A view of Kowloon City, Hong Kong Photo: VCG
Chinese mainland enterprises have accelerated their listing plans in Hong Kong this year, a trend that a Chinese expert said highlights the city’s ongoing efforts to deepen financial connectivity and integration with the mainland.
Sany Heavy Industry aims to raise up to HK$12.4 billion ($1.59 billion) from its initial public offering (IPO), according to a filing on Monday.
The machinery giant will offer 580.4 million shares priced between HK$20.30 and HK$21.30 each. The listing marks a key step in the company’s efforts to expand its international presence and strengthen capital market connectivity between the mainland and Hong Kong.
More companies are flocking to Hong Kong’s capital market. On Monday, Joyson Electronics said that it is in the process of applying to issue overseas-listed foreign shares and seek a listing on the main board of the Hong Kong Stock Exchange (HKEX).
Anhui Huaheng Biotechnology Co disclosed on the same day that it had filed an application with the HKEX on September 30 to issue H shares and list on the main board.
On October 14, the China Securities Regulatory Commission approved autonomous driving company Pony.ai’s overseas listing, with the company planning to issue up to 102.1 million shares on the HKEX. A few days later, its PHIP prospectus appeared on the HKEX, marking the start of its listing process. The IPO will help the company access mainland capital and boost its global expansion, according to a press release the company sent to the Global Times on Monday.
More than 200 firms are lining up to go public in Hong Kong, adding to a strong year for stock sales in the Asian hub, and the IPO pipeline is “very strong,” Hong Kong Financial Secretary Paul Chan said in a recent interview with Bloomberg.
“For mainland companies going global, using Hong Kong as a platform to raise funds and employ talent to help them in their overseas expansion is a very good business proposition,” Chan said.
An increasing number of mainland enterprises are showing an interest in listing in Hong Kong, underscoring the city’s relatively stable status as an international financial center, Li Changan, a professor at the Academy of China Open Economy Studies at the University of International Business and Economics, told the Global Times on Monday.
Li said that attracting mainland companies to go public in Hong Kong has long been one of the city’s key objectives, while many innovative technology firms from the mainland aim to use the city as a platform to raise capital and enhance their global reach while maximizing corporate value.
Hong Kong is poised to regain the top spot in global IPO market rankings by the end of 2025, fueled by an unprecedented wave of IPO applications. As of the end of the third quarter, the Hong Kong market had set new benchmarks, with a record number of almost 300 active IPO applications in the pipeline, according to KPMG’s Chinese Mainland and Hong Kong IPO markets 2025 third-quarter review.
More than one-fourth of the applications are for A+H listings, reinforcing the city’s position as the premier platform for mainland firms seeking overseas financing and international expansion, according to KPMG.
“For mainland enterprises seeking to expand globally, Hong Kong serves not only as a hub for financing and talent attraction but also as a gateway to overseas markets… At the same time, the less favorable external environment in markets such as the Nasdaq has further encouraged this trend of mainland companies turning to Hong Kong for IPOs,” Li said.
