Jiangsu Hengrui Pharmaceuticals and Mirxes Holdings debuted in Hong Kong on May 23, 2025, raising a combined total of US$1.4 billion through separate listings.

This activity contributed to a strong week for the city’s capital markets, with over US$6.5 billion in total shares starting to trade.

Jiangsu Hengrui, a Chinese pharmaceutical company with a concurrent listing in Shanghai, raised US$1.27 billion.

Its shares increased by 37% on the first day of trading.

The retail portion of its share sale was oversubscribed 455 times.

Mirxes, a Singapore-based cancer treatment firm, also experienced a 37% rise in its stock after raising US$139 million in its initial public offering.

🔗 Source: Reuters

🧠 Food for thought

1️⃣ Hong Kong’s IPO market rebounds strongly after extended slump

Hong Kong’s capital markets are experiencing their strongest revival in years, with IPO values reaching $9.82 billion so far in 2025, a dramatic increase from just $1.1 billion during the same period last year 1.

This surge represents the best start to a year since 2021, according to LSEG data, with pharmaceutical company Jiangsu Hengrui’s $1.27 billion listing and Mirxes Holdings’ $139 million offering being the latest examples of successful debuts 2.

The exceptional demand is evidenced by Jiangsu Hengrui’s retail tranche being 455 times oversubscribed, while the institutional portion was 17 times covered, signaling extraordinary investor appetite for quality offerings 1.

This week saw over $6.5 billion in new shares begin trading, anchored by CATL’s $5.3 billion listing, the largest IPO globally this year, demonstrating that Hong Kong is reclaiming its position as a premier destination for capital raising 2.

The robust performance of these new listings, with both Jiangsu Hengrui and Mirxes shares rising as much as 37% on their first trading day, indicates a significant return of investor confidence in the Hong Kong market 1.

2️⃣ Market resilience amid ongoing geopolitical uncertainties

Hong Kong’s stock market is demonstrating remarkable resilience despite continued US-China trade tensions, with the Hang Seng Index up 18% since the start of 2025, making it one of the world’s best-performing major markets 3.