August 12, 2025 • 14 mins
After a years-long slump, Hong Kong’s IPO market is roaring back to life, thanks to a growing number of Chinese companies that are raising billions of dollars in the city.
On today’s Big Take Asia Podcast, host K. Oanh Ha and Bloomberg’s Dave Sebastian explore how China is transforming the financial hub into a key funding engine for mainland firms— and the risks this poses for banks on Wall Street and beyond.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Bloomberg Audio Studios, podcasts, radio news.
Speaker 2 (00:09):
Hello, Hi there, Will, it's Juan. How are you pretty good?
Speaker 1 (00:13):
Pretty good?
Speaker 2 (00:14):
It's great to check. Will. Si is a partner at Kooley,
one of the biggest law firms helping private companies looking
to go public. He's been advising firms on their public
listings in Hong Kong for almost twenty years.
Speaker 3 (00:26):
In the past, I welcome CDI dot Cong grab those
Asia companies.
Speaker 2 (00:32):
Si was involved in some of Hong Kong's biggest IPOs
during the financial hubs wild Heydays. But until recently, the
city's IPO market was in the doldrums. You had COVID
lockdown's geopolitical tensions and China's economic slowdown. All of that
stalled company listings on the Hong Kong Stock Exchange two.
Speaker 3 (00:52):
Yes, Hong Kong was quiet, nobody buying anything. You could
go home and it's six pm and in travel maybe
once twice a month.
Speaker 2 (01:01):
But since last fall things started to shift. Hong Kong's
IPO market has raised nearly seventeen billion dollars this year,
about seven times more than the same period last year.
The city is expected to end the year as the
world's top venue for listings.
Speaker 3 (01:18):
Right now, you'll travel every week. The six dollars a
walking day became eighteen dollars a walking day now.
Speaker 2 (01:26):
And that's been an upbeat note for Hong Kong's finance industry.
Speaker 1 (01:30):
The busier these people are certainly the busier the markets are,
and that's also been reflected into my own workload, to
be honest.
Speaker 2 (01:38):
Dave Sebastian covers Asia's equity capital markets for Bloomberg from
Hong Kong.
Speaker 1 (01:43):
We're definitely seeing a rebound in the markets in Hong Kong.
The most prominent deal so far this year is the
five point two billion dollar listing of CTL the Evy
battery Gient, which is the biggest listing in the world
this year. That happened in May, and that was such
a watershed moment for Hong Kong's cable markets this year.
(02:06):
So we're currently at sixteen point five billion dollars and
IPO proceeds in Hong Kong. That's shaping up to be
the highest in four years. And what we're seeing right
now is a rebound in Hong Kong's kind of markets
with Chinese companies raising funds and with the support of
(02:27):
Beijing itself.
Speaker 2 (02:35):
This is the Big Take Asia from Bloomberg News. I'm Wanha.
Every week we take you inside some of the world's
biggest and most powerful economies and the markets, tycoons, and
businesses that drive this ever shifting region. Today in the
show the Rebound of Hong Kong's IPO market, how China
is turning the city into a funding engine for mainland
(02:57):
Chinese firms, and what I'm Made in China recovery could
mean for Wall Street banks and beyond. The City of
Hong Kong, our home base, is known for its great food,
towering skyscrapers, and a mix of cultures. Hong Kong was
a British colony for more than one hundred and fifty years,
(03:19):
and it became a bustling financial center. Banks and foreign
investors flock here, eager to capitalize on its strategic location
as a bridge between China and the rest of the world.
Speaker 1 (03:31):
Hong Kong has always been a prominent capitol hub, even
before China took back control of it back in nineteen
ninety seven. Global companies would come to Hong Kong to
access China from here, like the likes of Prada and Samsoni.
They would list here because much of their revenues, or
a chunk of their revenues at least came from Chinese customers.
Speaker 2 (03:54):
Bloomberg's Dave Sebastian says. After the handover of Hong Kong
to China in nineteen ninety seven, the city faced daunting challenges.
There was the Asian financial crisis in the late nineties
and the global financial meltdown in two thousand and eight,
but for the most part, Hong Kong continued to be
a gateway for global firms wanting to get in on
the action in mainland China.
Speaker 1 (04:19):
Over time, that dynamic has changed, like Chinese companies are
now trying to tap into the global cup of markets
through Hong Kong.
Speaker 2 (04:27):
And how is Hong Kong different from the stock markets
in China.
Speaker 1 (04:32):
It's a free market in Hong Kong compared to mainland
Chinese exchanges where there are capital controls and mailand China
companies could only raise the C and y, whereas in
Hong Kong, these companies can raise Hong Kong dollars, which
is paged to the US dollar, and that allows them
to convert them into various our currencies and raise funds
(04:52):
to expand globally.
Speaker 2 (04:54):
So to recap. While Hong Kong is a Chinese territory,
it has its own financial and mind monetary systems and
generally looser controls. It's dollar pegged currency and access to
global markets like the US attracted Chinese banks and tech
giants like Ali Baba ANDJD dot Com. But in twenty
twenty investors got a warning that the party might not
(05:17):
last forever.
Speaker 1 (05:18):
China putting the brakes on the world's biggest IPR and
groups listing in both Shanghai and Hong Kong have been
suspended the Shanghai Exchange. Back in twenty twenty, and group
tried to list here in Hong Kong and what would
have been the biggest IPO ever in the world. People
were really really looking forward to it. When the IPO
(05:39):
was scrapped last minute, people were wondering, you know what happened.
It eventually turned out that it was because of Beijing's
orders that the company was not allowed essentially to list
here in Hong Kong and Echau High.
Speaker 2 (05:53):
And about a year and a half later, in June
twenty twenty two, d D, the Chinese ride share company,
listed from the New York stock exchange under pressure from Beijing.
Speaker 1 (06:04):
Ever since, people sort of took those two instances as
a signal that China was cracking down on private enterprise,
and that was evident through the slump that followed after that.
So twenty twenty two, twenty thirty three especially, those were
bad years were bankers and cap of markets because suddenly
after this deal bonanza, twenty and twenty twenty one especially,
(06:28):
deals were very hard to come by.
Speaker 2 (06:32):
On top of that, COVID lockdowns and escalating tensions between
Beijing and Washington added to Hong Kong's IPO winter. But
late last year, bankers and investors saw a glimmer of hope.
Speaker 1 (06:46):
It started with the listing of this appliance maker called
my Da Group. It raised about four point six billion
dollars and that was the biggest first time share sale
in years really in Hong Kong. That really was the
first true test of having a deal of this size
come to market, and that injected confidence. And then shortly
(07:09):
after China came out with stimulus measures to encourage consumption,
and that further boosted confidence into the market.
Speaker 2 (07:17):
But most importantly, this IPO boom in Hong Kong comes
with Beijing's stamp of approval.
Speaker 1 (07:24):
They're actually encouraging listings in Hong Kong. So that's actually
a big part as to why this share sale boom
is happening. It's happening because Beijing is on board. And
that was also the reason why share sales didn't go
through in the past two years. That was because Beijing
actually was still trying to assess us to how they
(07:46):
were to proceed after and DD and So, just to
take a step back here, back in twenty twenty three,
a new set of rules came out from China Securities
regulator basically asking Chinese companies that are trying to raise
funds overseas to get its green light first, so they
formalize this process, whereas back when DD and and tried
(08:08):
to list there was no such formal process.
Speaker 2 (08:11):
For the need to get a green light.
Speaker 1 (08:12):
Then no. Yeah, so that's probably why these deals, after
so much preparation, pulled last minute. Fast forward to now
we're starting to see companies get approvals and bankers are
telling us that some of these companies are getting approvals fast. However,
it's not really across a board. Beijing certainly, you know,
(08:33):
favors certain types of companies more than others, and what
we've seen so far this year is that they're proving
more listings of companies that have already been listed in
mainland China to raise funds here through first time shared sales.
Speaker 2 (08:49):
Listings in Hong Kong have raised about seventeen billion dollars
this year, the most since twenty twenty one. That's created
a boom for banks in the city, which have more
than two one hundred IPOs waiting in the pipeline, but
it's also raised the risk of a pushback from Washington,
where lawmakers are increasingly questioning where Hong Kong ends and
(09:10):
China begins. That's after the break Hong Kong has been
an international launch pad for some of China's biggest and
brightest companies this year. Take ctl the Battery Giant listed
(09:33):
here in May, raising more than five billion dollars. Show Me,
which makes everything from smartphones to electric vehicles, raised about
five and a half billion dollars from a share sale
in March. Bloomberg's Dave Sebastian says the bulk of these
blockbuster IPOs all have one thing in common.
Speaker 1 (09:52):
These companies are companies that I've already listed in mail
in China, and they're pursuing an underlisting here in Hong Kong.
And these are what the bankers and investors and the
companies call A to H listings. They're called A to
H because stock listed in mainland China are called A shares,
whereas the ones listed in Hong Kong are called H shares.
(10:14):
More than two thirds of the listing volumes in Hong
Kong have come from these types of companies. It's definitely
the highest it's been in a while. And this is
much more compared to the past few years. For example,
last year, these types of listings like these A to
H listings accounted for just about half of the proceeds.
(10:35):
In twenty twenty three, these listings just accounted for barely
two percent of the total volumes.
Speaker 2 (10:43):
These A to H listings are turning Hong Kong into
a funding engine from mainland firms, and some analysts are
worried that this rebound driven by Chinese companies could spark
interference from Washington.
Speaker 1 (10:57):
Take SATL, which is the biggest listing in the world
this year, that deal has been screw denized so closely
by US politicians leading up to catl's listing. One House
committee in the US basically wrote letters to JP Morgan
and Meg of America to withdraw from their roles in
(11:18):
these listings because of the alleged military links that CTL
has in China, which the company has denied. Despite that,
JP Morgan and Meg of America still went on with
their roles in this listing, and that just shows that
global banks are still keen to pounds on this growth
(11:40):
in share sales and the Chinese market.
Speaker 2 (11:43):
JP Morgan CEO Jamie Diamond defended the bank's decision to
work on the CATL listing. He spoke to Bloomberg on
the sidelines of a company summit back.
Speaker 4 (11:52):
In the man No, the government did not sanction CATL.
There are legitimate issues around national security. We and other
investment banks a lot of due diligence are around all
the issues that people raised, and I'm sure I'll be
criticized about that too, But if we thought it was wrong, we.
Speaker 1 (12:09):
Wouldn't do it.
Speaker 2 (12:10):
Now following the c ATL scrutiny, do you think there
would be more hurdles for banks, especially Wall Street firms
working on upcoming IPO listings here in Hong Kong?
Speaker 1 (12:21):
Certainly and there's scrutiny that they're getting from the US
is increasing. So after the listing of c ATL, Bank
of America and JB. Morgan got some peanuts from the
same committee that wrote them letters because these banks still
went ahead.
Speaker 2 (12:38):
Now, Dave, what's the market saying about whether this rebound
will last?
Speaker 1 (12:43):
So certainly the bankers are telling us that they're as
optimistic as they could be for the path forward. We're
still seeing a list of billion dollar deals that haven't
gone through yet. But even though we're seeing arise in
the share sales, they quesson I'm getting from our sources
is somewhat more measured compared to the bull market back then.
(13:07):
And this has also partly been driven by China's own
approvals in these companies. Again, like none of these listings
could have happened without China's own approvals. So in a way,
they're also filtering it from their end, letting which companies
they'd like to go through.
Speaker 2 (13:25):
Where does that leave Hong Kong?
Speaker 1 (13:27):
Where does leave Hong Kong? If anything, this rebound in
share sales cements Hong Kong's role as China's global cover markets.
Hong Kong used to be a bridge into China for
these mult national companies to tap into the Chinese market.
And now Chinese firms are setting their sites on the
markets globally, and so they need Hong Kong as that
(13:50):
bridge to get Ford investor money to raise funds, and
that's increasingly how Beijing sees it as well.
Speaker 2 (14:08):
This is The Big Take Asia from Bloomberg News. I'm wanha.
To get more from The Big Take and unlimited access
to all of Bloomberg dot Com, subscribe today at Bloomberg
dot com slash podcast Offer. If you like the episode,
make sure to subscribe and review The Big Take Asia
wherever you listen to podcasts. It really helps people find
the show. Thanks for listening, See you next time.
Bloomberg Audio Studios, podcasts, radio news.
Speaker 2 (00:09):
Hello, Hi there, Will, it's Juan. How are you pretty good?
Speaker 1 (00:13):
Pretty good?
Speaker 2 (00:14):
It's great to check. Will. Si is a partner at Kooley,
one of the biggest law firms helping private companies looking
to go public. He's been advising firms on their public
listings in Hong Kong for almost twenty years.
Speaker 3 (00:26):
In the past, I welcome CDI dot Cong grab those
Asia companies.
Speaker 2 (00:32):
Si was involved in some of Hong Kong's biggest IPOs
during the financial hubs wild Heydays. But until recently, the
city's IPO market was in the doldrums. You had COVID
lockdown's geopolitical tensions and China's economic slowdown. All of that
stalled company listings on the Hong Kong Stock Exchange two.
Speaker 3 (00:52):
Yes, Hong Kong was quiet, nobody buying anything. You could
go home and it's six pm and in travel maybe
once twice a month.
Speaker 2 (01:01):
But since last fall things started to shift. Hong Kong's
IPO market has raised nearly seventeen billion dollars this year,
about seven times more than the same period last year.
The city is expected to end the year as the
world's top venue for listings.
Speaker 3 (01:18):
Right now, you'll travel every week. The six dollars a
walking day became eighteen dollars a walking day now.
Speaker 2 (01:26):
And that's been an upbeat note for Hong Kong's finance industry.
Speaker 1 (01:30):
The busier these people are certainly the busier the markets are,
and that's also been reflected into my own workload, to
be honest.
Speaker 2 (01:38):
Dave Sebastian covers Asia's equity capital markets for Bloomberg from
Hong Kong.
Speaker 1 (01:43):
We're definitely seeing a rebound in the markets in Hong Kong.
The most prominent deal so far this year is the
five point two billion dollar listing of CTL the Evy
battery Gient, which is the biggest listing in the world
this year. That happened in May, and that was such
a watershed moment for Hong Kong's cable markets this year.
(02:06):
So we're currently at sixteen point five billion dollars and
IPO proceeds in Hong Kong. That's shaping up to be
the highest in four years. And what we're seeing right
now is a rebound in Hong Kong's kind of markets
with Chinese companies raising funds and with the support of
(02:27):
Beijing itself.
Speaker 2 (02:35):
This is the Big Take Asia from Bloomberg News. I'm Wanha.
Every week we take you inside some of the world's
biggest and most powerful economies and the markets, tycoons, and
businesses that drive this ever shifting region. Today in the
show the Rebound of Hong Kong's IPO market, how China
is turning the city into a funding engine for mainland
(02:57):
Chinese firms, and what I'm Made in China recovery could
mean for Wall Street banks and beyond. The City of
Hong Kong, our home base, is known for its great food,
towering skyscrapers, and a mix of cultures. Hong Kong was
a British colony for more than one hundred and fifty years,
(03:19):
and it became a bustling financial center. Banks and foreign
investors flock here, eager to capitalize on its strategic location
as a bridge between China and the rest of the world.
Speaker 1 (03:31):
Hong Kong has always been a prominent capitol hub, even
before China took back control of it back in nineteen
ninety seven. Global companies would come to Hong Kong to
access China from here, like the likes of Prada and Samsoni.
They would list here because much of their revenues, or
a chunk of their revenues at least came from Chinese customers.
Speaker 2 (03:54):
Bloomberg's Dave Sebastian says. After the handover of Hong Kong
to China in nineteen ninety seven, the city faced daunting challenges.
There was the Asian financial crisis in the late nineties
and the global financial meltdown in two thousand and eight,
but for the most part, Hong Kong continued to be
a gateway for global firms wanting to get in on
the action in mainland China.
Speaker 1 (04:19):
Over time, that dynamic has changed, like Chinese companies are
now trying to tap into the global cup of markets
through Hong Kong.
Speaker 2 (04:27):
And how is Hong Kong different from the stock markets
in China.
Speaker 1 (04:32):
It's a free market in Hong Kong compared to mainland
Chinese exchanges where there are capital controls and mailand China
companies could only raise the C and y, whereas in
Hong Kong, these companies can raise Hong Kong dollars, which
is paged to the US dollar, and that allows them
to convert them into various our currencies and raise funds
(04:52):
to expand globally.
Speaker 2 (04:54):
So to recap. While Hong Kong is a Chinese territory,
it has its own financial and mind monetary systems and
generally looser controls. It's dollar pegged currency and access to
global markets like the US attracted Chinese banks and tech
giants like Ali Baba ANDJD dot Com. But in twenty
twenty investors got a warning that the party might not
(05:17):
last forever.
Speaker 1 (05:18):
China putting the brakes on the world's biggest IPR and
groups listing in both Shanghai and Hong Kong have been
suspended the Shanghai Exchange. Back in twenty twenty, and group
tried to list here in Hong Kong and what would
have been the biggest IPO ever in the world. People
were really really looking forward to it. When the IPO
(05:39):
was scrapped last minute, people were wondering, you know what happened.
It eventually turned out that it was because of Beijing's
orders that the company was not allowed essentially to list
here in Hong Kong and Echau High.
Speaker 2 (05:53):
And about a year and a half later, in June
twenty twenty two, d D, the Chinese ride share company,
listed from the New York stock exchange under pressure from Beijing.
Speaker 1 (06:04):
Ever since, people sort of took those two instances as
a signal that China was cracking down on private enterprise,
and that was evident through the slump that followed after that.
So twenty twenty two, twenty thirty three especially, those were
bad years were bankers and cap of markets because suddenly
after this deal bonanza, twenty and twenty twenty one especially,
(06:28):
deals were very hard to come by.
Speaker 2 (06:32):
On top of that, COVID lockdowns and escalating tensions between
Beijing and Washington added to Hong Kong's IPO winter. But
late last year, bankers and investors saw a glimmer of hope.
Speaker 1 (06:46):
It started with the listing of this appliance maker called
my Da Group. It raised about four point six billion
dollars and that was the biggest first time share sale
in years really in Hong Kong. That really was the
first true test of having a deal of this size
come to market, and that injected confidence. And then shortly
(07:09):
after China came out with stimulus measures to encourage consumption,
and that further boosted confidence into the market.
Speaker 2 (07:17):
But most importantly, this IPO boom in Hong Kong comes
with Beijing's stamp of approval.
Speaker 1 (07:24):
They're actually encouraging listings in Hong Kong. So that's actually
a big part as to why this share sale boom
is happening. It's happening because Beijing is on board. And
that was also the reason why share sales didn't go
through in the past two years. That was because Beijing
actually was still trying to assess us to how they
(07:46):
were to proceed after and DD and So, just to
take a step back here, back in twenty twenty three,
a new set of rules came out from China Securities
regulator basically asking Chinese companies that are trying to raise
funds overseas to get its green light first, so they
formalize this process, whereas back when DD and and tried
(08:08):
to list there was no such formal process.
Speaker 2 (08:11):
For the need to get a green light.
Speaker 1 (08:12):
Then no. Yeah, so that's probably why these deals, after
so much preparation, pulled last minute. Fast forward to now
we're starting to see companies get approvals and bankers are
telling us that some of these companies are getting approvals fast. However,
it's not really across a board. Beijing certainly, you know,
(08:33):
favors certain types of companies more than others, and what
we've seen so far this year is that they're proving
more listings of companies that have already been listed in
mainland China to raise funds here through first time shared sales.
Speaker 2 (08:49):
Listings in Hong Kong have raised about seventeen billion dollars
this year, the most since twenty twenty one. That's created
a boom for banks in the city, which have more
than two one hundred IPOs waiting in the pipeline, but
it's also raised the risk of a pushback from Washington,
where lawmakers are increasingly questioning where Hong Kong ends and
(09:10):
China begins. That's after the break Hong Kong has been
an international launch pad for some of China's biggest and
brightest companies this year. Take ctl the Battery Giant listed
(09:33):
here in May, raising more than five billion dollars. Show Me,
which makes everything from smartphones to electric vehicles, raised about
five and a half billion dollars from a share sale
in March. Bloomberg's Dave Sebastian says the bulk of these
blockbuster IPOs all have one thing in common.
Speaker 1 (09:52):
These companies are companies that I've already listed in mail
in China, and they're pursuing an underlisting here in Hong Kong.
And these are what the bankers and investors and the
companies call A to H listings. They're called A to
H because stock listed in mainland China are called A shares,
whereas the ones listed in Hong Kong are called H shares.
(10:14):
More than two thirds of the listing volumes in Hong
Kong have come from these types of companies. It's definitely
the highest it's been in a while. And this is
much more compared to the past few years. For example,
last year, these types of listings like these A to
H listings accounted for just about half of the proceeds.
(10:35):
In twenty twenty three, these listings just accounted for barely
two percent of the total volumes.
Speaker 2 (10:43):
These A to H listings are turning Hong Kong into
a funding engine from mainland firms, and some analysts are
worried that this rebound driven by Chinese companies could spark
interference from Washington.
Speaker 1 (10:57):
Take SATL, which is the biggest listing in the world
this year, that deal has been screw denized so closely
by US politicians leading up to catl's listing. One House
committee in the US basically wrote letters to JP Morgan
and Meg of America to withdraw from their roles in
(11:18):
these listings because of the alleged military links that CTL
has in China, which the company has denied. Despite that,
JP Morgan and Meg of America still went on with
their roles in this listing, and that just shows that
global banks are still keen to pounds on this growth
(11:40):
in share sales and the Chinese market.
Speaker 2 (11:43):
JP Morgan CEO Jamie Diamond defended the bank's decision to
work on the CATL listing. He spoke to Bloomberg on
the sidelines of a company summit back.
Speaker 4 (11:52):
In the man No, the government did not sanction CATL.
There are legitimate issues around national security. We and other
investment banks a lot of due diligence are around all
the issues that people raised, and I'm sure I'll be
criticized about that too, But if we thought it was wrong, we.
Speaker 1 (12:09):
Wouldn't do it.
Speaker 2 (12:10):
Now following the c ATL scrutiny, do you think there
would be more hurdles for banks, especially Wall Street firms
working on upcoming IPO listings here in Hong Kong?
Speaker 1 (12:21):
Certainly and there's scrutiny that they're getting from the US
is increasing. So after the listing of c ATL, Bank
of America and JB. Morgan got some peanuts from the
same committee that wrote them letters because these banks still
went ahead.
Speaker 2 (12:38):
Now, Dave, what's the market saying about whether this rebound
will last?
Speaker 1 (12:43):
So certainly the bankers are telling us that they're as
optimistic as they could be for the path forward. We're
still seeing a list of billion dollar deals that haven't
gone through yet. But even though we're seeing arise in
the share sales, they quesson I'm getting from our sources
is somewhat more measured compared to the bull market back then.
(13:07):
And this has also partly been driven by China's own
approvals in these companies. Again, like none of these listings
could have happened without China's own approvals. So in a way,
they're also filtering it from their end, letting which companies
they'd like to go through.
Speaker 2 (13:25):
Where does that leave Hong Kong?
Speaker 1 (13:27):
Where does leave Hong Kong? If anything, this rebound in
share sales cements Hong Kong's role as China's global cover markets.
Hong Kong used to be a bridge into China for
these mult national companies to tap into the Chinese market.
And now Chinese firms are setting their sites on the
markets globally, and so they need Hong Kong as that
(13:50):
bridge to get Ford investor money to raise funds, and
that's increasingly how Beijing sees it as well.
Speaker 2 (14:08):
This is The Big Take Asia from Bloomberg News. I'm wanha.
To get more from The Big Take and unlimited access
to all of Bloomberg dot Com, subscribe today at Bloomberg
dot com slash podcast Offer. If you like the episode,
make sure to subscribe and review The Big Take Asia
wherever you listen to podcasts. It really helps people find
the show. Thanks for listening, See you next time.
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