List exciting firms like Mixue, Pop Mart to keep stock market hot, says HK exchange chief

Bourse keeps listing rules 'fit for purpose'; lures wider variety of IPOs for investor appeal

- Kang Wan Chern

After years of sluggishness, Hong Kong's stock market has rebounded to rank among the world's top venues for initial public offerings (IPOs), with record trading as capital shifts from the US to Asia.

Average daily turnover in the first seven months jumped 124 per cent to a record HK$243.7 billion (S$40 billion), the highest level on record. A total of 53 companies have listed on the bourse in 2025 so far, compared with 40 in the whole of 2024, while IPO proceeds are up by 611 per cent to HK$127.9 billion, data from the Hong Kong Exchanges and Clearing (HKEX) showed.

HKEX chief executive Bonnie Chan credits the rebound to listing rules that are "fit for purpose", and having familiar yet exciting names like Labubu doll maker Pop Mart and bubble tea giant Mixue that appeal to younger investors on the exchange.

Speaking to The Straits Times during a recent visit to Singapore, Ms Chan said investor appetite returned strongly to Hong Kong in January, following the launch of DeepSeek R1 - China's version of ChatGPT - which reignited interest in Chinese tech names.

Capital inflows accelerated after April 2, when US President Donald Trump announced global tariffs, prompting global investors to diversify beyond the US.

Interest in Hong Kong-listed stocks rose among younger investors, who had previously chased returns in US tech stocks and crypto. "Now that they have seen the sharp corrections that can take place in those markets, they're recalibrating their investments," Ms Chan said.

"When they see exciting IPOs from familiar brands like Mixue taking place, that draws their attention to Hong Kong," she said, adding that the China bubble tea maker's listing ceremony on March 2, officiated by eight Mixue snowman mascots, went viral online and became the bourse's most-watched event.

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