This is part of a series on the global impact of SpaceX’s historic IPO, tracing how mainland Chinese investors’ strategies, the Hong Kong market and wider capital flows are being reshaped by Elon Musk’s trillion‑dollar rocket gamble.While the world witnesses a new fundraising record in the coming listing of SpaceX – and the emergence of its CEO Elon Musk as the first-ever trillionaire – Hong Kong stocks face a critical liquidity test, as market enthusiasm reshapes fund flows and recalibrates investor portfolios.The initial public offering (IPO) of Musk’s darling, which grossed US$75 billion in the US, could add to a slew of headwinds for the third-largest market in Asia, from US monetary tightening to sluggish corporate earnings growth, analysts warned.Hong Kong’s market, which will see the end of selling restrictions on shares worth HK$760 billion (US$97 billion) in the third quarter, has no curbs on fund flows for global investors, leaving it vulnerable to overseas news headlines. It is capitalised at US$7 trillion after mainland China and Japan in the Asia-Pacific region.“Historical experience also suggests markets can experience some weakness ahead of large IPOs as investors raise cash,” said Rahul Ghosh, a portfolio specialist for global equities at US asset-management firm T. Rowe Price.Overseas traders could sell Hong Kong stocks to fund participation in the SpaceX IPO or to buy into the stock after its listing, Ghosh said, though he said such pressure often proved temporary.