News analysis

Hong Kong’s IPO market gets shot in the arm from mainland Chinese listings

Kai Yu, chief executive officer and founder of Horizon Robotics Inc., during the company's listing ceremony at the Hong Kong Stock Exchange in Hong Kong, China, on Thursday, Oct. 24, 2024. Shares of Horizon Robotics jumped 28% early in their trading debut in Hong Kong Thursday, adding to a flurry of deals that signal the end of a slump in initial public offerings in the Asian financial hub. Photographer: Lam Yik/Bloomberg

Horizon Robotics founder Kai Yu at the company's listing ceremony at the Hong Kong Stock Exchange on Oct 24.

PHOTO: BLOOMBERG

Joyce ZK Lim

SHENZHEN - With two strikes of the gong this week, the Hong Kong Stock Exchange welcomed some of its largest new listings in 2024 – an autonomous driving company and a bottled-water giant, both from mainland China.

Their initial public offerings (IPOs), which raised over HK$10 billion (S$1.7 billion), came on the heels of the city’s largest fundraising deal in three years – by Chinese home appliance maker Midea in September.

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