JPMorgan Chase predicts a significant increase in initial public offerings (IPOs) on the Hong Kong stock exchange in the coming months, as international investors look to capitalize on strong market momentum following the record-setting listing of Chinese battery giant CATL.
The local bourse, which has reclaimed its position as the world’s top IPO destination this year, is seeing renewed interest amid efforts by regulators to enhance the city’s role as a regional fundraising hub.
“There’s a robust pipeline of listings lined up for the remainder of the year,” said Paul Uren, JPMorgan’s Head of Investment Banking for Asia-Pacific, during the bank’s Global China Summit in Shanghai. “We’re seeing demand for high-quality companies across industries. Investors are looking to broaden their geographic exposure, with markets like Hong Kong, Japan, mainland China, and India drawing particular interest.”
The two-day summit concluded Friday and brought together over 2,800 corporate leaders, regulators, and institutional investors.
CATL—Contemporary Amperex Technology Co. Ltd.—recently completed a landmark US$5.23 billion IPO in Hong Kong, the largest globally in 2025 so far. Its stock surged over 16% on debut, underlining strong investor confidence in Chinese electric vehicle (EV) supply chain leaders. JPMorgan served as one of the key underwriters for the listing.
According to Uren, companies like CATL and BYD are emblematic of a broader trend: market-leading firms with proven models and growth potential continue to attract global capital. “We expect several more names across various sectors to generate similar levels of support,” he added.
Data from the London Stock Exchange Group shows that Hong Kong has raised around US$7.7 billion through 22 IPOs this year, surpassing the Nasdaq, where 60 listings have brought in US$6.9 billion. The last time Hong Kong held the global top spot was in 2019, when 183 companies collectively raised close to US$40 billion.
The bullish outlook echoes recent remarks by Bonnie Chan Yiting, CEO of Hong Kong Exchanges and Clearing (HKEX), who noted a growing number of mainland Chinese firms exploring fundraising opportunities in the city. Chan made the comments during CATL’s listing ceremony.
Hong Kong’s financial authorities are working to simplify listing requirements, especially for Chinese firms aiming to expand abroad. Upcoming regulatory changes are expected to lower fundraising thresholds, improve market structure, and enhance corporate governance. These revisions are set to be tabled by the Securities and Futures Commission (SFC) and HKEX later this year.
Secretary for Financial Services and the Treasury, Christopher Hui, emphasized earlier this year that regulatory adjustments would support new listings from fast-growing industries such as electric vehicles, technology, and consumer goods.
Uren also noted that dual listings in Hong Kong are becoming increasingly attractive to mainland-traded companies looking for broader access to international capital. “The capital will naturally flow to industry winners—companies with scalability and consistent performance,” he said.
CATL, which is headquartered in China’s Fujian province, counts major automakers like Tesla, Volkswagen, and BMW among its clients. The company recorded a 40% year-over-year increase in battery shipments during Q1 2025, commanding a 38.2% global market share, according to SNE Research.
Of the world’s top 10 EV battery producers, six are Chinese, and together they held a combined 67.4% of market share in the first quarter. CATL’s proceeds from the Hong Kong IPO will be used to finance new manufacturing facilities overseas, which currently account for 30% of the firm’s revenue.
“China’s EV battery makers have a significant edge over global competitors,” said a senior executive at Suzhou-based Hazardtex, a supplier of specialized battery technology. “It’s no surprise that investors are closely following companies like CATL, which are seeing surging demand worldwide.”
With a favorable regulatory environment and sustained investor enthusiasm, Hong Kong appears set to ride the crest of an IPO wave well into the year.
