In Depth: Can China’s A-Share Giants Push Hong Kong to Top Global IPO Spot?
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Hong Kong looks set for a bumper year for IPOs after companies raised more than HK$76 billion ($9.7 billion) through new listings on the city’s exchange from the beginning of the year to May 25. That’s a year-on-year increase of more than eightfold and close to 90% of the HK$88 billion raised through such offerings for the whole of 2024.
The boom is being driven partly by companies already trading on the A-share markets in Shanghai and Shenzhen seeking offshore IPOs to raise funds. Contemporary Amperex Technology Co. Ltd. (CATL) (300750.SZ) accounted for more than half of the total, earning it the title of the world’s largest IPO of the year so far. The Shenzhen-listed battery giant debuted on Hong Kong’s main board on May 20, raising HK$41 billion, the largest IPO in the city in more than four years.
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- April 2018：
- Chapter 18A was added to Hong Kong Stock Exchange listing rules to enable pre-revenue biotech companies to list.
- Early 2023：
- New regulations went into effect at the Hong Kong stock exchange, adding Chapter 18C to allow money-losing specialist technology companies (STCs) to go public.
- June 2024：
- XtalPi Holdings Ltd. became the first company to list under the new Chapter 18C regulations.
- August 2024：
- AI chip developer Black Sesame International Holding Ltd. listed under Chapter 18C.
- September 2024：
- Midea Group Co. Ltd. completed its blockbuster IPO in Hong Kong, raising HK$35.7 billion.
- December 2024：
- Shenzhen Dobot Corp. Ltd. listed under the Chapter 18C rules.
- By the end of April 2025：
- A total of 360 new economy companies had listed in Hong Kong since the 2018 reforms, raising more than HK$1 trillion.
- From the beginning of 2025 to May 25, 2025：
- Companies raised more than HK$76 billion ($9.7 billion) via IPOs on the Hong Kong exchange.
- May 6, 2025：
- HKEX and the Hong Kong Securities and Futures Commission announced the launch of the Technology Enterprises Channel (TECH) to facilitate STC and biotech listings.
- May 20, 2025：
- CATL debuted on Hong Kong’s main board, raising HK$41 billion — the largest IPO in over four years.
- May 23, 2025：
- Jiangsu Hengrui Pharmaceuticals Co. Ltd. completed its IPO in Hong Kong, raising HK$9.9 billion.
- As of May 27, 2025：
- HKEX had 152 IPO applications under review.
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