Hong Kong Sees Flurry of Year-End Listing Plans
The offerings come as the appetite for new listings in the city grows
Chinese companies ranging from a toy maker and a chemical material supplier to a simulation specialist commenced public offerings in Hong Kong, part of a flurry of end-year activity with investor demand for listings picking up in the Asian financial hub.
Chinese toy maker Bloks Group on Tuesday said it will market shares at a range of 55.65 Hong Kong dollars to HK$60.35 to raise net proceeds of about HK$1.29 billion, equivalent to US$166.1 million, ahead of a Jan. 10 debut, while fine chemical materials supplier Anhui Conch Material Technology set a price range of HK$3.00 to HK$3.30 for its Jan. 9 listing, seeking net proceeds of around HK$417.6 million.
Beijing Saimo Technology, which focuses on simulation technology, said it will market shares at between HK$12.00 and HK$18.00, raising net proceeds of about HK$427.9 million ahead of a Jan. 15 debut. Recreational vehicle maker New Gonow, targeting a Jan. 13 debut, set a HK$1.24-HK$1.64 target range to raise net proceeds of around HK$292.6 million. And Chinese environmental solution provider ContiOcean Environment Tech said it will market shares at HK$31.80-HK$39.80, raising net proceeds of around HK$312 million and beginning trade on Jan. 9.
Other companies, including health technology platform We Doctor and traditional Chinese medicine specialist Beijing Tong Ren Tang Healthcare Investment filed preliminary listing documents on Tuesday, a day after four other companies did the same.
The offerings come as the appetite for new listings in Hong Kong is growing.
The local exchange’s benchmark index rose 18% in 2024, making it one of Asia’s best-performing markets. Hong Kong is expected to have recorded 69 IPOs raising approximately HK$87.6 billion this year, according to a report by Deloitte earlier this month. That would mark an 89% increase in proceeds from HK$46.3 billion in 2023, it said.
This year’s biggest Hong Kong listing was Chinese appliance maker Midea, whose offering in September raised the equivalent of more than US$4 billion.