46 Chinese companies raised US$16.5 billion via IPOs in Hong Kong so far this year, compared with 16 listings that raised US$740.9 million in the US
In the first of a two-part series about Hong Kong’s market for initial public offerings, Zhang Shidong and Ao Yulu report that more Chinese companies opted to list in Hong Kong in the first eight months of 2025 than in New York.
Hong Kong has overtaken the US as the new listing venue for Chinese companies, marking a major milestone for the world’s fourth-largest capital market after a decade of betting on its growth in its much larger and stronger hinterland.
By comparison, new listings in the US have risen by an average of 3.6 per cent over the same period, according to calculations by the Post. After the typical excitement of the first days of trading, those shares have since returned an average of 5.5 per cent.
Many US investors, from institutional funds to retail investors, are also steering clear of Chinese stocks listed in New York due to pressure from conservative lawmakers who harangue against providing funds for China. An executive order signed by US President Donald Trump during his first term to “address the threat from securities investments that finance Communist Chinese military companies” was absorbed by his successor into a broader order that included surveillance companies. Those orders remain in effect.
