Chinese firms ignite Hong Kong in record listing spree
Chinese companies closed a blockbuster year for Hong Kong IPOs, raising US$28 billion in a single day and signaling a durable shift toward the territory as the go-to listing hub for mainland tech.
The bell that kept on ringing
On the final trading day of the year, the gong at the Hong Kong Stock Exchange sounded more like a drumroll. One by one, executives from China’s newest market darlings stepped forward—smiles rehearsed, eyes bright with prospect—and struck the brass disc that signals a public debut. By the closing auction, 13 first-time issuers had added a combined US$28 billion in market value, sealing 2024 as the territory’s busiest listing season since 2018.
From Shenzhen to the spotlight
Among the stand-outs, battery-maker Revolt Energy closed 38% above its offer price, while Hangzhou-based AI chip designer NebulaCore gained 42%. Both deals were multiple times oversubscribed, reflecting a thirst for Chinese growth stories that are no longer tethered to U.S. exchanges. "The momentum feels different this cycle," said Angela Hui, head of Asia equity capital markets at a global bank. "Investors want exposure to China’s hard-tech pivot, but they want it listed in a jurisdiction they can reach before lunchtime."
"We chose Hong Kong because the liquidity pool is deep and the regulatory pathway is predictable."
— Lin Zheng, CFO of NebulaCore
Why Hong Kong, why now?
Three forces converged:
- Beijing’s nod to offshore listings under tightened data rules, provided the venue is Hong Kong;
- A weaker valuation overhang after two years of correction, enticing issuers who feel their shares have found a floor;
- And a surge of passive money linked to MSCI and Hang Seng index inclusions, which automatically feed demand.
Looking ahead
Bankers say the pipeline for early 2025 already holds 30-plus names, from renewable equipment makers to biotech labs. If even half complete their roadshows, Hong Kong could outpace New York and London combined for Asian ex-Japan IPO proceeds—a headline unthinkable just five years ago. For investors, the risk remains regulatory curveballs or geopolitical flare-ups, but for now the city’s trading floor echoes with a bullish refrain: China’s innovators have found a new home, and they’re not wasting the welcome.