Prof. Gavin Feng Was Invited To Attend “Stock Talk” Program To Share Insights On Hong Kong’s IPO Market

Prof. Gavin Feng, Scientist at AIFT and Associate Professor in the College of Business at CityUHK, was invited to attend the “Stock Talk (談股論金)” program on CMG Radio The Greater Bay on 7 April 2025, where he shared his expert insights on the development of Hong Kong’s IPO market in 2025 and how Chinese technology companies can leverage capital markets to drive high-quality growth.

Prof. Feng noted that Hong Kong’s IPO market delivered a strong performance in the first quarter of 2025, with 15 new listings raising HKD 18.2 billion, representing a nearly threefold increase compared to the same period last year and marking the best first-quarter performance since 2021. Globally, Hong Kong ranked fourth in IPO fundraising, following NASDAQ, New York Stock Exchange, and Tokyo Stock Exchange. Prof. Feng emphasized that this year’s IPO market in Hong Kong was characterized by a concentration of large deals and active participation from the consumer and manufacturing sectors, with market liquidity and investor enthusiasm showing significant improvement.

When discussing the reasons behind the strong IPO activity, Prof. Feng explained that the momentum had been building since the second half of 2024. Major Mainland enterprises, such as Midea Group, listed in Hong Kong, setting a positive example. Subsequently, the resurgence of technological innovation, accelerated project launches, and a significant boost in market liquidity further fueled the growth of Hong Kong’s IPO market.

Regarding the increasing enthusiasm of Mainland companies for Hong Kong listings, Prof. Feng highlighted that Hong Kong’s strong liquidity, high level of international capital participation, and efficient financing environment, combined with the deepening of Stock Connect, policy enhancements, and continuous listing reforms, have made Hong Kong an attractive destination. More Mainland leading enterprises and innovative technology companies are choosing Hong Kong to expand their financing channels and enhance their international profiles.

Commenting on the global environment, Prof. Feng acknowledged that while U.S. trade protectionism has introduced some external volatility, China’s strong economic resilience and robust momentum in technological innovation continue to underpin capital market stability. He encouraged technology companies to seize the current market recovery window by accelerating financing, strengthening their fundamentals, and making full use of supportive policies, in order to achieve high-quality development amid complex conditions.

Looking ahead, Prof. Feng expressed optimism that Hong Kong’s IPO market would continue to see promising opportunities in 2025. Mainland leading enterprises, U.S.-listed Chinese companies, and firms from the Middle East and ASEAN regions are expected to pursue Hong Kong listings. The technology, healthcare, and consumer sectors will continue to serve as major drivers of IPO activity. Building on improvements in market systems and regulatory frameworks, Hong Kong is well positioned to further consolidate and enhance its role as a leading international financial center, injecting fresh momentum into regional high-quality economic development.

Listen to the previous episode on the RTHK Website: CMG Radio The Greater Bay