While volatility has chilled most global IPO markets, Hong Kong is gearing up for a possible wave of listings.
Buoyed by the Hang Seng Index’s double-digit gains year-to-date and strong trading from recent IPOs, Hong Kong has attracted a robust listing pipeline, led by several large companies that already trade in mainland China.
Chinese names already listed in Shanghai and Shenzhen pursue H-share IPOs to raise capital and access Hong Kong’s more international investor base. The A-share premium has had a notable decline year-to-date, further incentivizing Hong Kong cross-listings. Chief among them is leading global battery maker CATL, which could raise over $5 billion. The company commands a market cap of more than $140 billion in Shenzhen. Other notable A-share names eyeing Hong Kong listings include pharma company Hengrui Pharmaceuticals, condiment maker Haitian, and machinery maker SANY.
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