Hong Kong's IPO market has delivered a stellar performance this year, reclaiming its position as the global leader in fundraising, driven by several high-profile listings on the Hong Kong Stock Exchange. Cheah Cheng Hye, founder of VALUE PARTNERS (00806) and independent non-executive director of HKEX, noted that investor enthusiasm for new listings has pushed average gains to 9% this year, reversing recent downturns. He highlighted that weak performance in China's property market has also redirected substantial private savings toward investment opportunities.

Cheah pointed out that Hong Kong stocks began recovering in the first week of November last year, coinciding with Donald Trump's re-election as U.S. President and a landmark speech by Chinese Vice Premier He Lifeng at the International Financial Leaders' Investment Summit in Hong Kong, reaffirming Beijing's commitment to maintaining Hong Kong's status as a global financial hub. "Building, consolidating, and developing Hong Kong as an international financial center is crucial not only for the city but also for the nation," Cheah emphasized.

Media reports indicate that Hong Kong's IPO fundraising reached $24 billion (approximately HKD 187.2 billion) by October this year, a threefold surge year-on-year, significantly outpacing the New York Stock Exchange ($18.5 billion) and Nasdaq ($16.5 billion). Many mainland Chinese firms already listed in Shanghai, Shenzhen, or New York are now preparing for secondary listings in Hong Kong. Perris Lee, Ion Analytics' head of Asia-Pacific equity capital markets and convertible bonds, noted that nearly half of this year's IPOs involved secondary listings, with Hong Kong being the preferred choice for companies seeking foreign capital.

As of October 31, over 300 companies remain in the IPO pipeline at HKEX. Hong Kong Chief Executive John Lee announced during the International Financial Leaders' Investment Summit that the city ranked first globally in IPO fundraising for the first 10 months of 2023, with 80 listings raising over $26 billion (HKD 202.8 billion). Major listings this year include CATL (03750) and ZIJIN GOLD INTL (02259), raising $5.3 billion and $3.7 billion respectively—accounting for one-third of total fundraising. Both stocks have doubled since listing, while TRANSTHERA-B (02617) has surged over 15-fold, emerging as the top performer.