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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.
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
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.

Mainland China

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

Made in China 2025

GoPro rival Insta360 eyes global expansion after strong Shanghai IPO

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.

Bottles of soy sauce produced by Foshan Haitian Flavoring & Food Company on display in Shaoxing. Photo: VCG
Electric & new energy vehicles

Chinese EV battery maker Eve Energy jumps on Hong Kong IPO bandwagon

The firm joins more than a dozen smart-mobility companies from mainland China aiming to raise funds amid the city’s listing surge.

Digital currencies

Hong Kong’s stablecoin law opens floodgates for boom in digital assets: brokers

Investors are increasingly interested in stablecoins, which are digital tokens pegged to a reference asset like a fiat currency.

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Banking & finance

Exclusive | HSBC to grow investment bank to serve rising demand for IPOs

The bank said it would restructure to focus on high-return areas like Hong Kong and India, as well as exit low-profitability markets like Europe and the US.

HSBC’s co-CEOs for Asia and Middle East David Liao (right) and Surendra Rosha (left), during an interview at HSBC’s head office in Hong Kong on 5 June 2025. Photo: Jonathan Wong
Banking & finance

Step aside Shanghai, Hong Kong is China’s prize financial hub

Despite calling the two cities twin engines for finance, Beijing’s actions favour Hong Kong as China’s one true global funding hub.

Robotics

Unitree eyes pre-IPO fundraising, valuing robot maker up to US$2 billion: report

Raising fresh capital casts a spotlight on how China’s leading humanoid robot makers are pushing forward mass production this year.

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Digital currencies

China Renaissance’s investment in stablecoin issuer Circle pays off

The Chinese bank invested in the US tech firm in 2018 through its Huaxing New Economy Fund.

Jeremy Allaire, CEO and co-founder of Circle Internet Group reacts as Circle president Heath Tarbert rings a ceremonial bell to launch the company’s IPO at the New York Stock Exchange on Thursday. Photo: Reuters
Digital currencies

Stablecoin firm Circle’s shares double in wild trading debut

Shares of the stablecoin issuer close 168 per cent higher in volatile trading.

Circle Internet Group’s IPO debuted on the New York Stock Exchange on Thursday. Photo: Reuters
Electric & new energy vehicles

After CATL’s spark, China’s EV players bank on Hong Kong IPOs for growth funds

China’s top smart mobility firms like Chery Auto, Seres Group and Hesai eye Hong Kong market to fund global expansion plans.

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Stocks

Big Hong Kong IPOs like CATL squeeze price gaps of China’s dual-listed companies

The H-share discount to A shares narrows to 24 per cent from an average of 31 per cent over the past two years.

Artificial intelligence

Biotech firm touts new AI drug discovery amid third Hong Kong IPO attempt

Insilico Medicine said results of a clinical trial in China showed positive results in treating idiopathic pulmonary fibrosis.

An Insilico Medicine facility in Suzhou pictured in 2022. Insilico is touting a new AI-enabled drug discovery for treating lung disease weeks after filing its third prospectus in as many years to the Hong Kong stock exchange. Photo: Handout
Banking & finance

Opinion | As geopolitics hits venture capital, Asia must start funding its own tech

For all its technical firepower, Asia remains undercapitalised. With funds no longer flowing freely, it needs a financial system that serves its purpose.

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The gong ceremony marks the start of trading in Hong Kong for Chinese battery maker Contemporary Amperex Technology Limited (CATL), at the HKEX Connect Hall in Central on May 20. Photo: Sun Yeung
Food and Drinks

Why Chinese fresh-drink firms could leave investors high and dry

Too much money could be chasing the same growth story, S&P Global Ratings says.

ETFs

Exclusive | Thematic Hong Kong AI and biotech ETFs next for Saudi investors: exchange CEO

Proposed new rules could allow Hong Kong companies to list on Saudi Exchange by offering depositary receipts, CEO Al-Rumaih says.

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Banking & finance

Exclusive | FWD targets July listing in Hong Kong after adding IPO bankers, sources say

Insurer added CMB International and HSBC as overall coordinators on Thursday, joining Goldman Sachs and Morgan Stanley on the panel.

FWD Group’s logo atop its main office building in Hong Kong. Photo: Reuters
Banking & finance

3 ‘formidable’ clusters of companies targeting Hong Kong IPOs, HKEX CEO says

The IPO pipeline in Hong Kong includes mainland Chinese A-share firms, US-listed Chinese firms and specialist companies.

Banking & finance

5 Chinese firms seek Hong Kong IPOs, joining fundraising flurry

Proceeds from these proposed listing plans are likely to strengthen Hong Kong’s lead in the global IPO league table.

Stocks

Exclusive | Hong Kong to dominate 2025 IPOs as mainland Chinese firms rush to list: UBS

As many as 30 Chinese companies poised for dual listings this year, co-head of global banking at UBS Securities says.

A view of Exchange Square in Central, home of the city’s bourse operator, on April 7, 2025. Photo: Jelly Tse
SCMP Exclusives

Exclusive | Hong Kong to ride IPO wave as global investors pour in, JPMorgan says

A number of companies will attract support like CATL did in its US$5.23 billion debut, JPMorgan’s Paul Uren says.

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Executives of Contemporary Amperex Technology, along with exchange and government officials, mark the stock’s trading debut in Hong Kong on May 20, 2025. Photo: Sun Yeung
China economy

Opinion | In picking Hong Kong over New York, CATL’s IPO was a strategic move

CATL’s geopolitical moves, from spurning Wall Street to partnering Indonesia’s green transition, speak volumes about the future of competition.

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Hong Kong economy

Hong Kong’s ‘bustling’ IPO market exceeds HK$76 billion mark this year

Battery giant powers the city back to global IPO top spot as finance chief highlights ties with the mainland as key to long-term development.

Hong Kong stock exchange

Jiangsu Hengrui jumps 25% in solid Hong Kong trading debut

Company raises HK$9.89 billion (US$1.29 billion), with the proceeds to be used to support clinical trials and expand production capacity.

Sun Piaoyang, chairman of Hengrui, at the company’s trading debut on the Hong Kong stock exchange on Friday. Photo: Aileen Chuang
Banking & finance

Goldman to merge Asia-Pacific investment banking businesses

Bank says move will ‘enable more holistic client engagement, more effective deployment of global and regional expertise’.

The Goldman Sachs logo at the New York Stock Exchange. Photo: Reuters
Hong Kong economy

Editorial | CATL’s debut a sign that Hong Kong’s IPO market is roaring back

The world’s biggest listing so far this year has propelled the city back to the top spot in global equities fundraising.

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Electric & new energy vehicles

CATL’s EV battery plants to become carbon neutral this year, founder Zeng says

Company will offer its technologies and solutions to its partners globally to promote clean energy.

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