HKEX CEO Bonnie Chan says geopolitics and economic uncertainty may dim IPO outlook

The world is still under a lot of stress geopolitically and macroeconomically, Chan tells Bund Summit in Shanghai

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The daily trading volume on the Hong Kong stock exchange averaged HK$256.4 billion in the first nine months of this year, an increase of 126 per cent year on year. Photo: Jelly Tse

Published: 9:22pm, 23 Oct 2025Updated: 9:29pm, 23 Oct 2025

Hong Kong Exchanges and Clearing (HKEX) CEO Bonnie Chan Yiting cautioned that the fundraising bonanza in the city, which leads the global initial public offering (IPO) rankings this year, could slow down amid geopolitical and economic risks.

“I would say that we need to be very conscious that the world is still under a lot of stress geopolitically and macroeconomically,” she said at the Bund Summit financial forum in Shanghai on Thursday. “I think it’s too early [for the HKEX] to claim victory.”

Chan issued the warning despite a strong pipeline of more than 300 companies waiting to list on the Hong Kong stock exchange, home to the world’s two largest share sales – Contemporary Amperex Technology (CATL) and Zijin Gold International – this year.

CATL’s IPO in May netted US$5.3 billion, making it the world’s largest. It was followed by Zijin’s HK$24.98 billion (US$3.2 billion) fundraising last month.

Chan said the HKEX would also bolster fixed-income products to diversify its offerings and revenue sources.

HKEX CEO Bonnie Chan told the Bund Summit in Shanghai on Thursday that half of the listing applicants were “new economy” companies engaged in sectors like electric vehicles, biotechnology and AI. Photo: Jonathan Wong

A tariff truce between the US and China, the world’s two largest economies, is due to expire on November 10. Earlier this month, US President Donald Trump threatened to impose an additional 100 per cent tariff on all Chinese-made goods after Beijing tightened controls on exports of rare earth minerals.

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