Can China reclaim its IPO crown?
Hong Kong is hot. The mainland very much is not
One after another, blockbuster Chinese listings are coming to Hong Kong. In May Hengrui Pharmaceuticals, a drug manufacturer, and CATL, a battery-maker, sold $5.3bn-worth of shares between them. Seres, which makes electric vehicles, hopes to raise $2bn in the coming weeks. Shein, a fast-fashion firm, may abandon plans for an offering in London for one in Hong Kong. All told, in April more than 130 applications were under consideration by the local exchange, up from fewer than 60 at the start of 2024. On current trends, the city will be the world’s largest stock-debut venue this year.
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This article appeared in the Finance & economics section of the print edition under the headline “China’s IPO contest”
Finance & economics
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From the June 21st 2025 edition
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