Hong Kong's IPOs totalled US$35.6 billion so far this year, third globally behind Nasdaq's US$60.9 billion and the US$43.7 billion on the New York Stock Exchange (NYSE), according to Refinitiv's data. The instruction last month by the Chinese President Xi Jinping to establish a new bourse in Beijing will offer a listing venue for innovative small and medium enterprises, potentially competing with Hong Kong's growth enterprises market (GEM). However, the pace remains much slower than a year earlier, when the bourses, along with Shanghai's Star Market, hosted a combined 54 debuts. Mainland China's bourses have primarily benefited from the regulatory upheaval, with the Shanghai and Shenzen stock exchanges receiving a dozen new listings this month between them. Ximalaya and Hong Kong logistics start-up Lalamove are among several firms who have already shifted or are considering moving their listings to Hong Kong as a result. EoGihzKTDNĬhinese lifestyle platform Xiaohongshu, e-commerce platform Meicai, medical data solutions provider LinkDoc Technology and the fitness app Keep are among the firms that have delayed or scrapped listing plans in the US in recent months. I believe that China-based companies that want to raise capital from American investors should disclose more of the information we need to make informed investment decisions.

The city's bourse also is on pace to triple the pace of debuts by pre-revenue biotechnology companies this year, with 29 new listing applications in the pipeline. As part of their clampdown, Chinese regulators introduced new rules to review all overseas listings by firms who hold the personal data of 1 million or more Chinese people.Īdded together, the moves are pausing the plans of dozens of Chinese firms who have filed to go public in the United States this year, causing some of them to consider listing in Hong Kong to access global capital. The company, which dominates China's ride-hailing market, reportedly pushed forward with the biggest IPO by a Chinese company in the US since 2014 before Beijing regulators completed a data security assessment, prompting a deeper review by China's top cybersecurity regulator. Top Glove, the world's biggest rubber glove maker, is expected to renew its plan to list in Hong Kong.ĭo you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. China's largest artificial intelligence company SenseTime Group and 58 Freight, the operator of Hong Kong's GoGoX, filed in August.

They are among nearly a dozen firms who have filed paperwork to go public in the city since the beginning of September.

Ximalaya, China's biggest podcasting platform backed by Tencent Holdings, and Xintiandi, the Shanghai commercial property assets of tycoon Vincent Lo Hong sui's Shui On Land, both filed to list in Hong Kong. Hong Kong's pipeline for initial public offerings (IPOs) is starting to fill up as more companies emerged from the summer lull to file their listing plans, potentially helping the city catch up with New York in the global race for fundraising.

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