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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.
FWD’s corporate logo atop its main building in Hong Kong. Photo: Reuters
Hong Kong

FWD files for Hong Kong listing amid slew of jumbo IPO deals

Insurer will get a market value of HK$48.3 billion based on its IPO share price of HK$38, before an overallotment option.

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Hong Kong stock market

Boss Zhipin taps buoyant Hong Kong market with US$288 million share offering

HKEX

China’s Anjoy Foods eyes Southeast Asia and Europe after Hong Kong listing

Stocks

Hong Kong investors hit jackpot as IPO boom delivers returns above 30%

Few asset classes globally match Hong Kong IPOs this year, as institutional and individual investors rush in hoping for eye-popping gains.

A man walks past an electronic display board at the Hong Kong stock exchange in Exchange Square in Central on May 20, 2025. Photo: Xinhua
Wealth Report

How Hong Kong’s market innovations are aiming to enhance the city’s trading environment

Reforms are being introduced to sustain the surge in public offerings that has made the city among the world’s leading IPO venues in the last 6 months.

Bonds

Chinese firms drive US$13 billion Asian boom in convertible bonds

Appetite for equity-linked debt is strong amid global volatility, even with aggressive terms, analysts say.

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Banking & finance

Zhejiang Sanhua shares drop in Hong Kong trading debut as IPO frenzy stalls

Trading under the code 2050, the stock began trading at HK$20.95, 7.2 per cent lower than its offer price of HK$22.53.

Chinese heating systems supplier Zhejiang Sanhua Intelligent Controls saw its shares drop in its Hong Kong trading debut on Monday. Photo: Handout
Hong Kong economy

Opinion | As Hong Kong’s financial sector soars, what about food and retail?

Sound policies have helped boost internationally connected capital markets, but fresh ideas are still needed to uplift the local consumer economy.

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HKEX

Paul Chan urges HKEX to attract international listings, launch new products

Hong Kong has become a safe harbour for international investors seeking to diversify their portfolios, Paul Chan says.

China airliners

China’s aerospace drive, Summer Davos and more

This week: Comac sets goal for C929 plane, PBOC outlines steps to boost use of yuan, China woos Central Asia and President Xi calls for de-escalation in the Middle East. Next week: Summer Davos in Tianjin, Nato summit, Trump’s steel tariffs to hit Chinese appliances and more.

Photo: Reuters
HKEX

HKEX displays iconic gong across city to mark 25 years as listed entity

In 2023, a humanoid from UBTech Robotics was the first time a robot struck the iconic gong to mark the start of trading.

HKEX CEO Bonnie Chan and chairman Carlson Tong attend the launch of the Gong Tour at the Hong Kong Observation Wheel to mark the bourse operator’s 25th anniversary as a listed entity. Photo: Edmond So
Artificial intelligence

Alibaba, Tencent-backed AI unicorn MiniMax eyes Hong Kong listing, report says

MiniMax, a unicorn valued at US$2.5 billion, was in the ‘early stage’ of preparations for the listing, according to news outlet The Paper.

HKEX

Former Hong Kong exchange CEO Charles Li aims to list start-up

Li’s Micro Connect is among six companies that filed for listings on Wednesday, joining 200 companies waiting to list in the city.

Mainland China

Investors lap up soy sauce maker Haitian’s stock in Hong Kong debut

Company exercises an upsize option as its US$1.3 billion listing bolsters the city as the top global IPO venue.

Cheng Xue (right), chairwoman of Foshan Haitian Flavouring & Food Company, after striking the ceremonial gong at the Connect Hall of the Hong Kong stock exchange to mark the trading of her company’s stock on June 19, 2025. Photo: Julie Zhang
China stock market

Beijing’s reform could bring Alibaba, Tencent listings to Shenzhen: HSBC

Regulators are keen to ‘deepen the reform and opening-up of Shenzhen’ through H to A listings, according to the bank’s analysts.

Chinese authorities earlier this month unveiled reforms to allow Hong Kong-listed companies to seek secondary listings in Shenzhen. Photo: Xinhua
Hong Kong stock market

Hong Kong’s IPO revival

Hong Kong leads initial public offerings worldwide this year, as Chinese companies flock to raise funds in the city amid greater regulatory support and the waning appeal of US listings.

Banking & finance

Hong Kong IPO pipeline swells as Geely-backed ride-hailing platform enters fray

CaoCao, operator of mainland’s second-largest ride-hailing platform, seeks to raise nearly US$237 million with Hong Kong IPO.

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Banking & finance

Foshan Haitian raises US$1.3 billion in upsized Hong Kong stock offer

The company sold 279 million shares at HK$36.30 each, the top end of the marketed price range, according to terms of the deal seen by Bloomberg News.

Bottles of soy sauce produced by Foshan Haitian Flavoring & Food are displayed for sale at a supermarket on October 2, 2022 in Shaoxing city of eastern China’s Zhejiang province. Photo: VCG/VCG
Mainland China

Hong Kong-listed firms to get ‘green channel’ route under Shenzhen IPO plan: lawyers

H-share companies offer a badge of quality when applying for a Shenzhen listing, given the rigorous vetting process in Hong Kong.

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Electric & new energy vehicles

Shanghai firm sues to liquidate Hozon amid EV maker’s financial struggles

Shanghai Yuxing Advertising filed a court case in Jiaxing, Zhejiang province, against the EV maker for non-payment of dues.

Banking & finance

Coconut water company IFBH moves closer to cracking Hong Kong’s IPO market

Thai company, incorporated in Singapore, clears major regulatory hurdle with publication of its Post Hearing Information Pack.

Coconut water company IFBH is seeking a Hong Kong IPO. Photo: Handout
Ant Group

Ant International issues first sustainability report after spin-off

Speculation has been rife over a potential listing by the company, which was spun off from Ant Group last year as part of a restructuring.

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Ant International is a spin-off of Chinese fintech giant Ant Group. Photo: Handout
HKEX

Exclusive | ‘Super connector’: the next act for Hong Kong’s stock exchange

As HKEX turns 25, the exchange eyes promoting cross-border listings, fixed income and yuan products in its next chapter, chairman says.

Banking & finance

Zhejiang Sanhua seeks US$1 billion in Hong Kong listing

The Shenzhen-listed maker of heating systems is offering 360.3 million shares at HK$21.21 to HK$22.53 each.

Banking & finance

Chery to debut in third quarter as carmaker uses Hong Kong as a springboard

Hong Kong Chief Executive John Lee touts city’s capital markets and professional services at auto expo.

Hong Kong Chief Executive John Lee Ka-chiu (eighth from the left) officiating the opening of the 2025 Hong Kong Automotive Expo at the AsiaWorld Expo on June 12, 2025. Photo: Cao Li
Mainland China

China may let Hong Kong-listed firms raise funds in Shenzhen via ‘H + A’ IPOs

The reversal of the usual A + H approach could help firms expand in the Greater Bay Area and encourage more Hong Kong IPOs, analysts say.

A photo taken on October 8, 2024, shows the Shenzhen Stock Exchange in Shenzhen, in south China’s Guangdong Province. Photo: Xinhua
Made in China 2025

GoPro rival Insta360 eyes global expansion after strong Shanghai IPO

After the Star Market’s biggest debut in a year and a half, executive Max Richter touted the company’s commitment to global markets amid trade tensions.

Mainland China

Haitian eyes US$1.22 billion Hong Kong IPO, one of the year’s largest

The final IPO size could reach US$1.48 billion if size adjustment and overallotment options are exercised at the top end of price range.

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