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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.
Illustration: Lau Ka-kuen
Hong Kong stock market

The big cornerstone comeback: what’s driving investors back to Hong Kong IPOs?

After four subdued years, the cornerstone investors that anchor Hong Kong’s IPO market are returning in force, reshaping the deal landscape.

Hong Kong budget 2026-27

Hong Kong records HK$2.9 billion consolidated surplus for 2025-26. Here’s how

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HKEX

HKEX to step up listings and reforms as profit rises 36% on turnover and IPOs

Semiconductors

Why SJ Semiconductor matters in China’s race to build home-grown AI chips

SJ Semiconductor’s listing highlights the growing role of chip packaging in China’s strategy to narrow the technology gap.

SJ Semiconductor, a key player in China’s advanced chip packaging sector, has received approval to list on Shanghai’s Nasdaq-style Star Market. Photo: Shutterstock
Banking & finance

Why China’s rise as a ‘financial superpower’ could depend on Hong Kong

From the yuan’s growth as a global currency to IPO funding to tokenisation, the city is a linchpin in Beijing’s ambitions.

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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.

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Banking & finance

Editorial | Hong Kong regulators are right to scrutinise IPO applications

To protect the city’s long-term financial health, investment banks must ensure that only quality applicants become publicly listed.

People walk past Exchange Square, which houses the Hong Kong Exchanges and Clearing, in Central on April 3, 2025. Photo: Nathan Tsui
Semiconductors

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

GigaDevice and Montage carve a niche in the semiconductor sector, with the global memory supercycle boosting their fortunes further.

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.

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.

Unisplendour was expected to raise US$1 billion from its Hong Kong share sale this year. Photo: Reuters
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.

The number of companies rushing to issue convertible bonds is growing even as the Lunar New Year approaches, according to market players. Photo: Getty Images
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.

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.

The city’s office market showed signs of stability in 2025. Photo: SCMP
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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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.

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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.

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.

The logo of the Securities and Futures Commission (SFC) is seen at its offices in Quarry Bay. Photo: Yik Yeung-man
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.

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.

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.

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.

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