Muyuan, BASiC, FS.com, Seer and Worldwide file to raise capital in Hong Kong's IPO flurry
Five mainland companies have filed preliminary listing applications with the Hong Kong stock exchange to raise capital, joining the flurry of Chinese start-ups that have pushed the city to the top of the global ranking for
initial public offerings (IPOs).
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The pack is led by Muyuan Foods, one of the world's largest hog breeders and pork producers, which may raise up to US$1 billion through a secondary listing. Shenzhen-listed Muyuan has appointed Morgan Stanley Asia, CLSA and Goldman Sachs (Asia) as the overall coordinators of its stock sale, using the proceeds from the IPO to fund its global expansion.
BASiC Semiconductor, FS.com, Shanghai Seer and Worldwide Logistics also applied to raise capital, according to their statements on Wednesday, without disclosing the size of the fundraising or the timing of their sales. The filings, known as A1 forms, mark the first step in the Hong Kong IPO process. None of the applications have received regulatory approval yet.
Shanghai Seer makes industrial robots and autonomous forklifts. It picked China International Capital Corporation Limited as its overall coordinator. Worldwide Logistics, a freight forwarder based in Shanghai, has named CLSA and CMB International as its overall coordinators.
Undated photographs of the automated forklifts produced by Shanghai Seer. Photo: Handout
Hong Kong's IPO fundraising has ballooned sevenfold to HK$76 billion this week from the same period last year. The exchange, the world's top fundraising destination in seven of the previous 15 years, has raised nearly 90 per cent of last year's full-year proceeds in the first five months of 2025, Hong Kong Financial Secretary Paul Chan wrote in his Sunday's blog.
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