An electronic screen and ticker at the Exchange Square Complex, which houses the Hong Kong Stock Exchange, on Feb. 26, 2025.

With international funds returning to Hong Kong IPOs, Chinese condiment and sauce giant Haitian Flavouring & Food Co. launched its HK$10 billion ($1.27 billion) H-share offering Wednesday — marking another major “A-share first, H-share later” listing that underscores a broader resurgence IPOs fueled by strong global investor demand.

Wang Yajun, head of equity capital markets for Goldman Sachs Asia ex-Japan, said international long-term funds are clearly resuming their participation in Hong Kong listings this year, with the number of global investors in some IPOs surpassing 20 — up from just a handful in 2022 and 2023.