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IPO

IPO
Latest news and analysis on initial public offerings (IPOs), with a particular focus on companies raising funds on the Hong Kong Stock Exchange.
(From left) HKEX chairman Carlson Tong, Financial Secretary Paul Chan and HKEX CEO Bonnie Chan attend the Lunar New Year market opening ceremony at the stock exchange on Friday. Photo: Karma Lo
Gold in Hong Kong

Hong Kong stocks and gold start the Year of the Horse on a mixed note

The Hang Seng Index fell 1.1 per cent on the first day of trading of the new year, while local gold prices rose 0.6 per cent.

Banking & finance

Editorial | Hong Kong regulators are right to scrutinise IPO applications

Semiconductors

China’s tech self-sufficiency progress evident in these 2 companies

Artificial intelligence

Will Chinese AI chip designer Enflame’s Shanghai IPO be another blockbuster?

Tencent-backed Enflame’s listing on the Star Market could follow successful recent flotations from peers Moore Threads, MetaX and Biren.

AI chip designer Enflame on Wednesday entered the inquiry stage of its initial public offering on Shanghai’s Star Market. Photo: Handout
Mainland China

Shenzhen-listed Unisplendour abandons plan to raise funds in Hong Kong

The Tsinghua Holdings arm, however, will raise US$800 million via a private share placement on Shenzhen exchange.

Bonds

Hong Kong firms rush to issue convertibles – and trend could continue: bankers

Issuers raised US$7.4 billion in convertibles in early 2026, nearly half of last year’s total, as they rushed to lock in high share prices.

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Hong Kong stock market

Hong Kong urged to widen Stock Connect and woo global firms to boost listings

City should pitch Southeast Asia, Middle East to draw global listings and issue long-term bonds to attract patient capital, think tank says.

FSDC executive director Rocky Tung says while Hong Kong has been a major listing venue for mainland firms, international companies remain a minority on the local bourse. Photo: Enoch Yiu
Banking & finance

Will Hong Kong, Singapore capture Asia’s capital inflows? DBS CEO weighs in

The two financial hubs are best choices for global investors seeking to diversify their portfolios amid geopolitical risks, Tan Su Shan says.

Hong Kong property

How Hong Kong’s headquarters economy fuels rebound in commercial property

The headquarters economy is powering office and retail recovery, with rising demand, stabilising rents and renewed investor confidence.

Hong Kong stock exchange

China’s biggest pork producer Muyuan flat in Hong Kong share debut

Firm’s US$1.4 billion IPO records lower oversubscription rate than other recent listings, reflecting a cooling of the red-hot market.

Muyuan Foods chairman Qin Yinglin (left) takes part in the company’s listing ceremony at Hong Kong Exchanges and Clearing on February 6, 2026. Photo: Jonathan Wong
Hong Kong courts

Opinion | Those betting on Hong Kong’s bright future have backed a winner

The ‘one country, two systems’ framework, enshrined in the Basic Law and staunchly supported by the central government, has allowed the city to flourish.

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Illustration: Craig Stephens
Made in China 2025

Morgan Stanley sees another record year for Hong Kong IPOs as pipeline hits 450

Mainland China’s issuers will still dominate city’s IPO market, executive says, but US and Southeast Asian companies are also joining in.

HKEX

HKEX eyes expansion into fixed income as global investors reassess US exposure

Global investors want more than equities, prompting HKEX to expand into bonds and commodities, says CEO.

Britain

‘Vibrant’ Hong Kong market seen drawing more listings from abroad

But other markets like South Korea could offer stronger near-term returns for international investors, J.P. Morgan Private Bank says.

Softcare chairman Shen Yanchang (left) and CEO Luo Jichao take part in a listing ceremony at the Hong Kong stock exchange on November 10, 2025. Photo: Yulu Ao
Semiconductors

Mainland memory firms eye Hong Kong for funds to fuel ‘global ambitions’

Several suppliers aim to follow in the footsteps of Montage Technology, which is set to raise US$896 million and debuts next week.

Montage Technology expects to raise as much as US$896 million from its Hong Kong initial public offering. Photo: Handout
Hong Kong stock market

Chinese energy drink maker Eastroc’s shares debut flat in Hong Kong

Eastroc, which raised US$1.3 billion in city’s biggest IPO so far this year, draws strong retail demand amid heightened regulatory scrutiny.

SFC

Hong Kong IPO boom strains sponsors as regulator steps in over poor applications

SFC warns over deal-chasing, staff shortages and unchecked use of AI undermining IPO preparations.

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Mainland China

Hong Kong back in global IPO spotlight after strongest January in years

IPO pipeline swelled in January, with listing applications tripling year on year and proceeds reaching their second highest level on record.

Chinese artificial intelligence start-up MiniMax Group raised US$711 million in January, the largest in Hong Kong and the third biggest IPO globally for the month. Photo: Shutterstock
China economy

3 Chinese firms add to Hong Kong’s IPO boom with US$2 billion in fundraising

Muyuan Foods, Shenzhen Han’s and Distinct Healthcare started taking orders for their Hong Kong listings on Thursday.

Hong Kong economy

Editorial | Hong Kong’s future as a financial centre looks golden

Tangible progress, including a gold trading deal with Shanghai, on display at the Asian Financial Forum shows the city is far from losing its edge.

Stocks

Chinese drinks maker Eastroc’s US$1.3 billion Hong Kong IPO gives it wings

Shanghai-listed firm is selling 40.9 million shares for HK$248 each, which would give it a market cap of about US$21 billion.

China’s Eastroc Beverage makes an alternative to Red Bull on the mainland. Photo: Handout
Stocks

Chinese tech listings shine in Hong Kong amid Beijing’s self-reliance push

Outperformance so far this year shows the theme remains a boon for investors in a challenging environment, analysts say.

A view of Biren Technology’s listing ceremony in Hong Kong on January 2, 2026. Photo: Jonathan Wong
Banking & finance

UBS, Citigroup, Morgan Stanley boost bonus for investment bankers by 20%

Fundraising on the Hong Kong stock exchange reached US$37.22 billion last year, the highest since US$42.97 billion in 2021.

Semiconductors

Alibaba, Baidu’s IPO plans for AI chip units bolster China’s self-reliance drive

Alibaba’s T-Head and Baidu’s Kunlunxin intensify competition to unseat Nvidia as China’s top supplier of high-performance AI chips.

Mainland China

From labs to listings: capital markets are the next battleground in the AI race

Stock exchanges have become another barometer in the US-China tech rivalry as markets assess a wave of start-ups in real time.

Illustration: Henry Wong
Shanghai Fosun Pharmaceutical

China’s Fosun Pharma eyes spin-off Hong Kong IPO of vaccine unit

Fosun Adgenvax (Chengdu) joins an IPO wave that raised more than US$1.5 billion last year for biotech companies.

Fosun Adgenvax is expected to remain a subsidiary of Fosun Pharma, which currently owns a 70.08 per cent stake. Photo: Handout
Semiconductors

Alibaba prepares potential spin-off, listing of chip unit T-Head

The wholly owned chip unit will first be restructured into a separate business partly held by employees, Bloomberg reported, citing sources.

Semiconductors

Memory chip crunch to persist even as Samsung, SK Hynix, Micron boost production

Major vendors are scrambling to expand production, but the scarcity of general-purpose memory chips is forecast to continue well into 2027.

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