Hong Kong, subscription subscriptions explode in H1-25, where China Inc.

Hong Kong lists were collected by $ 44 companies $ 13.6 billion in the first six months of 2025, which represents a quarter of a total donation in the world in the world
Main meals:
- Hong Kong led the world in subscriptions the subscriptions in the first half of the year at $ 13.6 billion in collecting new donations, as companies raised the subscriptions in New York by Chinese companies only $ 841 million
- Hong Kong has taken steps to attract Chinese companies to the city, as they avoid New York for the American -Chinese friction and face difficulties in narration in Shanghai and Shanz.
Hong Kong became the leading public subscription market in the world in the first half of 2025, as it represented a quarter of global donation collection from new lists, as Chinese companies thirsting for money in the city raced after a quiet period during the previous three years. The second lists in Hong Kong by Chinese companies listed in Shanghai and Sevshen were a major factor behind the Hong Kong Break, as these companies have sought to collect both global money and profiles.
Meanwhile, many Chinese companies that may have previously chosen to be largely included in New York this year this year amid severe geographic tensions between the United States and China. Only one Chinese company has achieved a large new American list in the first half of 2025, such as the milk tea series Tag CHA.US raised more than $ 400 million in public subscription in April. Until this was compensated by announcing a privatization offer for the electric car maker (EV) Zekr (Zk.us), which raised $ 441 million with the New York list just one year ago.
If these trends continue, which probably appear, 2025 will retain the best year for Hong Kong, subscriptions since 2021, and will be the second highest year for the year of subscription donations in the past decade.
PWC said in the first half of the year, or forty -four public subscriptions by companies in Hong Kong, raising $ 107.1 billion, Hong Kong ($ 13.6 billion) in the first half of the year, equivalent to seven times the amount collected in the first half of 2024. a report this week. in A similar report Released in June, Ernst & Young said that Hong Kong Writings of the Intabs represent 24 % of all donations collection from new lists around the world in the first half of the year.
Both reports stated that the momentum in Hong Kong is likely to continue in the second half of the year, as PWC prediction companies will bring more than $ 200 billion with new lists on the Hong Kong Stock Exchange in 2025.
While Hong Kong flourished, I noticed that the collection of donations by Chinese companies through American public subscriptions decreased by 62 % to 841 million dollars, even as the number of new lists increased by 44 % to 36 years. It showed that most of the huge offers from China, which are usually worth $ 100 million or more, and which are not more than in the United States.
This reflects the growing preference of Hong Kong, dating back during the past two years, China’s Securities Organization has agreed to 30 new lists by Chinese companies that seek to include them on the Hong Kong Stock Exchange in the first half of the year. This was more than twice the 12 companies that approved the list on the Nasdak Stock Exchange by the Chinese Securities Regulatory Committee (CSRC), which must agree to all these new external lists.
The CSRC pipeline for luxury applications abroad looks similar in terms of Hong Kong’s preference. Among the 183 requests currently under consideration by the organizer, 126 companies that they hope are included in Hong Kong, while only 42 seek to include them on the Nasdaq Stock Exchange. None of the applicants suspended on the Nasdaq Stock Exchange appointed a first -class investment bank, indicating that most or all of them will collect $ 20 million or less.
Everything about politics
There are several factors behind the Hong Kong boom, all of which are almost related to politics. The biggest factor that drives Chinese companies from the United States is increasingly tense between Beijing and Washington, where some American politicians indicate that all Chinese companies should be removed from the American stock exchanges.
China also plays a role because of its fears that large quantities of personal data and customers keep by Chinese companies can become accessible to the United States government if these companies are included in New York. Such concerns led to the forced deletion of the leading passenger participation company Deedy World From the New York Stock Exchange in 2021.
It is also possible that there will be similar concerns as a factor in the unconfirmed fate to include a great list by feeling fast online Shin. The company was originally aiming to include it in New York, but it abandoned this plan after facing the political opposite winds from Washington. Shin later moved her eyes to the public subscription in London. But she gave up this plan last month, according to what was reported by CSRC, which she wants to include the company in Hong Kong.
China has also fueled the companies’ rush to Hong Kong by reducing the number of new lists in its local markets in Shanghai and Shenzhen, in an attempt to support those markets. This reflects the weakest morale among local investors, the Shanghai compound index increased by only 6 % this year, behind a 23 % increase in the Hanging Singh Index in Hong Kong.
Hong Kong has seized American and Chinese political frictions, as well as the concerns and bodies of data security in China on the new public subscriptions in Shanghai and Shenzhen, by taking steps to make the stock market more attractive for new Chinese listing candidates. The Hong Kong Stock Exchange launched a technical channel for institutions in May, making it easier for biotechnology and biotechnology companies in the early stage. Last October, another new policy was published, making the easiest for Chinese companies with the lists of participating in Shanghai or Chentzin making subscriptions second subscriptions in Hong Kong, which is more open to international investors.
The largest public subscription in Hong Kong came in the first half of the year from one list of such such, such as EV Battery Giant Amprex Technology Co. Ltd. (3750.hk; 300750.sz) or CATL, raising about $ 4.6 billion through Hong Kong IPO to complete the oldest list in Church.
While Chagee was distinguished from its peers through the listing in the United States, the first half of 2025 was also noticeable in subscriptions, subscriptions by many of the largest competitors of the company in Hong Kong, led by the public subscription of $ 440 million by leading the distinguished tea series mix (2097.hk).
Gold menus were also common in the first half of the year, as the prices of precious metals to record highlands increased. This helps Gold Gold (6693.hk) for $ 419 million in public subscription in February. The same gold fever can also provoke another Mega list in the second half, after that Zijin mining (2899.hk) presentation From a preliminary bulletin this week, where it is appointed to rotate and listed separately Zijin Gold International lonliness.