By Mainland Chinese investors are reshaping Hong Kong’s equity markets. A record US $90 billion of inflows from onshore investors fueled a 21% rally in the Hang Seng during H1 2025. This surge coincided with 31 IPOs raising $10B and another $26B from follow-ons, making Hong Kong the world’s top venue by deal volume.
The Hong Kong Stock Exchange (HKEX), under CEO Bonnie Chan, has doubled its IPO pipeline to over 160 companies—while actively courting A‑share and Southeast Asian issuers. Innovations like the Technology Enterprises Channel (Tech board) have further accelerated success, especially in biotech and IT sectors.
Nasdaq has led U.S. listings in H1, but Hong Kong’s IPO leadership demonstrates a global rebalancing fueled by regional capital and broader policy support . With Shein’s anticipated confidential filing amplifying momentum, Hong Kong reinforces its status as Asia’s premier equity capital hub.