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The funds raised through new listings in mainland China and Hong Kong during the first half of the year represent approximately 22% of the global total, with about one-third of all listings occurring within the country, according to a recent industry report.
Worldwide, initial public offerings (IPOs), secondary listings, and dual-primary listings generated a combined total of $191.1 billion from January to June, marking a 208% increase compared to the same period last year. Notably, China’s mainland and Hong Kong markets contributed $42.3 billion of this sum, nearly doubling their share year-over-year.
The Nasdaq emerged as the leading stock exchange for new listings, raising $113.1 billion, primarily boosted by SpaceX’s $85.7 billion IPO. The Hong Kong Stock Exchange ranked second with $26.8 billion, reaching a five-year high. Meanwhile, the Shanghai Stock Exchange and the STAR Market in Shanghai ranked fourth and sixth, respectively, with $9.4 billion and $4.4 billion raised.
Growth on China’s mainland was driven mainly by strong performances in the Shenzhen and Shanghai STAR Market, particularly in technology and advanced manufacturing sectors. However, the main board of the Shanghai Stock Exchange underperformed due to a shift in investor risk appetite away from traditional industries toward emerging sectors.
Remarkably, no newly listed stocks on Chinese exchanges experienced declines upon debut in the first half of the year, with an average first-day return rate of 233%, the highest in five years.
Companies listed in mainland China played a key role in the Hong Kong stock market’s new listings, accounting for 96% of the number and 99% of the value of all IPOs on the Hong Kong exchange during this period.
The Hong Kong exchange has notably improved its appeal by streamlining its listing process, introducing a fast-track system called ‘Mainland + Hong Kong,’ and creating a dedicated channel for technology firms. These initiatives offer more convenience and flexible options for high-quality companies aiming to list in Hong Kong.
Looking ahead, it’s expected that innovative technology companies—especially those working in artificial intelligence, humanoid robots, advanced semiconductors, new energy storage, and cutting-edge biopharmaceuticals—will continue to lead new listings in mainland China during the second half of the year.
Additionally, the Hong Kong market is forecasted to stay active, supported by ongoing regulatory improvements, a healthy pipeline of IPOs, and the increasing trend of dual listings in Hong Kong and mainland China.
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