The Chief Executive of Hong Kong Exchanges and Clearing Ltd. (HKEX) has stated that as of early June, 66 new listings have been completed, raising approximately $21 billion, indicating a satisfactory pace. However, she emphasized that beyond the numbers, the composition of the pipeline is more noteworthy, with technology stocks continuing to hold a significant proportion, covering the entire AI value chain from chips and computing power to large language models and applications, even extending into the energy sector.
She pointed out that mining companies have reappeared on the IPO application list, reflecting commodity price volatility and investor demand for risk diversification. The trend of A+H share listings continues, with many mainland-listed companies coming to Hong Kong for secondary listings to support internationalization through overseas financing platforms. She also noted the emergence of a group of "Chinese multinationals" and "born-global" enterprises; among the 120 companies that listed last year, more than half derived their revenue from outside China.
Regarding SpaceX's upcoming US IPO barring Hong Kong and mainland investors, she commented that while SpaceX's listing is undoubtedly exciting, a closer look at its supply chain reveals deep involvement from many companies typically considered Chinese. She stated that the global economy remains tightly interwoven, with Chinese supply chains being extensive, and born-global companies inherently possess an international vision from their inception.
Addressing market concerns over recent mainland tightening of cross-border investment regulations, she clarified that the measures explicitly target non-compliant activities, and legitimate channels such as the Stock Connect schemes are entirely unaffected. Data shows that since late May, southbound and northbound trading volumes have not been disrupted. Northbound average daily turnover has risen from about RMB 21.2 billion last year to nearly RMB 38 billion, even touching RMB 40 billion on some days. This reflects growing interest from global investors in accessing Asia through Hong Kong, which actually benefits from its positioning as an efficient and compliant channel.
She added that Asia accounts for 40% of global population and economic growth. As an international financial centre, Hong Kong should position itself as a financing platform for regional enterprises. Last year saw the first company from Central Asia list in Hong Kong, with hopes for more in the future.
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