AI and tech companies drive Hong Kong listings to 5-year high

{"text":[[{"start":11.78,"text":"Chinese AI and technology companies have driven Hong Kong listings to a five-year high, as investor demand for the sector continues to surge."}],[{"start":20.869999999999997,"text":"Primary and secondary offerings in Hong Kong raised more than $13bn in the first three months of 2026, the best first quarter for equity sales since 2021, according to data from Dealogic and LSEG. That is ahead of rivals including the Nasdaq, New York and Bombay stock exchanges, with about $40bn raised globally over the period, according to LSEG. "}],[{"start":49.11,"text":"The two best-performing stocks listed this year, Zhipu and MiniMax, have each risen more than 400 per cent after IPOs that collectively raised about $1.3bn, demonstrating the strength of demand for China’s fast-growing AI sector."}],[{"start":67.66,"text":"“If you look back at 2025 when the DeepSeek moment happened, investors were buying [Chinese] large-cap tech stocks in the indices,” said Jason Lui, head of Asia-Pacific equity and derivative strategy at BNP Paribas, referring to the release of the sophisticated Chinese AI model that rattled markets."}],[{"start":90.53999999999999,"text":"“But this year you have pure-play AI lab and AI hardware stocks, for investors who wish to express a strong view on China’s artificial intelligence sector.”"}],[{"start":null,"text":"

"}],[{"start":102.57999999999998,"text":"Technology hardware and software companies accounted for the largest share of listings by both number and amount raised. The figures underscore Hong Kong’s role as an offshore fundraising hub for Chinese companies seeking to expand overseas and invest in research and development."}],[{"start":123.76999999999998,"text":"Since the end of 2024, Hong Kong’s capital markets have been boosted by Chinese companies launching primary and secondary listings, including electric battery maker CATL last year, as mainland regulators have restricted some listings in Shenzhen and Shanghai."}],[{"start":143.7,"text":"Among the 38 new entrants to the city’s exchange in the first quarter of 2026 were chip designers Shanghai Iluvatar CoreX Semiconductor and Axera Semiconductor, which collectively raised more than $800mn. "}],[{"start":160.02999999999997,"text":"Agriculture group Muyuan Foods and convenience store chain Busy Ming have also sold shares in Hong Kong, highlighting a broadening in the range of Chinese companies listing in the territory."}],[{"start":172.66999999999996,"text":"The Hong Kong Stock Exchange’s listings pipeline for this year includes more than 400 companies already in the process, with others such as agricultural chemicals company Syngenta also looking to list in the city."}],[{"start":188.49999999999997,"text":"However, two capital markets advisers said some Chinese tech companies were looking at switching their listing back to Shanghai or Shenzhen, signalling a potential resurgence of the mainland markets as rivals to Hong Kong."}],[{"start":204.53999999999996,"text":"While listing in the mainland remains difficult because of strict regulatory requirements, companies with strategic intellectual property in the technology sector can be fast-tracked."}],[{"start":216.73999999999995,"text":"An investment manager at a Beijing-based venture capital firm said some of its portfolio companies — mainly in AI, quantum computing and neurotechnology — are considering listing on Shanghai’s tech-focused STAR Market."}],[{"start":null,"text":""}],[{"start":233.63999999999996,"text":"Stricter quality control requirements for Hong Kong IPOs have slowed the listing and registration process compared with last year, the manager said. In recent weeks, regulators have moved to stop “low-quality” companies from listing in Hong Kong as they seek to cool but not halt the IPO boom."}],[{"start":252.86999999999995,"text":"The mainland securities watchdog, the China Securities Regulatory Commission, has recently blocked listings by some companies with opaque offshore structures that it deems to have “relatively low ownership transparency and higher compliance risks”."}],[{"start":269.24999999999994,"text":"The Hong Kong exchange has also raised concerns about the quality of information submitted by some potential share issuers, threatening to “name and shame” the lawyers and accountants responsible for poor or inaccurate IPO prospectuses."}],[{"start":295.7699999999999,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1775460338_6995.mp3"}