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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.
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 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.

Hong Kong courts

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

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Made in China 2025

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

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.

The HKEX is now looking closely at boosting its fixed-income and commodities offerings. Photo: Edmond So
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.

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.

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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.

Eastroc’s IPO attracted 16 cornerstone investors, who subscribed to about 49 per cent of the offer. Photo: Handout
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.

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.

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.

Muyuan Foods, the world’s largest hog firm, plans to sell about 274 million new shares at up to HK$39 each. Photo: Shutterstock
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.

Chief Executive John Lee Ka-chiu (centre) and People’s Bank of China Deputy Governor Zhou Lan (second from left) witness the cooperation agreement between the Financial Services and the Treasury Bureau of Hong Kong and the Shanghai Gold Exchange at the 19th Asian Financial Forum at the Hong Kong Convention and Exhibition Centre in Wan Chai on January 26. Photo: Eugene Lee
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.

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.

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.

Investment bankers in Asia are expected to get a bumper bonus for their efforts in 2025. Photo: Getty Images
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.

Alibaba Group Holding’s chip design unit, T-Head, is said to be preparing to go public. Photo: Shutterstock
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.

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.

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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.

Alibaba plans to spin off and list its T-Head chip arm. Photo: Handout
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.

HKEX

New energy, AI, EV and biotech to drive Hong Kong IPO growth: HKEX

11 companies raised US$4 billion in Hong Kong in the first three weeks of 2026, with hundreds more lining up to list, Bonnie Chan says.

Banking & finance

China’s Busy Ming to test investor appetite with Hong Kong IPO

Snack and drink retailer aims to raise up to US$428 million, but listing plan comes amid weak mainland domestic demand.

Hong Kong’s IPO market has had a record January with 11 new listings raising more than US$4.3 billion. Photo: Nora Tam
Robotics

China’s Unitree ships over 5,500 humanoid robots in 2025, surpassing US peers

The Hangzhou-based firm’s output far outstripped the roughly 150 units each shipped by Tesla, Figure AI and Agility Robotics last year.

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A G1 humanoid robot model from Unitree waves at visitors during the 21st China International Equipment & Manufacturing Industry Expo in Tianjin on March 6, 2025. Photo: Xinhua
Banking & finance

Hong Kong AFF will showcase city’s ‘superconnector’ role

Titled Co-creating New Horizons amid an Evolving Landscape, the annual government flagship event will run from January 26 to 27.

Mainland China

Alibaba, JPMorgan said to back Chinese chip firm’s Hong Kong listing

Montage Technology could raise up to US$900 million in an IPO as soon as this month, sources say.

Stocks

China’s stock rally on AI optimism to stretch fundraising frenzy in 2026

Tech companies on Shanghai, Shenzhen exchanges now trade nearly 40 per cent above the Nasdaq 100, boosting the appeal of going public.

People walk near a screen displaying stock exchange and economic data in Shanghai on January 6, 2026. Photo: EPA
Meituan

Chinese chain Qdama, known for its night discounts, plans Hong Kong IPO

The leading seller of meat and fresh produce on the mainland plans to open 1,400 stores in the next five years using proceeds from the IPO.

A Qdama store in Hong Kong’s Quarry Bay district. Photo: Handout
Electric & new energy vehicles

Xpeng’s flying car unit readies Hong Kong IPO for take-off

Aridge, formerly AeroHT, eyes listing this year as it aims to accelerate its efforts in the low-altitude market, sources say.

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Banking & finance

Opinion | Hong Kong’s fertile ground for AI IPOs aligns with China’s tech strategy

If Hong Kong remains a stable offshore bridge linking global capital with priority technologies, it will bolster China’s innovation funding.

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