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As global investors' expectations rebounded in the first half (H1) of this year, growing numbers of companies raised funds through the stock market of China's Hong Kong Special Administrative Region (HKSAR), consolidating its position as a global leader in financing, according to Hong Kong Exchanges and Clearing Ltd. (HKEX). HKEX owns the Stock Exchange of Hong Kong Ltd. (SEHK), the region's stock exchange.

In the first six months, total funds raised through initial public offerings (IPOs) on SEHK reached $14.1 billion, a 695-percent year-on-year increase from the same period in 2024, HKEX said. Notably, this figure exceeded the full-year totals of 2022 to 2024.

Additionally, the Hang Seng Index, which tracks the 50 largest and most liquid stocks listed on the Main Board of SEHK, surged by 20 percent in H1, making it one of the best-performing major indices worldwide.

HKEX attributed the strong market performance to blockbuster listings. The Chinese battery giant Contemporary Amperex Technology Co. Ltd. (CATL) made its debut on SEHK on May 20, raising HK$35.3 billion ($4.4 billion), making it the world's largest IPO so far this year. Its overseas cornerstone investors include UBS Asset Management, the investment management business of Swiss banking giant UBS, U.S.-based Oaktree Capital Management, and Royal Bank of Canada. Cornerstone investors, or anchor investors, are investors who commit to buying shares in an IPO at the offer price before the market launch. They are usually brought into the IPO process before the formal book-building process starts.

CATL's listing was completed in just over three months thanks to a fast-track listing program offered by the HKEX, half the average processing time.

International confidence in the U.S. dollar and U.S. Treasury bonds has wavered amid growing uncertainty, leading to recent fund inflows to HKEX and making it a safe haven for funds, Paul Chan, Financial Secretary of the HKSAR Government, told the 2025 Caixin Summer Summit, hosted by Beijing-based Caixin Media, on June 13.

The influx of international capital has greatly boosted the economic growth outlook for both Hong Kong and the Chinese mainland. The Hong Kong dollar will maintain its peg to the U.S. dollar to provide a trustworthy environment for funds to flow without impediment, Chan added.

A financial center

In recent years, the China Securities Regulatory Commission, the country's top securities watchdog, has been improving the cross-boundary investment channels between SEHK and the mainland stock exchanges in Shanghai and Shenzhen, Guangdong Province. It has introduced measures including incorporating yuan-denominated stocks into trading on the SEHK, supporting leading enterprises based in the Chinese mainland to be listed on the SEHK and streamlining overseas listing procedures.

Through these measures, Hong Kong is transforming into the primary gateway channeling global investment into the Chinese mainland. According to the HKSAR Government, total foreign investment in Chinese mainland bonds made via Hong Kong exceeded 3.73 trillion yuan ($520 billion) in the first four months of this year.

Chan emphasized that Hong Kong provides certainties for multilateral trade in today's turbulent world, with the One Country, Two Systems framework, its status as a free port, its common law system and freely convertible currency.

Alpha Lau Hai-suen, Director General of Investment Promotion at Invest Hong Kong (InvestHK), an HKSAR government department responsible for inbound direct investment, said in an interview with Beijing-based Caijing magazine that Hong Kong has been supporting companies from the Chinese mainland in global expansion, while also facilitating the entry of overseas enterprises. Since the inception of InvestHK in 2000, enterprises based in the Chinese mainland have accounted for the largest share of companies establishing operations in Hong Kong.

HKEX provides mechanisms including Bond Connect, which links the mainland and Hong Kong bond markets, and Swap Connect, which is an interest rate swap market access scheme, for overseas investors to explore the Chinese mainland stock market, facilitating cross-border fund flows. Around 60 to 70 percent of inbound and outbound funds of the Chinese mainland are channeled through Hong Kong, Lau said. According to the HKEX, international capital flows into the Chinese mainland's onshore bond market have grown markedly in recent years, particularly via Bond Connect. Swap Connect provides a channel for effective risk management, supporting the international participation in the onshore bond market.

InvestHK has established 35 global offices, boosting investment from Southeast Asian countries including Indonesia and Malaysia, while promoting Chinese investment toward emerging markets including Eastern European and Latin American countries.

International investors prefer investing through Hong Kong to navigate the vast market of the Chinese mainland to avoid language barriers. Firms that have developed business in Hong Kong typically meet international standards, which facilitates the entry, Lau said.

Lau noted that while China was viewed as the world's factory two decades ago, its technological innovation is more pronounced today. Chinese mainland tech innovators are growing rapidly, with some progressing from startups to IPOs in just three years.

"Hong Kong is like an exhibition hall that provides enterprises from the Chinese mainland aiming to go global with a stage to showcase their achievements. Its financial and legal sectors could empower the firms strongly in commercializing research and development outcomes, and protecting intellectual property," she said.

After launching in Hong Kong in 2018, the Chinese autonomous driving firm UISEE partnered with the Hong Kong International Airport, introducing its autonomous vehicles at the facility. Singapore's airport was introduced to UISEE through its operations in Hong Kong, helping the company expand its business to Singapore.

Consolidating presence

As market expectations improve, global accounting firms KPMG, PricewaterhouseCoopers, Deloitte and Ernst & Young projected that Hong Kong's stock market will continue to recover, potentially ranking among the world's top three this year, with estimated fundraising between HK$100 billion ($12.7 billion) and HK$160 billion ($20.3 billion).

Hong Kong should seek further cooperation with emerging markets, such as Association of Southeast Asian Nations (ASEAN) members and Middle Eastern countries, Chan said.

Middle Eastern investors expect not only financial returns but also partnerships with Chinese firms in fields like manufacturing and supply chains, according to him. Over the past two years, the HKEX has added the Saudi Exchange, Abu Dhabi Securities Exchange and Dubai Financial Market to its list of recognized bourses.

An increasing number of manufacturing firms in the Chinese mainland are expanding global supply chains to access overseas markets and mitigate geopolitical risks. Hong Kong-based institutions could provide high-value-added services including supply chain management, modern logistics, trade finance, treasury management and professional consulting, Chan said.

Chan also highlighted that Hong Kong should leverage its vibrant capital markets to support startups, and work with other cities in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) to build itself into an international innovation hub. The GBA is comprised of nine cities in Guangdong, HKSAR and Macao Special Administrative Region.

With the increasing use of the yuan (renminbi) in global trade and national reserves, Hong Kong should enhance its offshore renminbi center status by increasing yuan liquidity, improving infrastructure, and introducing more yuan-denominated investment products and risk management tools, he said. BR

(Print Edition Title: A Two-Way Gateway)          

Copyedited by G.P. Wilson

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