Why Hong Kong is beating Wall Street as the top spot for IPOs
Robin Zeng, Contemporary Amperex Technology Co. Ltd. (CATL), on the third right, Hong Kong’s financial secretary Paul Chan and Bonnie Chan, Hong Kong Ltd. (HKEX), During the finding of Hong Kong, Catl List Stock Exchange, Applause, Applause, Bir Gong, Bonnie Chan, Bonnie Chan, Bonnie Chan, Bonnie Chan, Bonnie Chan, Bonnie Chan. May 20, 2025 Tuesday.
Paul Yeung | Bloomberg | Getty Images
The enthusiasm of investors and businesses to the stock markets of Hong Kong, Chinese companies flocked to the city for donation, while creating madness in the market that has been abandoned in recent years.
Large -sized opportunities and state -supported push According to Data Provider Dealogic data, he pushed the capital collection volume to look for a list in Hong Kong for companies listed in the motherland exchanges to the first half of the most powerful first half since 2021.
According to Dealogic, the new listing volumes at the Hong Kong Securities Stock Exchange rose to approximately $ 14 billion eight times in the first half of this year. SPAC lists or special purpose purchasing companies, at the end of another company to buy or come together to increase the capital through a public offering special purpose purchasing companies established.
This is the world’s largest listing target this year, exceeding the Nasdaq and New York Stock Exchange. PWC PAINTED TO 100 IPO This year at Hong Kong, total donation collection exceeded $ 25.5 billion.
Crazy, pandemic risk-closed emotion and stuttering came after years of lifeless public offering in the midst of economic growth.
In the first half of this year, there were 43 new list in Hong Kong, and revenues exceeded $ 13.6 billion and exceeded the total total collected in 2024.
In contrast, there was only 73 LISTS IN 2023According to HKEX data, only 5.9 billion dollars collecting dollars.
The renewed interest, Beijing’s regulatory tail winds, silent tempo of the A-shadow lists, wide market liquidity and fears in the US markets, directs the mainland companies to Steven Sun, the President of the Chinese Equality Strategy in HSBC.
“The public offering in the Hong Kong market is definitely due to the double listing of A-Then-H. [shares]”Sun said.
“More and more company revenues use globalization strategies to finance globalization strategies,” Hong Kong is more mushroom than China in the global markets.
Beijing policy queues
A jump at Chinese stock prices Last September, triggered with more powerful economic stimulus expectations, helped the tide of the narratives of decline in China.
At the beginning of this year, the launch of Deepseek’s low -cost but powerful model, when investors began to re -evaluate China’s innovation capacity, it fueled a rally in Chinese technology stocks and enabled Chinese stocks to accumulate.
“Market values have returned to historical average levels that provide a better basis for companies that want to collect donations,” Macquarie China Equality Strategy President Eugene Hsiao said. He said.
As of the closing of Wednesday, Hong Kong’s Hang Seng index has won 21% stars this year, which has made it one of the big markets globally.
The hopes of Chinese authorities’ hopes that would emerge from additional financial expenditures to protect the economy from any shock related to trade further supported the trust of business and investors.
With a significant change to support the private sector, Chinese President Xi Jinping said the country’s best business leaders needed the country’s help to achieve economic growth in February.
When this change was combined with Beijing for a long -awaited approval for the open seas of motherland companies, especially for companies facing the consumer who is less exposed to geopolitical headings, especially high -quality, high -quality, consumer ministers opened a wave of dominant demand.
Chinese securities regulator last year A series of measures aimed at watching quickly Approval of appropriate mainland technology companies to list Hong Kong. Hong Kong organizers are also a so -called “Technology Business Channel” In May, expert technology and biotechnology companies, especially for those listed in the mainland to facilitate public offering approval.
Dealogic Stock Market President Perris Lee, “leading corporate citizens in Hong Kong encouraging the policy, the arm provided a very needed shot in the arm,” he said.
Motherland investors’ purchase craze
Another driver of Hong Kong’s market rally was the wide liquidity provided by the motherland investors accumulated to Hong Kong shares and touched the artificial intelligence frenzy and large capital collection agreements caused by Deepseek’s breakthroughs.
Net entrances to the south were watched with cross -border connection Stock connection diagramAccording to the wind information, the plan has increased to a record level in April-June since the plan was launched in 2014.
According to LSEG data, the opposite, China’s comparison CSI 300 has been barely pressed this year with an increase of 0.2% so far.
This encouraged land investors to shift money to the stocks on the Hong Kong list, according to Sun’s estimates, and supported the south entries to take into account about half of Hong Kong’s daily stock turnover.
A H dual list from A
These factors pushed a hurry of the trade companies with the motherland China and the Battery Manufacturer to look for a secondary list in Hong Kong, including a battery manufacturer. Contemporary amperx technology.
The company, which was already listed in Shenzhen, collected more than $ 5 billion in a secondary list of the world’s largest proposal in Hong Kong in May.
In addition, Hong Kong’s market is more “inclusive”, such as Biotechnology, the President of Wei, Renewable Energy, Digital Consumption and Biotechnology, the President of Very Wealthy Investments for China in BNP Paribas.
Wind information shows that there are more than 40, more than 40, more than 40, which will be listed in HKEX, more than 40, which will be listed in Motherland exchanges.
Other high -profile companies looking for a primary list in Hong Kong this year, Bubble Tea retailers Mixue Group, Guming and Ride Hailing Platform operator Caocao Inc.
A Hong Kong list for Chinese companies will also help global expansion plans.
At home, in the midst of fierce competition and fueled trade tensions with the United States, Beijing called on its leading companies to expand globally and diversify their production places.
“The appetite to increase open marine funds, especially in HKD, is a reflection of plans to expand to overseas markets.” He said.
Increasing US-China tensions, Hong Kong made Hong Kong a preferred public offering target for many Chinese companies on concerns that the Trump administration could order a list from US stock markets.
“A secondary list provides extra insurance at an unexpected event in which a flavor is not unnecessary for Chinese companies listed in the United States.” He said.
