4 Asian Legal Business | February 2025 Hong Kong set for IPO boom in 2025 势或 头再 不迎“减大，香年 ”港 上 市 2 0 2 5 Hong Kong’s initial public offering (IPO) market witnessed a robust recovery in 2024, driven by increased demand from Chinese companies seeking offshore listings. According to Ryan Capital data, the Hong Kong Stock Exchange (HKEX) recorded 71 new listings, raising $11.2 billion, marking an 88.85 percent yearon-year increase and reclaiming its position as the world’s fourth-largest IPO venue. The market saw increasing concentration among legal advisers handling Hong Kong listings. Chinese law firms, specifically in their role as PRC counsel, showed strong performance with Jingtian & Gongcheng leading the pack with 29 deals. King & Wood Mallesons and Commerce & Finance Law Offices followed with 17 and 14 deals, respectively. Other prominent Chinese firms, including Tian Yuan Law Firm, Zhong Lun • Hong Kong IPO market rebounds in 2024, ranks fourth globally by funds raised 香港IPO市场在2024年得到回暖，募资额位列全球第四 • Consumer, tech sectors lead listings as new regulations fuel market activity 消费、科技是主导板块，若干新规推动上市热度 Law Firm, JunHe, Jiayuan Law Firm, and Haiwen & Partners also demonstrated solid performance. Among international law firms, Clifford Chance emerged as the frontrunner, advising on 15 Hong Kong IPO transactions. Mayer Brown secured the second position with nine deals, while Sidley Austin and Paul Hastings tied for third place with seven deals each. Dominant sectors The consumer and technology, media, and telecommunications (TMT) sectors dominated Hong Kong’s initial public offerings in 2024, followed by healthcare and pharmaceuticals, according to Deloitte data. “TMT, software, and consumer sectors, including three Chapter 18C specialist technology companies, emerged as the most active segments in Hong Kong’s 2024 IPO market,” says The Briefs Tim Wang, chair of the China practice at Clifford Chance. “Consumer companies attracted the highest capital inflows and retail investor interest.” The consumer sector’s dominance was particularly evident in the year’s largest deals, according to partners at Haiwen & Partners. “Several of the top 10 IPOs came from retail and consumer sectors, with Midea Group’s $3.83 billion listing ranking as the world’s second-largest IPO of the year,” say Haiwen partners Wei Shuangjuan, Xu Qifei, Huo Chao, and Isaac Chen. “The successful listing of Luk Fook Gold, backed by strategic industrial investors, further boosted market confidence, highlighting the potential of premium consumption and new retail models.” The TMT sector also showed strong performance, particularly following the introduction of Chapter 18C listing rules, which attracted more “hard tech” companies in semiconductors and robotics. Healthcare listings maintained their momentum, with life sciences companies securing a significant share of the market, Haiwen partners noted. New regulations A series of regulatory reforms throughout 2024 strengthened Hong Kong’s position as a premier listing destination, market experts say. In a significant move, the Securities and Futures Commission (SFC) and Hong Kong Exchanges and Clearing Limited (HKEX) issued a joint statement on Oct. 18 that introduced streamlined IPO application procedures. Under the new framework, regulatory reviews for straightforward cases will be shortened to 40 working days, while eligible A-share applicants can expect a 30-working-day assessment period. “These measures create a more welcoming regulatory environment for listing candidates and will positively impact Hong Kong’s competitiveness as an international fundraising hub,” explains Wang of Clifford Chance. In December, HKEX published a consultation paper on optimizing IPO pricing and public float requirements. By Charlie Wu 作者：吴卓言 BIG STORY
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