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TOPIC

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.
Zhongji Innolight is set to launch its initial public offering in Hong Kong on July 30. Photo: Jelly Tse
Hong Kong stock market

Zhongji Innolight already has 30 cornerstone investors for US$8b IPO: sources

The Chinese firm is aiming to raise US$8 billion in its Hong Kong listing on July 30, making it the city’s biggest share sale in seven years.

Banking & finance

Healthcare IPO wave: US biotech firm picks Hong Kong over Nasdaq for listing

Hong Kong stock market

SpaceX slump fails to dent Hong Kong tech as investors seen pivoting

HKEX

Exclusive | HKEX eyes confidential filings, lower market cap threshold for start-ups

HKEX is moving towards closed listings to compete with other exchanges that allow for confidentiality.

The Hong Kong Exchanges and Clearing (HKEX) in Central on July 17. Photo: Karma Lo
Banking & finance

Hong Kong bourse weighs longer hours amid pressure from global peers: sources

Nasdaq’s 23-hour expansion and London’s round-the-clock push pile pressure on Hong Kong to rethink its shorter trading day.

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China stock market

Open Questions | Citic Capital’s Zhang Yichen on the ABCs of China’s markets: IPOs, M&As and AI

The CEO discusses China’s evolving capital markets and why multinationals are turning to local partners amid shifting geopolitical dynamics.

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Artificial intelligence

Xi’s call on AI, Trump blasts China, US tariffs

This week: Chinese president urges open and secure AI, US leader accuses Beijing over 2020 election, GDP growth slows. Next week: US global tariff expiry, Apec ministers meet, Hong Kong lawmakers decamp to Beijing.

Chinese President Xi Jinping waves as he arrives at the opening ceremony of the World AI Conference in Shanghai. Photo: EPA//Pool
Shein

Shein clears Hong Kong IPO hurdle as valuation halves to below US$50b: sources

Regulatory headwinds, alongside prolonged IPO delays, have severely dented the unicorn’s valuation.

Semiconductors

Chinese memory giant CXMT oversubscribed 212 times in mega Shanghai IPO

Nearly 10 million investor accounts apply for a rare listed proxy on Beijing’s semiconductor self-reliance drive.

Banking & finance

Open Questions | Citic Capital CEO on making China a financial powerhouse

Ex-Wall Streeter Zhang Yichen on attracting capital to China, building up its bond market and helping foreign firms better serve Chinese consumers.

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Illustration: Henry Wong
Banking & finance

Hong Kong exchange returns IPO application sponsored by CICC

Inner Mongolia Xingye Silver & Tin Mining says it plans to resubmit application before end of September.

China International Capital Corporation’s logo on a smartphone screen. Photo: CFOTO/Future Publishing via Getty Images
Semiconductors

CXMT’s mega IPO draws frenzy from retail investors to DeepSeek founder’s fund

Investors are hoping for a relatively generous allotment rate and sharp gains when the memory-chip maker debuts on Shanghai’s Star Market.

Semiconductors

China memory-chip maker CXMT set for mega IPO

Listing could be country’s second biggest at US$9.8 billion and comes as global demand for memory chips soars on the back of AI infrastructure build-out.

Hong Kong stock market

Goldman Sachs backs HKEX with ‘buy’ rating, citing Beijing’s policy support

Shares of HKEX have lost about 5 per cent so far this year, roughly in line with the performance of the Hang Seng Index.

Beijing has doubled down on its support for Hong Kong’s stock market. Photo: Shutterstock Images
Wealth management

Comeback path: what Hong Kong needs to reclaim IPO crown, think tank says

City can regain ground by attracting new economy companies and issuers from across Asean, Middle East and Europe, FSDC says.

The Exchange Square in Central, Hong Kong. Photo: Jelly Tse
Semiconductors

China’s CXMT valued at US$85 billion in record Shanghai IPO

Chinese DRAM maker is set to raise 57.9 billion yuan (US$8.5 billion), nearly twice the amount earmarked for its investment projects.

China consumption

Waning appetite: why mainland Chinese F&B stocks are losing favour in Hong Kong

IPO lapses and sliding share prices underscore how weak consumption is dulling Hong Kong’s appetite for mainland China’s food sector.

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Accounting and auditing

As IPOs surge, Hong Kong’s audit regulator vows tougher scrutiny

With more than 430 applicants in the IPO pipeline, the city’s accounting watchdog is ramping up post-listing inspections.

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AFRC presents the main findings and insights from its annual inspection and enforcement reports for 2025-26. David Sun Tak-kei (L), chairman of the AFRC, and CEO Janey Lai Chui-pik. Photo: AFRC
E-commerce

Shein executive chairman to step down as IPO nears completion, sources say

The departure of Chinese-American billionaire Donald Tang raises the question of whether founder Sky Xu will now step into the spotlight.

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China's space programme

The new space race: how China plans to break SpaceX’s dominance with IPO push

As Beijing makes history by capturing the Long March-10B booster at sea, at least 15 aerospace firms are racing to go public on Shanghai’s Star Market or in Hong Kong.

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China stock market

Chinese hard tech giants see market value surge as overseas capital pours in

Under the mainland-Hong Kong Connect programme, northbound holdings rise to record high of 3.13 trillion yuan by end of June.

Pedestrians beneath a large screen showing the latest stock market and economic data in Shanghai on June 15. Photo: EPA
Semiconductors

Meet CXMT’s Zhu Yiming: the man building China’s memory-chip giant

From a Silicon Valley garage to China’s largest DRAM maker and a US$4.4 billion IPO, Zhu reportedly refused pay until CXMT became profitable.

Zhu Yiming’s bet that memory-chip production would migrate to China was placed long before he founded CXMT. Photo: Handout
China stock market

Star Market at 7: tech-centric exchange powers China’s innovation rise

Attracting capital behind breakthroughs in frontier fields, the market is a key part of Beijing’s drive for technology self-reliance.

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Hong Kong

Shein receives approval for Hong Kong IPO from Chinese regulators

Beijing clears the online retail giant to seek an initial public offering in Hong Kong, after its plans to float in London and New York hit a dead end.

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Hong Kong stock market

China’s appeal as portfolio diversifier grows: BlackRock strategist

‘China can provide exposure to different economic drivers,’ says Li Wei, the asset manager’s global chief investment strategist.

People walk on a street beneath a screen showing stock market and economic data in Shanghai on June 15. Photo: EPA
Banking & finance

Hong Kong exchange lures listings from Canada, Indonesia, Kazakhstan

Bourse expected to see influx of international issuers in year’s second half, led by consumer goods and services companies, according to PwC.

National rail operator Kazakhstan Temir Zholy filed for a Hong Kong listing in June 30. Photo: Handout
Banking & finance

Hong Kong small-cap IPOs struggle as market chases megadeals like Zhipu AI

Smaller firms face a liquidity squeeze amid AI-related stock profit-taking, which drags down IPO market sentiment.

Semiconductors

Chinese chipmaker CXMT set for US$4.3b IPO, riding memory boom

Listing would rank behind only SMIC’s on Shanghai’s Star Market, as AI demand boosts memory-chip market.

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