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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: Craig Stephens
Hong Kong economy

Opinion | Why China’s economic reset is a credibility test for Hong Kong

As China rewrites the growth playbook, Hong Kong must show it can anchor the offshore financing and price discovery this reset requires.

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Mergers & Acquisitions

Investment firms remain upbeat on deals despite geopolitical tensions, bankers say

Banking & finance

Hong Kong’s IPO pace picks up as 2 mainland Chinese firms get listing approval

Hong Kong economy

Letters | Hong Kong can do more to connect mainland funds with tech stocks

Readers discuss the Stock Connect scheme, a Chinese research team’s breakthrough using AI, and assessing teachers’ English proficiency.

MiniMax founder and CEO Yan Junjie (second left) and chief operating officer Yun Yeyi (second right) pose with Hong Kong Stock Exchange CEO Bonnie Chan (left) and Chairman Carlson Tong (right) at the Chinese artificial intelligence model developer’s listing ceremony at the Hong Kong Stock Exchange, on January 9. Photo: Reuters
Two Sessions 2026

China works to build slow, steady stock markets, rejecting norm of boom and bust

Beijing is emphasising gradual growth in its policies for capital markets, encouraging dividend payouts and drawing a contrast with the West.

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Two Sessions 2026

Lean harder into Hong Kong-mainland China market ties: ‘two sessions’ delegates

Higher integration would raise resilience of the mainland financial system while supporting yuan internationalisation, CPPCC members say.

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Hong Kong

HSBC chairman floats ‘IPO connect’ for Hong Kong, Shenzhen listings

Modelled on Stock Connect, the proposal would give investors in the Greater Bay Area cross-border access to new share listings.

Bull statues are seen in front of the Shenzhen Stock Exchange on November 17, 2024. Photo: Getty Images
Hong Kong property

Can HKIC fix Hong Kong’s 15 million square-foot office vacancy problem?

Attracting foreign institutions might prove difficult amid the commercial property sector’s elevated vacancy rates and uncertain recovery.

Artificial intelligence

Hong Kong-listed AI firm MiniMax’s revenue jumps 159% on strong demand

Shanghai-based company predicts revenue will double this year, based on strong user growth for its M2.5 model.

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.

Illustration: Lau Ka-kuen
Hong Kong budget 2026-27

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

Economists optimistic for 2026-27, pointing to stabilised property market and transfer of finances between government funds or accounts.

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The city was previously expected to record a HK$67 billion deficit for the 2025-26 financial year, which ends on March 31. Photo: Jelly Tse
HKEX

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

Net profit in 2025 rises to HK$17.75 billion (US$2.28 billion), beating market expectations.

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.

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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Illustration: Lau Ka-kuen
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.

(From left) HKEX chairman Carlson Tong, Financial Secretary Paul Chan and HKEX CEO Bonnie Chan attend the Lunar New Year market opening ceremony at the stock exchange on Friday. Photo: Karma Lo
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.

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.

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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.

AI chip designer Enflame on Wednesday entered the inquiry stage of its initial public offering on Shanghai’s Star Market. Photo: Handout
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.

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.

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.

FSDC executive director Rocky Tung says while Hong Kong has been a major listing venue for mainland firms, international companies remain a minority on the local bourse. Photo: Enoch Yiu
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.

Interest rate cuts and geopolitical tensions are spurring international investors to eye faster-growing Asian markets, particularly Hong Kong and Singapore, according to DBS. Photo: Jonathan Wong
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.

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

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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Illustration: Craig Stephens
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.

Mainland China’s issuers will still dominate city’s IPO market, Morgan Stanley executive says. Photo: Reuters
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.

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.

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