The main trends in the IPO market this year are “A+H listings” and company listings through Chapters 18A and 18C of the Listing Rules, said Johnson Chui, Managing Director, Head of Global Issuer Services at HKEX (00388.HK)  +8.200 (+2.283%)    Short selling $423.78M; Ratio 10.581%   . Overall, the major trends include new economy, artificial intelligence, new energy and technology unicorns.

Chui expressed hope to help more overseas listed companies return to Hong Kong for listing, and that there were two main categories of overseas listed companies that he had been approaching: Chinese ADRs (American Depositary Receipts) that were listed in the U.S. and then returned to Hong Kong for listing, and overseas companies that were already listed on international exchanges.

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He pointed out that what Hong Kong could offer was a complementary listing platform, an international investor base, interconnectedness, and longer trading hours for shares on any given day.

He also mentioned that market liquidity is one of the most important concerns of issuers and investors. In addition to active one-day trading and a bustling IPO market, the follow-on issuance market is even more active, with more than US$18 billion raised in 1Q25, a 20-fold upsurge YoY, including a US$5.6 billion placing by BYD COMPANY (01211.HK)  -1.400 (-0.364%)    Short selling $1.07B; Ratio 27.123%   , and a US$5.5 billion financing by XIAOMI-W (01810.HK)  -1.150 (-2.231%)    Short selling $1.01B; Ratio 10.400%   , plus BIDU-SW (09888.HK)  +0.650 (+0.740%)    Short selling $214.91M; Ratio 31.869%   's US$2 billion convertible bond issue.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-05-06 16:25.)