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The Exchange Square complex, which houses the Hong Kong Stock Exchange, on February 26, 2025.
Bloomberg | Bloomberg | Getty images
Beijing – Chinese companies are jumping in a window of opportunity to get public in Hong Kong as world investors begin to return to the region, after the news of the advance of Deepseek’s artificial intelligence at the end of January.
It is a level of emotion that has not felt for more than three years, despite the overhang of US commercial tensions. Initial public offers are a lucrative way for the first investors in new companies to leave and get a return.
“Everyone is working so perfectly together. OPI candidates, the investor and the regulators,” said George Chan, opi global leader in EY. “All these three parties are working so perfectly at this time to cultivate a healthy Mercado de Hong Kong’s OPI.”
“The long -term fund of the United States has returned. It shows that investors are becoming safer (about) China,” he said, added that the performance after the OPI has also been encouraging.
The Chinese bubble tea giant, Mixue, became public on March 3 in a Hong Kong List highly subscribed. And in a sign of More to comeContemporary amperex technology China giant amperex (catl) presented in February for what It could be Hong Kong’s largest opi since 2021When the Kuaishou short videos company listed.
The news of Deepseek’s statements, based in China, to rival Openai chatgpt in reasoning capabilities at a lower cost, despite the restrictions of the United States on Chinese access to advanced chips to train AI models, they reached global technological actions at the end of January, while provoking a demonstration in China. Hong Kong Hang Seng index increased to three -year maximum.
Chinese president, Xi Jinping, also had a Rare meeting with technological entrepreneurs In February, and Beijing has pointed out Greater support for the private sectorAfter adopting a more restrictive position in recent years.
Six initial public offers in Hong Kong raised more than one billion dollars from Hong Kong ($ 130 million) in the first quarter, a jump of only one list of that size in the period of the previous year, according to KPMG.
In total, said consulting, Hong Kong Vio 15 OPI throughout the first quarter that raised 17.7 billion HKD, the best start for a year since 2021.
There is still a long way to go before recovering at that level. Hong Kong saw 32 opi in the first quarter of 2021 that raised a huge 132.7 billion HKDAccording to KPMG.
The Hong Kong Stock Exchange has adjusted its listing rules in the interim, including those that support companies that already appear in Continental China to offer actions in Hong Kong.
In addition to Catl, other companies listed in Continental China (Hangrui Pharmaceuticals, Mabwell, Haitian Saboring and Food, Fortior Tech and Sanhua smart controls) are “actively looking for Hong Kong’s listings,” said Tiger’s runners, an insurer of the IPOS of many Chinese companies in the United States and Hong Kong.
“Chinese regulators encourage companies to enumerate Hong Kong to expand financing channels and support the merger and acquisition needs of Chinese companies,” said the firm.
In the summer of 2021, the consequences on the OPI of the Chinese transport company Didi in the US Wave of Chinese companies in New York.
Since then, the main problems have been solved and Beijing has clarified the rules for Chinese companies that wish to list outside the continent. But the Trump administration indicated in its “America First Investment Policy” that it could Increased scrutiny On the US capital that flows to China, in addition to high rates.
The United States and China have not yet indicated when their two leaders could meet in an attempt to forge an agreement. An increase in interest in AI and technology is not yet enough to accelerate a recovery in China’s economy.
“At this time, all we can see are the good indicators,” said Can de Ey. But “there could be a single incident that could reverse the trend.”
“Things tend to have a pattern,” he said. “If things can continue for three months, four months, it is likely to continue for the rest of the year.”