UBS Global Investment Banking Vice Chairman and Co-Head of Asia Corporate Client Department, Li Zhenguo, stated that Hong Kong's IPO market has already raised 2.1 times the total amount for 2024. He projected that the Hong Kong Stock Exchange (HKEX) will reclaim the top position in global IPO fundraising in 2025, with proceeds expected to exceed HKD 300 billion.
Li further noted significant year-on-year growth in placements and convertible bond transactions, with major blue-chip companies such as BYD COMPANY (01211), XIAOMI-W (01810), BABA-W (09988), CPIC (02601), Ping An Insurance, CHOW TAI FOOK (01929), and NIO (09866) completing large-scale transactions exceeding USD 1 billion each.
He highlighted a strong recovery in Hong Kong's primary market, with several high-profile companies actively supporting the national strategy to develop Hong Kong's capital markets, driving large-scale financing projects. Among them, CATL (03750) raised USD 5.3 billion in its IPO, marking the world's largest IPO since 2023. This momentum also facilitated over USD 1 billion fundraising for industry leaders such as Zijin Mining (02259), SANY HEAVY IND (06031), SERES (09927), HENGRUI PHARMA (01276), SANHUA (02050), HAITIAN FLAV (03288), and CHERY AUTO (09973), with four of these deals ranking among the top ten global IPOs.
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