HKEX: Hong Kong's new share financing amount reached 14.1 billion US dollars in the first half of the year, an increase of 695% year-on-year.

HKEX released the "Hong Kong Equity Financing Market Review for the First Half of 2025." In the first half of 2025, the scale of new stock listings in the Hong Kong market saw a significant increase. According to Dealogic's statistics, the amount of funds raised for new stocks in Hong Kong reached $14.1 billion in the first half of 2025, a 695% increase compared to the same period in 2024, far exceeding the 8% year-on-year increase in global new stock financing amounts. Investor sentiment improved, and a large number of high-quality companies raised funds through the Hong Kong market, driving significant growth in the Hong Kong equity financing market. Despite the complex global geopolitical environment, the Hang Seng Index outperformed the global markets. The enthusiasm of international investors and Chinese mainland investors for Hong Kong stocks drove the Hang Seng Index to rise by over 20% during the period, with the average daily trading volume of Hong Kong stocks increasing by 82% year-on-year to HK$240 billion. With companies from various industries such as industrial, consumer, healthcare, TMT (technology, media, and telecommunications), and finance listing in Hong Kong, the amount of new stock financing in the first half of this year has already exceeded the full-year levels of 2022, 2023, and 2024. The listing of large new stocks drove market performance. On May 20, 2025, Contemporary Amperex Technology listed on the Hong Kong stock market with an IPO of up to $5.3 billion, becoming the largest new stock globally since 2023. Subsequently, the Hong Kong market also welcomed three other large new stocks, Jiangsu Hengrui Pharmaceuticals, Foshan Haitian Flavouring and Food, and Zhejiang Sanhua Intelligent Controls, each raising over $1 billion. Among the top ten global new stock listings in the first half of 2025, Hong Kong secured four slots. The listing of these large new stocks received a strong response in the market, with three issuers exercising their over-allotment options to increase their listing sizes. These four companies have performed steadily since listing, with their stock prices averaging an increase of approximately 14%. "A+H" listings and the listing trend of international companies In the first half of 2025, a total of 8 A-share companies listed in Hong Kong, raising a total of $10.1 billion. These companies listed in Hong Kong with the aim of expanding their international presence. Post-listing, the discount on the H-shares of these companies compared to their A-shares was generally smaller, and Contemporary Amperex Technology's H-shares even traded at a premium to their A-shares, reflecting strong demand from international investors. At the same time, the interest of international issuers listing in Hong Kong has also significantly increased. IFBH, Merex Group, and Shandong Nanshan Aluminium have successfully listed on the Hong Kong stock market in the first half of this year, further enhancing Hong Kong's attractiveness and competitiveness as an international financing center. Global investors actively participate in Hong Kong's new stock market For the new stocks issued in the first half of 2025, cornerstone investors and institutional placements received active participation from international institutional investors, including long-term funds, private equity, strategic investors, hedge funds, and sovereign wealth funds from North America, Europe, and the Middle East. Retail subscription was also enthusiastic, driving demand for new stocks to new highs, with some new stocks recording oversubscription. Outstanding performance in the healthcare, TMT, consumer, and new energy industries The healthcare industry saw active follow-on transactions, pushing the total equity financing amount in the healthcare sector of the Hong Kong market to $5.8 billion, reaching a new high in the first half of a year since 2021. The TMT sector received widespread attention driven by innovation from artificial intelligence company DeepSeek, leading to increased valuations and many companies seizing the opportunity to raise funds, pushing the total equity financing amount in the TMT sector of the Hong Kong market to $13.7 billion in the first half of the year. The consumer industry performed well in the first half of the year, especially in terms of new stock listings, with the average post-listing stock price rising by 70% (as of June 30, 2025). Segments such as beverages, toys, cosmetics, and jewelry represented by MIXUE GROUP and BLOKS showed strong performance. Market optimization measures New initiatives at the regulatory level helped accelerate the listing process: in May 2025, HKEX, in collaboration with the Securities and Futures Commission, launched the "Tech and Biotech Track" to facilitate tech and biotech companies' applications for listing. Since July, the Hong Kong new stock market has continued its strong momentum from the first half of the year, with 8 companies successfully listing in the first two weeks of July. Companies still awaiting listing are continuously coming, further consolidating Hong Kong's position as a leading global new stock financing center.