🧠 Food for thought

Implications, context, and why it matters.

GigaDevice’s debut adds to Hong Kong IPO momentum

• GigaDevice jumped 45% on debut. The company, first listed in Shanghai, now trades in Shanghai and Hong Kong through a dual listing.
• Hong Kong raised HK$274.6 billion from 106 IPOs in 2025 through 19 December, helped by the Technology Enterprises Channel (TECH) for specialist tech firms 1.
• Retail buyers oversubscribed the offer by 542 times, while average daily cash turnover rose 95% year on year to HK$255.8 billion, drawing more international capital 1.
• Hang Seng Tech Index rose 2% this year, yet eight mega-deals raising at least HK$10 billion each made about half of total proceeds 2.

Banks and B2B firms can tap 300-plus Hong Kong IPOs

• Over 300 listing candidates have filed, with at least HK$300 billion forecast for 2026 in tech, healthcare, and telecom 2.
• US-listed China concept stocks (Chinese firms on US exchanges) may seek Hong Kong listings as Nasdaq proposes stricter standards, creating work for investor relations and legal advisors plus financial data firms on cross-border compliance 2.
• Hong Kong Exchanges and Clearing (HKEX) Tech 100 Index is an equity benchmark tracking 100 tech firms listed in Hong Kong 1. HKEX steps recognise the Stock Exchange of Thailand as a Recognised Stock Exchange and add an MOU with Abu Dhabi Securities Exchange 1. That designation streamlines certain listing and product approvals 1. Outreach covers Kazakhstan, Singapore, Thailand and the United Arab Emirates (UAE). This will bring more deals for institutional sales and Asia-focused venture capital firms 1.