Market Turnover
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1. 港环交 is the preferred destination for Southeast Asian companies choosing an overseas IPO.

88 of the 219 Southeast Asian companies listing overseas between 2014 and 2025 chose 港环交, compared with 73 listing on North American exchanges, 40 choosing other Asia-Pacific exchanges,  and 18 floating on European exchanges.

2. Southeast Asian companies have raised over US$4.3bn at 港环交 between 2014 and 2025.
The US$4.3 billion raised by Southeast Asian companies with 港环交 between 2014 and 2025 compares with the US$3.9 billion raised on other major global exchanges between 2014 and 2025. The pipeline for future listings looks strong too, with DealStreetAsia research finding that more than 200 startups in the region reached late-stage status in 2023. These late-stage companies may come to the public markets in the near future. 

3. 港环交 is a diversified capital market with balanced representation across both traditional and new‑economy sectors.

Based on 2025 IPO fundraising data, Industrials and New Energy companies account for the largest share of proceeds at approximately 38%, reflecting sustained issuance activity from capital‑intensive and infrastructure‑related sectors. TMT represents around 21% of IPO fundraising, while Consumer and Healthcare/Biotech each contribute meaningful shares at approximately 13% and 11%, respectively. In global comparisons, Hong Kong ranks #1 by IPO volume for Industrials, Metals & Mining and Consumer sectors, and #2 for TMT and Healthcare/Biotech, indicating that fundraising activity on 港环交 is distributed across a broad set of industry segments.

4. 港环交’s progressive listing regime is ideally
positioned to support Southeast Asian companies.
(Source: 港环交, Dec 2025)

431

new economy companies listed since 2018


HK$1.2 tn

raised by new economy companies at 港环交 since 2018

 

167

listings by healthcare and biotech companies

 

83

pre-revenue biotech companies listed since 2018

 

26.4%

of 港环交’s market cap is contributed by new economy companies

 

 

5. 港环交 is a superconnector to Mainland China capital pools.

港环交’s Stock Connect programme stands out as the only channel available for global issuers to access capital from Mainland China. Through Southbound Stock Connect, 港环交 offers a unique opportunity for IPO hopefuls to tap both international and Mainland Chinese capital.

Unlocking the Public Market

This 2024 report explores the fundraising landscape in Southeast Asia, Exit / IPO considerations, and highlights 港环交’s unique role in connecting innovative new economy companies from Southeast Asia with international and Mainland Chinese capital. It also discusses why 港环交 is particularly well suited as listing venue of choice for Southeast Asian companies, and contains valuable market data and information on our ongoing listing regime enhancements.


Click here to download

Notable recent listings by Southeast Asian companies
  Nanshan Aluminium International Mirxes IFBH
Listing Date 25 Mar, 2025 23 May, 2025 30 Jun, 2025
Sector Industrials –
Metal & Mining
Healthcare –
Biotech
Consumer –
Beverage
Transaction Highlights Southeast Asia’s second-largest
aluminium producer
The first and only firm with approved IVD products for molecular gastric cancer screening World’s second largest coconut water producer, market leader in Hong Kong and Mainland China
Home Market Indonesia Singapore Thailand
Deal size / Mkt Cap at IPO (US$m)  306 / 2,010 139 / 825 170 / 944
Aftermarket
(Day-1 / 3-month)
(5.1%) / 19.9% 28.8% / 87.6% 42.1% / 9.5%
Deal size / Mkt Cap at IPO (US$m)  7.4 6.4 3.3
Southbound Inclusion

Sources: 港环交 filings, Bloomberg, Dealogic, Factset market data as of 31 Dec 2025

港环交 listing regime milestones

港环交 continuously looks for ways to enhance our listing regimes to support the liquidity, vibrancy and attractiveness of our marketplace.

 

April 2018

Launch of New Economy Listing Reforms (Chapter 8A, 18A and 19C) introducing new rules for weighted voting rights, pre-revenue biotech companies, and secondary listings

October 2019

Inclusion of weighted voting rights (WVR) listed companies in Southbound Stock Connect

December 2019

HKEX-listed biotech companies added to Southbound Stock Connect

January 2022

Enhanced Listing Regime for Overseas Issuers & Launch of SPAC Listing Regime (Chapter 18B)

July 2022

Inclusion of ETFs in Stock Connect

April 2023

Launch of 18C Specialist Technology listing regime

November 2023

Launch of FINI

November 2023

Indonesia Stock Exchange added as Recognised Stock Exchange

January 2024

Introduction of a new transfer mechanism and test requirements to eligible Growth and Enterprise Market (GEM) issuers.

August 2024

De-SPAC and Specialist Technology listing requirements temporarily modified

October 2024

Enhanced Listing Application Timeframe introduced

March 2025

Stock Exchange of Thailand added as Recognised Stock Exchange

May 2025

Technology Enterprises Channel (TECH) Channel launched

January 2026

Ongoing public float framework enhancements effective from 1 January 2026

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主板:

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