Four Hong Kong funds are intensively investing in US stocks, why are they looking for distant opportunities instead of nearby ones?

In the recent queue of companies going public in the US, there have been multiple Hong Kong brokerage firms appearing. According to incomplete statistics, in the recent period, 4 Hong Kong brokerage firms have successively started the process of going public in the US, attracting attention due to the intensity of the activity. Specifically, the 4 Hong Kong brokerage firms planning to go public in the US in the near future are as follows: 1. SIBO HOLDING LIMITED (referred to as "Sibo Holdings"), which submitted documents to the US Securities and Exchange Commission on August 5, 2025, planning to raise a total of $7 million; 2. Rainbow Capital Holdings Limited (referred to as "Hongbo Capital"), which submitted an IPO application to the US Securities and Exchange Commission on August 4, 2025; 3. Beta FinTech Holdings Limited (referred to as "Beta Financial"), which submitted an IPO application to the US Securities and Exchange Commission on July 18, 2025; 4. Mango Financial Limited (referred to as "Mango Financial"), noteworthy is that this well-established brokerage firm has chosen a differentiated path, planning to land by merging with SPAC company Cayson Acquisition Corp. listed on Nasdaq. The transaction is expected to be completed in the second half of 2025. One of the highlights of this merger is that Mango Financial has applied for upgraded qualifications related to digital currency and stablecoins with regulatory agencies when signing the agreement. After listing, it plans to accelerate the research and implementation of stablecoin projects, adding more imagination space for the capital market. Among the companies going public in the US this year, Nasdaq has firmly secured a central position. The fact that these 3 Hong Kong brokerage firms have collectively chosen to land on Nasdaq not only conforms to the market trend but also has precedents. Including the completions this year of JinFu Financing and HuaTong Finance, as well as the listings of HuaYing Holdings and YiYing Securities in 2023, a series of "going abroad" actions are being gradually carried out, making Nasdaq gradually become the "experiment field" for Hong Kong brokerage firms to test the global market. According to analysis by industry insiders, the core considerations for the intensive rush of Hong Kong brokerage firms to US stocks include listing standards and valuation levels. Among them, valuation differences are an important reason attracting companies to go public in the US. Compared to some markets that strictly require profit indicators, US stock investors value companies' innovation capabilities and growth potential more. Even if a company has not yet achieved profitability, as long as it has a clear business model and good development prospects, it may still receive a higher valuation.