By Yantoultra Ngui
SINGAPORE, May 20 (Reuters) – About 10 companies from countries including Indonesia, South Korea and Singapore have filed for Hong Kong listings this year and some others are exploring options, an exchange executive said, as the market’s robust IPO momentum lures global firms.
Although the foreign interest pales in comparison with domestic companies – 110 Chinese and Hong Kong firms raised $36.4 billion in 2025, according to LSEG data – listings by 10 global firms would make it the city’s best year for international debuts since at least 2020.
The foreign listing hopefuls represent sectors including technology, consumer, and financials, said Johnson Chui, head of global issuer services at Hong Kong Exchanges and Clearing Ltd (HKEX), which runs the city’s stock exchange.
The pipeline is a mix of first-time IPOs, concurrent dual listings and sequential dual listings, he said.
“We feel that this is the start of a structural change of the next phase of international companies listing in Hong Kong,” Chui told Reuters, adding the appeal of the city had widened beyond companies with China exposure.
“The nexus is broadening,” he said. “In the past it was more: do you have business exposure in Greater China? But now, there are very successful examples for companies that have no business at all in this part of the world.”
The Hong Kong exchange, which is the most preferred venue for Chinese companies looking to raise offshore capital, was the world’s top market for IPOs last year with $37.4 billion raised via 115 deals, according to LSEG data.
While the bourse’s goal to attract large overseas listings has had limited success so far, the renewed effort comes amid strong momentum in the mainland China and Hong Kong equity markets and increased flows of foreign capital.
Swiss-based seeds and agrochemicals company Syngenta Group plans a listing of up to $10 billion in the second half of this year, Reuters reported in February, citing sources, in a move likely to bolster HKEX’s ability to lure big-ticket listings.
While Chui did not give details about foreign IPO hopefuls, separate sources said international biotech companies Engine Biosciences from Singapore and NiKang Therapeutics from the U.S. were among those considering possible listings in the city.
The discussions are preliminary and plans could change, said the sources familiar with the two firms’ plans. They declined to be named as the matter was private. Engine Biosciences declined to comment. NiKang did not respond.
IPO PIPELINE
Teleport, a Malaysian logistics firm, said Hong Kong was among the venues it was evaluating for a listing. “Our long-term roadmap includes a public listing,” CEO Pete Chareonwongsak told Reuters. “We are keeping our options open.”
Separately, LSEG data compiled on May 4 showed a possible 12 foreign companies in Hong Kong’s 2026 IPO pipeline, including U.S. blockchain infrastructure firm Blockdaemon, Malaysian branding to logistics group Capital A, and British biopharmaceutical company Allergy Therapeutics.
HKEX said seven international companies listed in Hong Kong in 2025. Since 2000, foreign firms have raised about $22 billion across 156 deals in Hong Kong, according to LSEG data, a fraction of the market’s total.
Unlike a prior wave about 15 years ago led by consumer names such as Prada and Samsonite, the current pipeline is broader by sector, geography and listing structure.
Citigroup’s Asia head of equity capital markets Kenneth Chow said Hong Kong offered “the widest possible universe” of investors, spanning global funds, hedge funds, Chinese institutions and retail buyers.
DLA Piper partner George Wu said mining firms were drawn as China drives demand for strategic minerals. Clifford Chance partner for Capital Markets Jean Thio said Hong Kong had built a system to rival Nasdaq in terms of the listed firms, analyst coverage and market comparables in industries such as biotech and AI.
“We feel Hong Kong is the listing venue of choice for all international companies and issuers with an Asian nexus,” HKEX’s Chui said.
(Reporting by Yantoultra Ngui; Editing by Sumeet Chatterjee and Kate Mayberry)
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