Hong Kong’s red-hot IPO market is not just a tech story, according to the head of the city’s exchange, who says the pipeline is being fueled by a diverse range of sectors and global investors.
More than 100 companies have listed in Hong Kong so far this year, generating proceeds above $40 billion, HKEX CEO Bonnie Chan told CNBC. That already surpasses the $37 billion raised in the entire 2025.
While AI and broader technology listings have surged, Chan emphasized that the exchange’s IPO pipeline is well-diversified, pointing to biotech, mining, and consumer companies as key contributors.
“We still have a lot of pretty good high quality companies in the pipeline trying to get their IPOs done before the end of the year,” Chan said in an interview with CNBC’s Emily Tan.
Record profits and strong turnover
The comments came as HKEX posted record half-yearly profits and revenue on Wednesday. Net profit climbed 24% year over year to 10.57 billion Hong Kong dollars ($1.35 billion), beating analysts’ expectations.
“Market activity remained buoyant, supported by factors like sustained IPO momentum and growing interest from global issuers and investors,” HKEX said in its earnings release.
Chan noted that the exchange’s strength extends beyond IPOs to follow-on offerings, which stand at over $50 billion year to date, compared with $66 billion for the full year last year.
Global investors return
Investor interest in the Asian financial hub remains robust. Average daily turnover (ADT) in Hong Kong has reached HK$280 billion since the start of the year, versus HK$250 billion for all of 2025, according to Chan.
Chan said she is seeing “high quality investors” taking a renewed interest in the city’s markets, noting that cornerstone investors in IPOs have included sovereign wealth funds “from every corner of the world.”
Asked whether mainland Chinese money, international institutional investors, IPOs, or AI were driving liquidity into Hong Kong, Chan said it was coming from all those sources. She added that while Southbound trading turnover — flows from mainland China into Hong Kong — was largely stable, the rising overall ADT means “the rest of the world is trading more in our market.”
“Broadly speaking, I see more participation from institutional investors from around the world. Even regional retail investors have come to our market in meaningful volumes,” she said.
Source: www.cnbc.com — https://www.cnbc.com/2026/08/20/hong-kong-ipo-hkex-bonnie-chan-investors.html
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