Hong Kong Stock Exchange Rise as the New IPO Capital: A Market on the Move
By Shayne Heffernan, Founder of Knightsbridge Group
Hong Kong Stock Exchange is carving out a bold new role as the world’s next IPO capital, and the numbers back it up. Over the past year, the city has seen a steady influx of initial public offerings, with companies eager to tap into its financial strength. Market data shows 2024 delivered 67 IPOs to the Hong Kong Stock Exchange (HKEX), raising HK$90.8 billion—about $11.6 billion USD—a clear turnaround from the slow years of 2022 and 2023, when global uncertainty and pandemic rules kept things quiet.
What’s driving this shift? A mix of savvy policy changes, an economy gaining traction, and Hong Kong’s prime spot as a gateway to China’s massive market are pulling businesses back in droves.
The Hong Kong Stock Exchange is proving its worth with a purposeful push. Recent months have brought a wave of new listings, including electric vehicle standout XPeng and a clutch of tech startups, signaling trust in the city’s regulatory setup and investor enthusiasm. June 2025 alone saw filings from a renewable energy outfit and a logistics player, hinting at growing momentum. The government has stepped up with tax breaks for tech firms and streamlined listing rules, while China’s easing of capital controls since reopening has opened the door for mainland companies to list offshore.
This combination has turned Hong Kong Stock Exchange into a hotspot for businesses chasing both local and global funds.Hong Kong’s strength lies in its ability to blend Eastern and Western financial worlds. Unlike Shanghai or Shenzhen, which focus heavily on domestic investors, Hong Kong offers a bridge to international capital, drawing firms from across Asia and beyond. The HKEX’s dual-class share structure lets founders hold onto control while raising cash, a big draw for tech unicorns wanting to go public without losing their edge.
That said, risks remain—geopolitical tensions and U.S.-China trade spats could shake things up, and cities like Singapore or New York might challenge its lead. Still, the figures hold steady: trading volumes climbed to HK$1.2 trillion in June 2025, up 15% from May, powered by IPO activity.For those keeping an eye on markets, Hong Kong’s IPO boom isn’t just a local affair—it’s a clear sign of Asia’s economic heartbeat.
At Knightsbridge Group, a financial services firm that owns and runs KXCO (kxco.io), a blockchain platform pushing financial innovation, we’re still confident in China and Asia as solid investment spots. Even with global pressures, the region’s growth prospects, fueled by our work with KXCO, keep us optimistic about what’s ahead.
Upcoming Hong Kong Stock Exchange IPOs
- Research suggests Hong Kong Stock Exchange is set for a strong IPO market in 2025, with around 80 companies expected to list.
- It seems likely that key sectors include technology, life sciences, and consumer businesses, driving significant activity.
- The evidence leans toward companies like Unitree, Geekplus, Fourier, Biren, Animoca Brands, and Shein planning IPOs, though details may change.
Market OutlookHong Kong’s IPO market is projected to see about 80 IPOs in 2025, raising between HK$130 billion and HK$150 billion (approximately $16.6 billion to $19.1 billion USD), according to market reports. This resurgence is fueled by policy incentives, economic recovery, and Hong Kong’s role as a bridge to China, attracting firms from technology, life sciences, health care, and consumer sectors.Notable CompaniesBased on recent announcements, several companies are eyeing Hong Kong listings:
- Unitree: A robotics firm with $100 million raised, targeting a 2025 IPO.
- Geekplus: Focuses on autonomous mobile robots, planning a 2025 listing.
- Fourier: A tech firm in AI, mentioned for potential IPOs in 2025.
- Biren: A China AI chip maker, recently funded and planning a Hong Kong IPO.
- Animoca Brands: A blockchain and gaming company, considering Hong Kong for a 2025 listing.
- Shein: A fast-fashion giant, anticipated to list, though not confirmed for 2025.
Note that IPO plans can shift, so check South China Morning Post for the latest updates.
Shayne Heffernan is the founder of Knightsbridge Group, a financial services firm specializing in investment, private equity, capital markets, and blockchain. With over 40 years of trading experience in Asia, Heffernan brings sharp insights to global markets.
