“I would say that we need to be very conscious that the world is still under a lot of stress geopolitically and macroeconomically,” she said at the Bund Summit financial forum in Shanghai on Thursday. “I think it’s too early [for the HKEX] to claim victory.”

CATL’s IPO in May netted US$5.3 billion, making it the world’s largest. It was followed by Zijin’s HK$24.98 billion (US$3.2 billion) fundraising last month.

Chan said the HKEX would also bolster fixed-income products to diversify its offerings and revenue sources.

A tariff truce between the US and China, the world’s two largest economies, is due to expire on November 10. Earlier this month, US President Donald Trump threatened to impose an additional 100 per cent tariff on all Chinese-made goods after Beijing tightened controls on exports of rare earth minerals.