Half of 179 Hong Kong IPOs Since 2025 Trade Lower as $60 Billion Pipeline Builds
Updated
Updated · CNBC · Jun 8
Half of 179 Hong Kong IPOs Since 2025 Trade Lower as $60 Billion Pipeline Builds
3 articles · Updated · CNBC · Jun 8
Summary
About half of 179 Hong Kong listings since January 2025 have traded lower over the past three months, even as the city remains the world’s top IPO venue and more than 600 companies await approval.
33 newly Stock Connect-eligible shares show a sharper pattern: over half had more than doubled before inclusion, eight jumped more than 300%, and all eight later fell at least 10%; AI startup Deepexi was down 51% by June 3.
Analysts say money often rotates back into cheaper mainland A shares once dual-listed H shares enter Connect, while low fees, weaker fundraising and tougher competition have pushed parts of China’s financial sector toward short-term trading.
Beijing has flagged the boom-and-bust pattern, and the next test comes as AI names Zhipu and later MiniMax move into Connect after their January Hong Kong listings.