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SCMP Editorial
Editorial
SCMP Editorial

HKEX’s role crucial as Hong Kong helps build future of global finance

The city’s stock exchange is set to attract hi-tech mainland manufacturers looking to raise funds even as it forges partnerships overseas

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HKEX CEO Bonnie Chan (third from right) and other executives present the exchange’s interim results on August 19. Photo: Nora Tam
SCMP Editorial
Editorials represent the views of the South China Morning Post on the issues of the day.

The latest record-high profit results from the Hong Kong Exchanges and Clearing (HKEX) are more than just a fiscal milestone, they signal a market resurgence.

Technological and financial trends on the mainland are aligning with those of the city. Witness the spectacular initial public offering (IPO) of Unitree Robotics on the tech-focused Star market of the Shanghai Stock Exchange. The humanoid robotics pioneer’s shares soared 460 per cent on their first day of trading. Market insiders now speculate that a secondary listing in Hong Kong is only a matter of time.

The city is positioning itself as a key gateway for the next generation of hi-tech firms from the mainland. China currently commands 97 per cent of global humanoid robot shipments, according to Morgan Stanley, which has projected a significant increase in annual production. Deliveries are expected to grow from 12,000 units in 2025 to 50,000 this year, reaching 446,000 units by 2030.

The nation’s undeniable lead in humanoid robotics, coupled with rapid advances in semiconductor manufacturing and artificial intelligence, is at the heart of this shift. As these mainland manufacturers eye public listings, Hong Kong stands as the natural beneficiary, poised to become the premier venue for such capital-raising efforts. This is a profound opportunity for our IPO business, but one that requires strategic navigation.

To fully capitalise on this momentum, HKEX must execute with precision. As HKEX’s CEO Bonnie Chan Yiting has indicated, the introduction of new investment products is a critical next step. These could be modelled after existing “Connect” cross-border investment programmes such as those for stocks, bonds and ETFs.

However, success will hinge on clear timelines and seamless collaboration with mainland regulators and other financial authorities. The precedent set by the successful Stock Connect and Bond Connect schemes provides a blueprint for expanding these channels, potentially broadening the scope to include more sophisticated IPO-focused products.
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