Hong Kong's ‘bustling' IPO market exceeds HK$76 billion mark this year
Funds raised through Initial Public Offerings (IPO) in Hong Kong have exceeded HK$76 billion (US$9.7 billion) so far in 2025, the city's finance chief has revealed, following the biggest listing of the year, made last week by a mainland Chinese battery manufacturer.
Financial Secretary Paul Chan Mo-po also said that deepening ties with the mainland is key for Hong Kong's long-term development, despite negative evaluations from some ratings agencies, as he expressed confidence in the city's financial markets to withstand external shocks.
Writing on his weekly blog, Chan described the city's IPO market as 'bustling' after it welcomed the world's largest offering this year.
Battery giant Contemporary Amperex Technology (CATL) which supplies the likes of Tesla and Volkswagen, saw its shares jump by more than 16 per cent in its
listing last week, raising HK$41 billion. This propelled Hong Kong back to the top spot in global fundraising.
In another significant listing, Jiangsu Hengrui Pharmaceuticals, one of the mainland's largest drug manufacturers, raised HK$9.89 billion in its
trading debut on Friday, with shares soaring by 25 per cent.
'So far this year, the amount of funds raised from new share offerings in Hong Kong has exceeded HK$76 billion, an increase of more than seven times over the same period last year, and has reached nearly 90 per cent of the total amount of funds raised for all of [2024],' Chan said.
Chan added that the government would continue to safeguard the security of Hong Kong's financial markets amid what he described as a 'complex and ever-changing' geopolitical and economic landscape.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
2 hours ago
- South China Morning Post
Wall Street's top regulator singles out China, as it eyes new rules on foreign firms
Wall Street's top regulator took a step toward toughening rules for foreign companies listed on American stock markets on Wednesday, saying many Chinese firms in particular unduly benefited from having to make fewer regular disclosures to investors. The US Securities and Exchange Commission voted unanimously to call for public comment on possible new regulations that would narrow the definition of those foreign companies, known as foreign private issuers, that are required only to produce annual reports and occasional updates. US firms trading on the same stock exchanges fall under the full scope of American securities laws, including quarterly financial reporting, proxy solicitation rules and prompt disclosure of events such as mergers and the departures of board members. If adopted, any new regulations could make it more costly and challenging for many foreign companies to tap US equity markets. At a public SEC meeting, Paul Atkins, the newly installed Republican chair, said 55 per cent of foreign private issuers were traded only in the United States and of those, the majority were Chinese firms incorporated in the Cayman Islands. US Securities and Exchange Commission Chairman Paul Atkins testifies before a Senate Committee on Appropriations subcommittee hearing in Washington on Tuesday. Photo: AP A congressional study last year found that 90 per cent of the 265 US-listed Chinese companies were not traded outside the United States.
South China Morning Post
6 hours ago
- South China Morning Post
Still ‘over'? Stephen Roach says Hong Kong a surprise winner in US-China rivalry
American economist Stephen Roach has said that Hong Kong has benefited from the US-China trade war despite last year having declared the city to be 'over', even as he claimed that other aspects of the financial hub had worsened. The former Morgan Stanley Asia chairman sparked debate last year after he penned an opinion piece which argued, in part, that Hong Kong would be caught in the 'crossfire' of the worsening US-China rivalry. 'The word caught is the word that, if I had to write the piece again, I would probably change, because I think, ironically, Hong Kong has benefited from the crossfire between the US and China,' he told the Post in a recent interview. Despite worsening ties between the two superpowers since US President Donald Trump began levying his so-called reciprocal tariffs on China and the rest of the world, Hong Kong's stock market has seen solid gains. The benchmark Hang Seng Index is up by around 50 per cent since Roach made his original claim, while Hong Kong has rocketed to the top of global fundraising table following a string of high-profile initial public offerings last month, including from mainland Chinese battery maker Contemporary Amperex Technology. Roach, who is now a faculty member at Yale University, said the 'sell America' trade had become a 'global mantra' and Hong Kong was a beneficiary.
South China Morning Post
6 hours ago
- South China Morning Post
Caspar Fownes is ‘King of the Valley' once more, while Ellis Wong continues strong form
Caspar Fownes rocketed to the top of the unofficial Happy Valley trainers' championship and Ellis Wong Chi-wang continued his strong form as the pair bagged doubles at the city circuit on Wednesday night. Wins from Joy Of Spring in the Class Three Tai Tam Gap Handicap (1,800m) and Kaholo Angel in the card-closing Class Two Wan Chai Gap Handicap (1,200m) took Fownes to 23 victories at the track this season, with the 'King of the Valley' leapfrogging Mark Newnham to assume the lead. 'We're back in front. We'll keep doing our best,' said Fownes before praising his apprentice Wong. 'Lovely ride – he's ridden beautifully all night, the kid. He's come a long way, he's doing well and I'm sure everyone's going to want a piece of him now. Kaholo Angel does it again! 🔥 Three wins in four starts for Caspar Fownes' in-form grey galloper as @elliswong05 makes it a double tonight... #HappyWednesday | #HKracing — HKJC Racing (@HKJC_Racing) June 4, 2025 'Lovely to get that result with [Kaholo Angel]. When you get up to Class Two in Hong Kong, it's very tough and that looked a proper field. But Ellis gave him a lovely ride and thankfully he got it done.' After five wins in May – including three last week – Wong kicked off June in fine style with an early success aboard Mega Bonus for Ricky Yiu Poon-fai in the second section of the Class Four Wong Nai Chung Gap Handicap (1,200m) before delivering the goods aboard Kaholo Angel. 'I have to thank my boss [Fownes] for all his support. I've been lucky and [when you] start to ride well, the support starts to come and the confidence starts to come, too,' said Wong. 'I hope to get more winners and keep improving.' Also on Wednesday night, the win of S J Tourbillon was a welcome one for Karis Teetan, who ended a run of 39 rides without a victory by driving the Dennis Yip Chor-hong-trained galloper home in the Class Four Mount Nicholson Handicap (1,800m). HK Racing News Get updates direct to your inbox Sign up Best Bets Racing News By registering you agree to our T&Cs & Privacy Policy Error: Please enter a valid email. The email address is already in use. Please login to subscribe. Error, please try again later. THANK YOU You are one the list. Four wins from the past three fixtures for @elliswong05! 🔥 Our apprentice makes all aboard Mega Bonus for in-form trainer Ricky Yiu at Happy Valley...#HappyWednesday | #HKracing — HKJC Racing (@HKJC_Racing) June 4, 2025 'Dennis said the horse was in good shape and that the track should help him,' said Teetan after S J Tourbillon travelled three wide before barrelling home down the middle of the good-to-yielding track. 'The only thing he said was to get him out of the gates and get him into a good rhythm and I must say he let down nicely.' Teetan wasn't the only one seeing off something of a drought at the midweek meeting, with Keagan de Melo bagging his first success since early April. After enduring 38 losing mounts, South African De Melo speared the Douglas Whyte-trained Golden Darci up the inside from behind midfield in the Class Four Cricket Club Valley Stakes (1,200m). 'He trialled well at Conghua and Dougie was kind enough to give me the ride. Drawing barrier one was really a help and I was able to get close without using him,' De Melo said. S J Tourbillon (ex Roman Empire 🇮🇪) grabs a first win in 728 days at Happy Valley! 🤯 Formerly with @coolmorestud, the Galileo gelding powers through testing conditions with @KarisTeetan for Dennis Yip... 🌧️#HappyWednesday | #HKracing — HKJC Racing (@HKJC_Racing) June 4, 2025 'These conditions really suited him and he quickened through the line really nicely. 'Things are slowly starting to pick up. There's been a couple of suspensions along the way, but nice to get a win and I'm really grateful for the support I get.' The win was Golden Darci's second from his past three starts and continued an uptick in form for De Melo's countryman Whyte. 'He let down really well and I think Keagan gave him a good ride. He was patient, he waited for the gaps to present themselves and when they did, the horse let down well,' said the trainer. 'He looks like he loves the track. He loves the pace on. The draw was certainly beneficial tonight and I do think the cut in the ground made a significant difference to his performance. Brilliant steer, @kdemelo01! 🤯 South Africa's ace rider weaves to victory in the Cricket Club Valley Stakes with Golden Darci for @DJWhyteTrainer... 🏆#HappyWednesday | #HKracing — HKJC Racing (@HKJC_Racing) June 4, 2025 'He's got a bit of confidence about him now and let's hope he's on his way. 'It's slowly ticking over again,' added Whyte after moving to 23 successes for the season. 'The horses are at their right rating and I've got a lot of older horses that, towards the back of the season, always come good. 'When there's a bit of juice in the ground like this these older horses always let down a bit better. 'Things are coming together nicely. December, January, February were slow with young horses taking their time – just the normal Hong Kong season – but the back end of the season will be nice.'
