Multiple International Companies Plan Hong Kong Listings As Southeast Asian Firms Dominate Pipeline

As global capital accelerates and Hong Kong IPO activity rebounds strongly, the city’s capital market is attracting growing interest from international issuers. At the Lunar New Year market opening, Hong Kong Exchange Chief Executive Bonnie Chan reported that since the start of 2026 the Exchange has completed 24 new listings, raising over HKD 87 billion. In 2025 the Hong Kong IPO market raised HKD 286.7 billion, an increase of 225.9% year‑on‑year, returning Hong Kong to the top of global fundraising rankings.

The sustained momentum in the Hong Kong IPO market reflects a confluence of policy incentives, issuer financing needs and global expansion strategies. The Exchange has implemented a series of reforms, including the Special Tech Channel and lowered thresholds for 18C listings, which have materially reduced barriers for hard‑technology companies. Current filings include firms active in autonomous driving and AI robotics.

The pipeline of prospective listings continues to expand. Chan noted that 488 companies are currently queued to list on the Exchange. Institutional forecasts anticipate robust IPO activity in 2026: Deloitte projects roughly 160 new listings raising at least HKD 300 billion, including seven deals each expected to raise no less than HKD 10 billion, while PwC estimates about 150 IPOs with total proceeds between HKD 320 billion and HKD 350 billion, potentially placing Hong Kong among the world’s top three markets by fundraising.

Hong Kong’s issuer base is also becoming more international. LiveReport data show more than ten overseas companies are in the filing queue, with a concentration in Southeast Asia. The arrival of international issuers broadens the market’s investment universe and reinforces Hong Kong’s role as a gateway between China and global capital.

Examples of recent filings include Korea’s Keli Co., Ltd., a leading pediatric pharmaceutical marketing services provider that reported USD 282 million in revenue and USD 22 million in net profit for 2024, and USD 143 million in revenue with USD 22 million in net profit for the first half of 2025. U.S. firm AIWB, a one‑stop intelligent property building solutions provider focused on the Texas residential market, has also submitted a prospectus for a main‑board listing. Additional Southeast Asian companies planning Hong Kong listings include Thailand’s Minor Food, Thai crypto exchange Bitkub, travel portal Traveloka, Indonesian miner Merdeka Gold Resources, and GSM, the electric taxi operator under Vietnam’s Vingroup.

Market participants cite Hong Kong’s active primary and secondary markets as a key draw for Southeast Asian issuers. Listing in a liquid market better serves shareholder interests and can enable inclusion in Stock Connect, thereby widening investor access. A Hong Kong listing also enhances visibility in the mainland China market.

The Hong Kong government and the Exchange are proactively courting international issuers to reinforce the city’s status as an international financial centre. Chan observed that the Exchange’s profile at global forums such as Davos has risen, reflecting investor demand for diversified allocations and interest in opportunities across Hong Kong, the mainland and Asia.

Investor demand extends beyond equities to fixed income, currencies and commodities. The Exchange is expanding its fixed‑income, currency and commodity businesses with the objective of building a comprehensive ecosystem of products, trading, settlement, data and information services, thereby enlarging market scale and supporting further growth in Hong Kong’s financial sector.