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TOPIC

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.
A 12-inch silicon wafer is displayed at the China International Supply Chain Expo in Beijing on July 16, 2025. Photo: AFP
Semiconductors

Chinese chipmaker Eswin Computing to launch US$300m Hong Kong IPO: sources

Revenue reached 2.4 billion yuan in 2025, up 20 per cent year on year, but net losses for the year stood at 1.5 billion yuan.

Banking & finance

Rivals move to poach Morgan Stanley clients after accidental deal leak

Mainland China

China’s humanoid robot IPO slowdown no threat to firms with ‘genuine strength’

Banking & finance

Morgan Stanley leak of confidential deal pipeline alarms Hong Kong market

Morgan Stanley says it ‘promptly took steps to address this inadvertent sharing of information’ and that it is engaged with relevant parties.

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The US investment bank was the second largest bookrunner in IPOs and other equity fundraising in Hong Kong in the first half of this year. Photo: Shutterstock
China stock market

1,700% share surge for Chinese compressor maker exposes listing risks

Bourse operator dampens ShenGu Group frenzy, but large population of individual investors and exchange rules make IPO speculation likely.

Banking & finance

Chinese robot-sensor maker launches Hong Kong IPO amid US vacuum ban

Camsense Technologies aims to raise about US$87 million in a Hong Kong listing backed by carmaker BYD.

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Hong Kong stock exchange

Mainland Chinese optical tech firm gains in debut amid Hong Kong spin-off wave

Ligent’s steady market debut comes as Hong Kong moves to streamline spin-off requirements.

A gong-striking ceremony marks the trading debut of Ligent Technologies at the Hong Kong stock exchange on Tuesday. Photo: Reuters
HKEX

Hong Kong stock exchange moves to ease spin-offs and shareholder approval rules

Proposals aim to streamline corporate actions and align Hong Kong more closely with rival markets, HKEX says.

Hong Kong

4 mainland Chinese firms jump into cooling Hong Kong IPO market

Led by RoboTechnik and Kinwong Electronic, quartet aims to raise up to US$1.8 billion in total, but most debuts this month have declined.

Hong Kong stock exchange

Mainland China’s stock exchanges mount charm offensive amid Hong Kong IPO boom

Domestic bourses are lobbying mainland firms to reconsider Hong Kong listing plans, sources say.

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Buildings in Shanghai tower over a pedestrian bridge where a sign displays stock index information on August 18, 2025. Photo: VCG via Getty Images
Hong Kong stock market

China’s tech IPOs weigh Hong Kong vs the mainland. But how much does it matter?

Firms weigh benefits of international reach against higher domestic valuations, but the dual-track dynamic is just the start, and it all aligns with Beijing’s goals.

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China’s emerging technology firms often have to make a decision on where to list – Hong Kong or the mainland. Photo: Getty Images
Banking & finance

How will Hong Kong’s new 5-year plan court global capital?

Expanded investment products and stronger mainland-market links aim to deepen Hong Kong’s wealth-management edge and lure more international investors.

Aerospace: Companies

Hong Kong to support rocket, satellite IPOs as SpaceX-led sector takes off

Exchange will examine listing-rule changes to attract space IPOs in alignment with Beijing’s prioritisation of space technology.

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Semiconductors

China’s AI chip stocks face crucial test as MetaX lock-up period expires

The Chinese AI chip firm enjoyed a blockbuster market debut in December, but its stock is now under pressure ahead of a major share release.

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People walk past the MetaX booth during the World Artificial Intelligence Conference in Shanghai. Photo: Reuters
Banking & finance

Tighter scrutiny of Hong Kong IPOs could slow deal flow, analysts say

CSRC and SFC wake-up calls to bankers and other intermediaries indicate emphasis on quality over quantity amid fervour for listings.

A view of Exchange Square in Central, which houses the headquarters of bourse operator Hong Kong Exchanges and Clearing, on August 19, 2026. Photo: Nora Tam
Robotics

Unitree’s US$30 billion stock wipe-off spurs caution on humanoid robot IPOs

Beijing tipped to tighten approvals, heighten scrutiny of humanoid makers as leading robotics specialist reports a 44% stock slump.

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Banking & finance

Forms Syntron draws Hong Kong’s next-gen tycoons in HK$940 million IPO

Business heirs are moving beyond property into cutting-edge tech and digital finance companies as the city’s IPO market rebounds.

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Shein

Shein slump deepens as stock tumbles 25% below IPO price

Jefferies says Shein’s ‘low-cost parcels, Guangdong’s supplier density, and supplier-funded experimentation’ will be more expensive.

Clothes from fast-fashion brand Shein hang at their office in Sao Paulo, Brazil, December 15, 2025. Photo: Reuters
China shipbuilding

Cosco Shipping arm clears China IPO path amid global shipbuilding boom

Supply chain stress and transit detours boost China’s shipbuilding orders, setting stage for Cosco Shipping Heavy Industry’s listing.

Banking & finance

Hong Kong aims to scale its tech ecosystem, nurture more unicorns: HKSTP CEO

Innovation and technology hub is attracting global capital, supporting and fostering bigger and more mature investment deals.

Artificial intelligence

Z.ai’s fresh US$5b fundraising push comes hot on the heels of July capital raise

The Chinese AI developer is courting more backers as it scales its models and infrastructure amid intensifying competition.

Z.ai, also known as Zhipu AI, is a Chinese tech company specialising in artificial intelligence, and it is looking to raise billions more in capital. Photo: Shutterstock
Artificial intelligence

Chinese optical supply chain relieved after US leaves transceivers off blacklist

The devices are emerging as central to artificial intelligence race, and China’s suppliers hold key market position.

Wiring is seen inside a Microsoft data centre in Mount Pleasant, Wisconsin, September 18, 2025. Photo: Reuters
Hong Kong economy

Kazakhstani firms eyeing Hong Kong, mainland China urged to take long-term view

Managing director of Kazakhstan’s sovereign wealth fund also says rail operator KTZ aims to list in Hong Kong by end of year.

Banking & finance

Yuen Kee Food clears HKEX listing hearing for up to HK$400 million IPO: sources

The dumpling chain is likely to list in October following three funding rounds.

Semiconductors

Enflame soars 179% in Shanghai debut as Nvidia challenger taps AI fever

Tencent-backed company valued at US$25 billion, highlighting its role in Beijing’s push for domestic chips amid US export restrictions.

The Enflame booth at the World Artificial Intelligence Conference in Shanghai, July 20, 2026. Photo: CFOTO/Future Publishing via Getty Images
SFC

Hong Kong watchdog investigates Cloudbreak Pharma for ‘rigged’ IPO

Regulator cites ‘serious concerns’ about ‘artificial impression of demand’ in US-based company’s US$78 million listing in 2025.

Hong Kong's market regulator considered the suspension “necessary or expedient to maintain an orderly and fair market”. Photo: Handout
Artificial intelligence

Exclusive | Moonshot AI considers dual listings in Hong Kong and Shanghai: sources

Moonshot’s exploration of dual listings may stem in part from the weaker performance of AI stocks in Hong Kong, the sources said.

Artificial intelligence

Chinese AI firm DeepSeek taps underwriters for IPO: sources

Start-up aims to begin the IPO process this year to list on Shanghai’s Nasdaq-like Star market, sources say.

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