chapter 18C. The listing pipeline includes 15 Chapter 18A applicants and 6 Chapter 18C applicants awaiting review.
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