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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.
Representatives of four companies bang gongs at the Hong Kong stock exchange to celebrate their share debuts on November 6, 2025. Photo: Nora Tam
HKEX

Should the Hong Kong stock exchange make all IPO applications confidential?

Proposed rule change aims to encourage more applications, but what about transparency and document quality concerns?

Mainland China

China’s Unitree Robotics rides humanoid tide as it targets US$610m IPO

HKEX

Editorial | HKEX’s listing reforms will boost Hong Kong’s competitiveness

Hong Kong stock market

SFC prepares to inspect Hong Kong IPO listing sponsors amid quality concerns

Market regulator will soon begin inspection of investment banks amid concerns about deficiencies in listing documents and misconduct.

The inspection will focus on whether banks have complied with a circular outlining expectations on staffing and quality controls when handling IPOs, according to the SFC. Photo: Yik Yeung-man
Hong Kong

China’s tightened IPO rules for some ‘red chips’ in Hong Kong raise concerns

The CSRC asks some Hong Kong listing candidates to change their red-chip structure and issue H shares.

Hong Kong stock market

First HKIC bet SmartMore seeks Hong Kong IPO amid booming tech pipeline

Unicorn’s AI platforms power firms from Tesla to Apple suppliers, highlighting the government fund’s role in the city’s tech investment push.

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Hong Kong economy

Editorial | Zero tolerance for insider trading central to Hong Kong’s financial future

Crackdown on wrongdoers a welcome sign of regulatory vigilance that is vital to the city’s role as an international finance hub.

Hong Kong regained its title as the No 1 market for IPOs last year. Photo: Sun Yeung
HKEX

HKEX unveils biggest listing reforms since 2018 to lure diverse innovative firms

Bourse operator lowers bar for companies with weighted voting rights and expands the confidential filing option for all listing candidates.

Hong Kong stock market

Hong Kong sends ‘very strong message’ with insider-trading arrests

Joint operation by ICAC and SFC shows commitment to protecting city’s status as a fundraising hub, analysts say.

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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Illustration: Craig Stephens
Mergers & Acquisitions

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

Private equity, sovereign funds and family offices are sitting on record stocks of dry powder even as geopolitical risks cloud the global outlook.

Commentators remain broadly optimistic about the outlook, despite continuing tensions in the Middle East. Photo: Dickson Lee
Banking & finance

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

Everdisplay Optronics and Galaxis Technology publish post-hearing information packs on the Hong Kong stock exchange.

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.

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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Illustration: Lau Ka-kuen
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.

Glass reflects an electronic board showing Shanghai stock indices and people walking on a pedestrian bridge in the Lujiazui financial district of Shanghai on March 2, 2026. Photo: Reuters
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.

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.

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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.

MiniMax looks to capitalise on exploding interest in agentic AI products this year. Photo: Shutterstock
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

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

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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.

Hong Kong government officials celebrate the Chinese New Year Market Open Celebration at HKEX in Central on February 20, 2026. Photo: Karma Lo
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.

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.

Montage and GigaDevice are capitalising on the global memory supercycle, with the industry in the grip of a massive supply crunch. Photo: Shutterstock
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.

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