The Hong Kong Stock Exchange (HKEX) released figures on Thursday that show: the supposedly doomed exchange is alive. And how.
The headline numbers:
Net profit +36% to HK$17.8 billion ($2.3 billion), second record year in a row
Revenue +30% to HK$29.2 billion ($3.7 billion)
Dividend +23% to HK$12.52 per share
119 new listings, HK$286.9 billion ($36.7 billion) raised, up 226% year over year
With that, Hong Kong has reclaimed its position as the global No. 1 for IPOs.
What is driving the rally
Trump’s tariff policy has paradoxically played into Hong Kong’s hands. Trading volume on HKEX rose 93% in 2025. Through the Southbound Stock Connect program, which allows mainland investors to trade in Hong Kong, volume even surged 151%.
At the same time, foreign investors are looking for alternatives to the US market and are rediscovering Chinese tech stocks.
The pipeline: more than 400 active listing applications are currently filed with HKEX. Among the largest IPOs in 2025 were CATL, Mixue, and AI companies such as Zhipu AI and MiniMax.
Average first-day gains: around 40%. Next in line as a mega deal is Syngenta. The Basel-based agrochemical group, controlled by China’s Sinochem, is planning an IPO of up to $10 billion in Q2 2026.
Regulators watch closely
The financial regulator SFC has asked 13 IPO sponsors to conduct internal reviews due to “serious deficiencies” in the preparation of listing documents. These sponsors handle 70% of all IPO applications in Hong Kong.
Nevertheless: while all eyes are currently on Korea’s KOSPI rally, Hong Kong is quietly building the comeback of the decade.
👉 Sources: Asia Financial, DealStreetAsia, Caixin Global
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