Can China reclaim its IPO crown?

中国能否重夺IPO王冠?香港市场火热,内地市场却异常冷清。

Jun 15th 2025 | Shanghai

2025年6月15日 | 上海

One after another, blockbuster Chinese listings are coming to Hong Kong. In May Hengrui Pharmaceuticals, a drug manufacturer, and CATL, a battery-maker, sold $5.3bn-worth of shares between them. Seres, which makes electric vehicles, hopes to raise $2bn in the coming weeks. Shein, a fast-fashion firm, may abandon plans for an offering in London for one in Hong Kong. All told, in April more than 130 applications were under consideration by the local exchange, up from fewer than 60 at the start of 2024. On current trends, the city will be the world's largest venue for stock debuts this year.

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