Big Take Asia How China Is Bringing Hong Kong’s IPO Market Back to Life
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Aug 12, 2025 Dave Sebastian, who covers Asia's equity capital markets for Bloomberg from Hong Kong, discusses the resurgence of Hong Kong's IPO market after years of stagnation. He highlights that Chinese companies are increasingly turning to Hong Kong, raising nearly $17 billion this year. The revival is influenced by supportive government policies and investor confidence. Sebastian also delves into the geopolitical challenges impacting investment and the contrasting regulatory environments between Hong Kong and mainland China, underscoring the implications for global markets.
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Veteran Lawyer Recalls Quiet Years
- Will Tsai has nearly 20 years advising Hong Kong listings and worked on major Asia deals like City.com and Grab.
- He described past slow years where Hong Kong was quiet and travel was rare, illustrating the market lull's personal impact.
Hong Kong IPO Market Roars Back
- Hong Kong raised nearly $17 billion this year, about seven times last year's level, driven by big Chinese listings.
- The city is on track to be the world's top venue for listings and the busiest it's been in years.
Mydea Listing Sparked Confidence
- The Mydea Group IPO raised about $4.6 billion and served as a key confidence test for Hong Kong's market revival.
- Dave Sebastian says that deal injected confidence and was followed by Chinese stimulus that further buoyed listings.