Several international companies plan to list in Hong Kong, with Southeast Asian companies becoming the main force

Securities Times Reporter Wang Jun

With the acceleration of global capital flows and the strong return of Hong Kong IPOs, the Hong Kong capital market is increasingly attracting international companies’ attention.

Recently, Hong Kong Stock Exchange CEO Charles Li mentioned at the Lunar New Year opening ceremony that since 2026, the HKEX has completed 24 new listings, raising over HKD 87 billion. In 2025 alone, the Hong Kong IPO market raised HKD 286.7 billion, a significant year-on-year increase of 225.9%, reclaiming the top spot globally in fundraising.

The continued hotness of the Hong Kong IPO market is not accidental but the result of multiple factors such as policy benefits, financing needs, and global strategic layout. In recent years, HKEX has introduced several reforms, including the “Science and Technology Enterprise Special Line” service mechanism and optimizing listing thresholds under Chapter 18C, significantly lowering barriers for hard-tech companies to go public. Currently, numerous companies are submitting listing applications to HKEX, covering cutting-edge fields like autonomous driving and artificial intelligence (AI) robotics.

As many companies successfully list on Hong Kong’s capital market, the pool of potential future listings continues to expand, demonstrating unprecedented market activity. According to Charles Li, 488 companies are currently queued for listing on HKEX. Multiple institutions predict that driven by structural engines like A+H shares, 18A, and 18C, the Hong Kong IPO market is expected to grow in 2026. Deloitte forecasts about 160 new listings in Hong Kong in 2026, raising at least HKD 300 billion, with seven of these new stocks raising no less than HKD 10 billion each. PwC also predicts around 150 new listings in 2026, with total fundraising between HKD 3.2 trillion and HKD 3.5 trillion, potentially ranking among the top three globally.

Notably, the Hong Kong market is expanding from mainland China to a broader global scope. According to LiveReport big data on listing applications and market information, over 10 international companies are currently in the queue, mainly from Southeast Asia. The presence of international companies not only enriches the investment targets in Hong Kong but also further consolidates Hong Kong’s role as a financial hub connecting China and the world.

Specifically, companies like Korea’s Coli Co., Ltd., and the US-based AIWB have submitted listing applications to HKEX, aiming to list on the Hong Kong Main Board. Coli Co., Ltd. is China’s largest pediatric pharmaceutical marketing and promotion service provider, with revenue of $282 million and net profit of $22 million in 2024; in the first half of 2025, revenue was $143 million with a net profit of $22 million. AIWB is the first US one-stop provider of smart property building solutions, focusing on residential property markets in Texas.

Additionally, several international companies plan to list in Hong Kong, including Thai fast-food giant Mino Foods (owner of Burger King, Dairy Queen, Swensen’s, The Coffee Club), Thailand’s well-known cryptocurrency exchange Bitkub, travel portal Traveloka, Indonesian mining company Merdeka Gold Resources, and Vietnam’s Vingroup subsidiary GMS, which operates electric taxis.

Regarding this, Yuan Mei, Director of Investment Research at Sullivan Jieli (Shenzhen) Cloud Technology Co., Ltd., told reporters that the active Hong Kong IPO and secondary markets are key reasons attracting Southeast Asian companies to list in Hong Kong. For companies, choosing a liquid market aligns better with shareholders’ interests. Moreover, companies listed in Hong Kong now have the opportunity to be included in the Stock Connect, further expanding investor channels. Listing in Hong Kong can also enhance their visibility in mainland China.

It is worth noting that the Hong Kong SAR government and HKEX are actively reaching out to attract international companies to list in Hong Kong to strengthen its status as an international financial center. Charles Li said that HKEX’s prominence at international forums like Davos is increasing, reflecting that international investors are seeking diversified asset allocations and want to seize investment opportunities in Hong Kong, mainland China, and Asia. HKEX aims to tell Hong Kong’s story well through these opportunities.

International investors’ demands are not limited to stocks but also include bonds, currencies, commodities, and other asset classes. Charles Li stated that HKEX is actively expanding its fixed income, currency, and commodities businesses, aiming to develop a “blue ocean” in Hong Kong’s financial market. The goal is to build a complete ecosystem similar to the stock market, covering products, trading, settlement, data, and information services, further expanding the market size and bringing more growth momentum to Hong Kong’s financial sector.