Hong Kong's Fund Raising Activity Doubles in H1, Multiple Companies List on HKEX

Hong Kong's fund-raising activity more than doubled in H1, with several companies listing on the Hong Kong Exchange (HKEX). Notable listings include Swire Properties' financing arm applying to list green notes on HKEX, and Shenzhen China Micro Semicon seeking a Hong Kong listing. HSBC and Standard Chartered also bought back shares on the HKEX.

Hong Kong's fund-raising activity more than doubled in the first half of 2025, with several notable companies listing on the Hong Kong Exchange (HKEX). This surge in activity has been driven by a variety of factors, including companies seeking to diversify their listings and mitigate potential risks associated with US delistings.

One of the most significant listings was Swire Properties' financing arm, which applied to list green notes on HKEX. This move reflects a broader trend of companies seeking to raise funds through sustainable finance initiatives. Additionally, Shenzhen China Micro Semicon, a leading micro-semiconductor manufacturer, has announced plans to seek a Hong Kong listing. This move follows a pattern of Chinese companies diversifying their listings to reduce dependency on US capital markets [2].

The surge in listings has been bolstered by share buybacks by major financial institutions. HSBC and Standard Chartered both announced share buyback programs on the HKEX, indicating confidence in the market and the potential for future growth [3].

The Hong Kong IPO market has seen significant growth, raising $13.66 billion in the first half of 2025, driven by companies seeking to list in the city. This surge in activity has taken the Hang Seng Index to its highest level since early 2022, with a 22% gain this year [3]. Companies like Lens Technology Co. have successfully listed in Hong Kong this year, raising significant funds and experiencing stock price gains [3].

The decision by PDD Holdings to explore a Hong Kong listing underscores the region's appeal for high-value tech listings and reflects Beijing's push to retain high-value tech listings in local markets and reduce dependency on U.S. capital markets [1]. The move also aligns with the broader trend of Chinese companies seeking to diversify their listings and mitigate potential risks associated with US delistings.

References:
[1] https://www.ainvest.com/news/pdd-holdings-auditor-change-signal-hong-kong-listing-plans-2507/
[2] https://www.marketscreener.com/news/shenzhen-china-micro-semicon-to-seek-hong-kong-listing-ce7c5cdcd088f222
[3] https://www.globalconstructionreview.com/aecom-atkinsrealis-win-hong-kong-shenzhen-rail-contract/