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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.
Analysts say CXMT’s IPO approval is further evidence that Chinese memory-chip makers are becoming increasingly competitive with their US and Korean rivals. Photo: Getty Images
Semiconductors

Chinese memory makers step up challenge to Korea’s chip champions

CXMT and YMTC are nearing public listings, giving China’s memory-chip sector fresh firepower in its pursuit of Samsung and SK Hynix.

Artificial intelligence

China launches space computing hub as SpaceX gears up for historic IPO

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Banking & finance

China sees revival of foreign investors through IPOs, convertibles: UBS

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China consumption

IPOs, expansion plans give China’s growing pet food sector paws for thought

Shanghai-based pet food maker Fubei has filed an application for an initial public offering in Hong Kong.

A woman and her pet dog visit the Daxing Watermelon Festival in Beijing last month. Photo: EPA
Hong Kong economy

Editorial | Kazakhstan partnerships redefine Hong Kong’s strategic role in Central Asia

Chief Executive John Lee’s trip has delivered concrete results that will enhance business and economic ties and boost tourism.

Stocks

Why Hong Kong is now the launch pad for mainland China’s AI champions

City emerges as a price-discovery hub, with mainland AI firms reversing a decades-old dual-listing order to secure global benchmarks.

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SpaceX

Editorial | SpaceX IPO lift-off could test global equity bull run

Set to be the largest stock debut in history, the SpaceX initial public offering could indicate the depth of investor confidence in the AI boom.

A SpaceX Super Heavy booster carrying the Starship spacecraft lifts off on its 12th test flight at Starbase, Texas, on May 22. Photo: Reuters
Robotics

Unitree clears Shanghai IPO hurdle as China’s humanoid robot wave gathers pace

Listing plan highlights Unitree’s push to invest more in robot ‘brains’ as it joins competitors in China’s humanoid rush.

Hong Kong economy

Open Questions | Hong Kong must embrace ‘bipolar’ role to thrive in its ‘Stage 3.0’: Charles Li

Veteran deal maker urges an IPO link to lure global resource giants and turn Chinese buyers into owners as city solidifies role as East-West bridge and global capital hub.

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Artificial intelligence

AI firm MiniMax prepares for mainland China listing after Hong Kong shares surge

Chinese AI model company hires Citic Securities to prepare a mainland share sale, with the listing venue yet to be confirmed.

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Chinese AI model firm MiniMax has officially started plans to sell shares in mainland China. Photo: Shutterstock
HKEX

As Hong Kong stock exchange turns 40, can the chip supercycle keep IPOs flowing?

US$6.1 trillion exchange marks its 40th year amid fierce global competition, as brokers see challenges sparking opportunities.

Illustration: Brian Wang
HKEX

HKEX revamps Tech 100 Index as benchmark struggles to keep pace with AI rally

Seven firms including Hesai, Geekplus and Deepexi join the index as investors question whether local benchmarks reflect fast-rising AI sector.

Banking & finance

China’s private funds see assets soar by over US$400 billion amid tech boom

Chinese investors are putting more money into private equity, venture capital and other private funds amid a surge in tech investment.

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Hong Kong economy

Opinion | Cross-border wealth hub crown latest sign Hong Kong is roaring back

City overtook Switzerland in BCG wealth report, underscoring vital ‘superconnector’ role between mainland and international capital markets.

People walk through the Central district of Hong Kong on January 26. Photo: Jelly Tse
HKEX

HKEX revamps US$812 million headquarters with new entrance, museum in Central

HKEX official says project aims to create ‘a future-ready, globally recognised hub’ and ‘more prominent branding in the heart of Central’.

HKEX celebrates 40 years of Hong Kong’s modern stock exchange with Cathay Pacific, with Cathay Group chairman Guy Bradley (left) and HKEX chairman Carlson Tong Ka-shing (right). Photo: Jonathan Wong
Artificial intelligence

China’s MiniMax records 1-million client base, fivefold growth in half a year

Its global user base reaches 300 million while ARR more than doubles in two months, though company reports large total losses.

HKEX

Open Questions | Charles Li on making Hong Kong a magnet for global IPOs

As HKEX CEO, Charles Li forged Stock Connect link to mainland markets. He says an ‘IPO connect’ could draw international companies to list in Hong Kong.

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Banking & finance

Hong Kong beats Switzerland as world’s largest offshore wealth hub, BCG finds

City tops cross-border wealth on IPO surge and mainland China inflows, as Singapore and US trail in consultancy’s global rankings.

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A cross-border wealth growth of “around 9 per cent annually is projected through 2030” for Hong Kong, according to BCG. Photo: Nora Tam
China stock market

Unitree’s IPO progress spurs stock buying of firms with exposure to robot maker

As the robot manufacturer moves a step closer to its IPO, stocks of its investors and supply chain makers have shot up.

Artificial intelligence

As China’s humanoid-robot hype cools, Unitree sees profit plunge

A filing shows adjusted profit fell 53 per cent, even as revenue continued to rise, highlighting tough competition in humanoid robot sector.

SpaceX

How Hong Kong investors can gain exposure to SpaceX’s record-breaking US$75b IPO

Options for potential exposure include brokerages offering access to US stocks, buying into SpaceX’s partners, and exchange-traded funds.

The SpaceX logo displayed at the Kennedy Space Center in Cape Canaveral, Florida. Photo: AP
Hong Kong stock market

SpaceX share sale won’t drain Hong Kong IPO boom, JPMorgan says

Bank sees strong demand for Chinese AI, robotics and healthcare listings despite SpaceX’s projected record-breaking IPO in the US.

A SpaceX rocket lifts off at Kennedy Space Center in Florida. Photo: Reuters
Artificial intelligence

China’s AI start-up funding triples in first quarter amid bets on LLMs, robotics

The fundraising boom follows years of state-led efforts to channel capital into strategic sectors such as chips, AI and manufacturing.

SpaceX

SpaceX’s US$75 billion IPO sparks liquidity fears as Fed rate-increase odds rise

The blockbuster offering’s repercussions could be far-reaching, drawing capital away from Hong Kong and the broader Asia-Pacific region.

Semiconductors

What is YMTC, the latest contender in China’s memory-chip IPO push?

As China’s memory-chip giants YMTC and CXMT progress towards IPOs, they shine a spotlight on Beijing’s tech self-sufficiency ambitions.

Yangtze Memory Technologies Co is China’s leading 3D NAND flash memory manufacturer. Photo: Shutterstock Images
HKEX

Hong Kong set to be ousted by Nasdaq as world’s biggest IPO market

International investors remain interested in Hong Kong tech listings due to attractive valuations, UBS and JPMorgan say.

Nasdaq is set to become the world's biggest IPO market this year with the SpaceX listing. Photo: Reuters
Artificial intelligence

Why is Chinese DRAM maker CXMT’s IPO attracting so much attention?

ChangXin Memory Technologies is sparking investor interest as DRAM profits soar, AI drives shortages and China pushes for chip self-reliance.

Aerospace: Companies

Top Numerical Control rides fervour for aerospace to 80% IPO gain

Revenue from aviation and aerospace manufacturing equipment has accounted for around 90 per cent of its total since 2022.

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