IPO resurgence
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“Hong Kong Exchange Gongs Strained as Five Firms List in One Day”
HKEX had its busiest trading day of 2025 on July 9, listing five companies and one ETF simultaneously. This marks a dramatic market recovery from 2023’s depressed IPO conditions, where valuations slumped and listings stalled. The recent debuts raised nearly HK$10 billion collectively. H1 2024 saw HK$106.7 billion raised from 40+ listings—a 689% YoY surge exceeding 2023’s full-year total. Cornerstone investors, involved in 36 of 42 recent IPOs covering 43.7% of funding, have seen significant returns, including HK$9.8 billion in paper gains from major listings like CATL and Mixue Bingcheng.
