Hong Kong IPO proceeds surge 116.65% in 9M24

Chinese companies dominated new listings in Hong Kong.

Hong Kong saw an increase in initial public offerings (IPOs) in the first nine months of 2024 (9M 2024) compared to the corresponding period last year, pushing proceeds up by 116.65% to US$7.2b ($55.97b)

According to the London Stock Exchange Group (LSEG), the number of IPOs in Hong Kong’s stock exchanges, Mainboard and GEM, increased by 4.7% YoY.

The biggest original IPO in Hong Kong in 9M24 is Sichuan Baicha Baidao Industrial’s US$330.2m ($2.6b) IPO.

Meanwhile,  the US$4.6 b ($35.8b) secondary listing of Midea Group in Hong Kong in September is the biggest deal in the city’s equity capital market (ECM) so far this year.

It is also the largest new listing since Kuaishou Technology’s US$6.2b ($48.2b) Hong Kong IPO in 2021.  

LSEG also reported that IPOs from Chinese companies dominated new listings in Hong Kong, capturing 96% of the market share in terms of proceeds, amounting to US$6.9b ($53.6b). The remaining listings came from issuers in the United States, Hong Kong, and Singapore.

The Mainboard of the Hong Kong Stock Exchange ranked 5th globally in IPO proceeds, including secondary listings.