Chinese mainland companies propelled a strong recovery in Hong Kong’s IPO market this year, putting the city on track to regain the world’s top IPO spot, according to a new report by Ernst & Young LLP.
Mainland companies accounted for all of Hong Kong’s top 10 IPOs as of Nov. 26, according to the Nov. 27 report. Together, they brought in HK$154.7 billion ($19.9 billion), more than 50% of all capital raised this year in the city. Eight of the companies raised more than HK$10 billion, compared with just one such deal in 2024.
Contemporary Amperex Technology Co. Ltd. (CATL) led the pack by raising about HK$41 billion. The battery giant’s listing was the largest in both Hong Kong and the world this year, according to the report. It was followed by listings from Zijin Gold International Co. Ltd. and Sany Heavy Industry Co. Ltd.
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