Hong · Fortune Technology
IPOs in the Chinese city raised almost $14 billion in the first quarter of the year
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◌ Single Source
Before, Hong Kong’s success was all about secondary listings.
Key facts
- IPOs in the Chinese city raised almost $14 billion in the first quarter of the year, a jump of almost 490% year-on-year
- Hong Kong Exchanges and Clearing, the city’s stock exchange operator, calculated that companies that debuted in 2025 had an average first-day return of 40%
- But that’s nothing compared to MiniMax and Z.ai, whose shares have jumped by over 500% and 700% respectively from their IPOs in early January
- Hong Kong and Beijing are “trying to do for Chinese AI what Nasdaq did for the internet,” says Drew Bernstein, co-chairman of Marcum Asia, an accounting firm
Summary
Nicholas Gordon, Fortune’ s Asia editor, filling in for Allie Garfinkle. IPOs in the Chinese city raised almost $14 billion in the first quarter of the year, a jump of almost 490% year-on-year. But in 2026, the Hong Kong story is all about AI. There’s more to come: Manycore, a spatial design company and one of the Hangzhou-based “Little Dragons” will list in Hong Kong this week; Victory Giant, which makes printed circuit boards, is also raising funds in the city.