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

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Contemporary Amperex Technology, which supplies the likes of Tesla and Volkswagen, saw its shares jump by more than 16 per cent in its listing last week, raising HK$41 billion. Photo: Sun Yeung

Published: 2:44pm, 25 May 2025Updated: 9:09pm, 25 May 2025

Funds raised through initial public offerings (IPO) in Hong Kong have exceeded HK$76 billion (US$9.7 billion) so far in 2025, the city’s finance chief has said, following the biggest listing of the year by a mainland Chinese battery manufacturer last week.

Financial Secretary Paul Chan Mo-po also said on Sunday that deepening ties with mainland China were key for Hong Kong’s long-term development, despite negative evaluations from some ratings agencies, as he expressed confidence in the city’s markets to withstand external shocks.

Writing on his weekly blog, Chan described the city’s IPO market as “bustling” after it welcomed the world’s largest offering so far this year.

Battery giant Contemporary Amperex Technology (CATL), which supplies the likes of Tesla and Volkswagen, saw its shares jump by more than 16 per cent in its listing last week, raising HK$41 billion. This propelled Hong Kong back to the top spot in global fundraising.

In another significant listing, Jiangsu Hengrui Pharmaceuticals, one of the mainland’s largest drug manufacturers, raised HK$9.89 billion in its trading debut on Friday, with shares soaring by 25 per cent.

“So far this year, the amount of funds raised from new share offerings in Hong Kong has exceeded HK$76 billion, an increase of more than seven times over the same period last year, and has reached nearly 90 per cent of the total amount of funds raised for all of [2024],” Chan said.

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