HKEX CEO Bonnie Chan says geopolitics and economic uncertainty may dim IPO outlook

Hong Kong Exchanges and Clearing (HKEX) CEO Bonnie Chan Yiting cautioned that the fundraising bonanza in the city, which leads the global initial public offering (IPO) rankings this year, could slow down amid geopolitical and economic risks.

“I would say that we need to be very conscious that the world is still under a lot of stress geopolitically and macroeconomically,” she said at the Bund Summit financial forum in Shanghai on Thursday. “I think it’s too early [for the HKEX] to claim victory.”

Chan issued the warning despite a strong pipeline of more than 300 companies waiting to list on the Hong Kong stock exchange, home to the world’s two largest share sales – Contemporary Amperex Technology (CATL) and Zijin Gold International – this year.

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CATL’s IPO in May netted US$5.3 billion, making it the world’s largest. It was followed by Zijin’s HK$24.98 billion (US$3.2 billion) fundraising last month.

Chan said the HKEX would also bolster fixed-income products to diversify its offerings and revenue sources.

HKEX CEO Bonnie Chan told the Bund Summit in Shanghai on Thursday that half of the listing applicants were “new economy” companies engaged in sectors like electric vehicles, biotechnology and AI. Photo: Jonathan Wong alt=HKEX CEO Bonnie Chan told the Bund Summit in Shanghai on Thursday that half of the listing applicants were “new economy” companies engaged in sectors like electric vehicles, biotechnology and AI. Photo: Jonathan Wong>

A tariff truce between the US and China, the world’s two largest economies, is due to expire on November 10. Earlier this month, US President Donald Trump threatened to impose an additional 100 per cent tariff on all Chinese-made goods after Beijing tightened controls on exports of rare earth minerals.

The HKEX, together with the market regulator Securities and Futures Commission, has rolled out a raft of reforms to simplify and ease the listing process, with the goal of attracting more international firms, investors and specialised technology companies to raise funds in the city.

Their efforts effectively propelled the exchange to the top of global IPO rankings in the first nine months of the year, with 66 companies raising US$23.27 billion on HKEX’s main board – a 220 per cent increase from a year earlier, according to data from the London Stock Exchange Group. The exchange is now poised to reclaim the world’s annual IPO crown in 2025, with more than 300 companies in the listing pipeline.

The benchmark Hang Seng Index has gained nearly 30 per cent this year, driven mainly by news of artificial intelligence breakthroughs in mainland China and technology stocks as both domestic investors and long-term international investors returned to bet on Chinese assets.

The daily trading volume on the Hong Kong stock exchange averaged HK$256.4 billion in the first nine months of this year, an increase of 126 per cent year on year.

Chan told the Bund Summit that half of the listing applicants were “new economy” companies engaged in sectors like electric vehicles, biotechnology and AI.

Chan said that the HKEX would offer investors and companies what they need to consolidate Hong Kong’s role as a “superconnector” between the mainland and the international markets.

Aside from equity financing, debt financing and commodity trading would also be developed as the HKEX sought to diversify businesses and create a multi-asset platform, she added.

Additional reporting by Aileen Chuang

This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP’s Facebook and Twitter pages. Copyright © 2025 South China Morning Post Publishers Ltd. All rights reserved.

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