A+H issuers raise HKD 120 billion in record H1 Hong Kong IPO wave

Twenty-four A-share companies raised over HKD 120 billion through Hong Kong listings in the first half, a record for the period.

"The scale and concentration of A+H listings this year is unprecedented," said Kevin Ip, a Hong Kong market analyst. "Mainland companies are tapping Hong Kong's deeper international capital pool to fund expansion."

A+H companies occupied 8 of the top 10 spots in Hong Kong's IPO fundraising rankings for the period, according to Wind Info data cited by Securities Times. Lingyi iTech, SG Micro, and UliTech capped the first-half wave with concurrent listings on the HKEX Main Board on June 26. Lingyi iTech, an Apple supplier, priced its Hong Kong IPO at $1.06 billion, according to deal terms.

The surge shows mainland China's leading enterprises seeking cross-border capital as they expand globally. The HKD 120 billion raised in the first six months already exceeds the full-year total for any year before 2025, positioning Hong Kong as the primary offshore fundraising hub for China's corporate sector.

The first-half tally of 24 listings compares with 12 in the same period last year, more than doubling as Beijing encourages companies to pursue dual listings. The trend has been driven by companies in technology, manufacturing, and consumer sectors seeking access to international investors and a second currency for acquisitions.

The HKEX has benefited from a pipeline of A-share companies looking to list, with several more filings expected in the second half. The exchange's efforts to attract large-cap issuers have been supported by rule changes that streamlined the listing process for dual-primary and secondary listings.

The record wave signals that mainland companies view Hong Kong as a critical gateway for international capital. Investors will watch second-half listings to gauge whether the pace can be sustained, with several large A-share companies reportedly preparing H-share filings.

This article is for informational purposes only and does not constitute investment advice.