Hong Kong Exchanges and Clearing (HKEX) is expected to release its financial results for 2HFY2025 in the coming week. “We think HKEX will highlight escalating jumbo IPO volumes and its structural average daily turnover (ADT) increase in public disclosures, which could serve as a re-rating catalyst,” write Li and Chang.
CGS International (CGSI) analysts Laura Li and Michael Chang see even more “jumbo IPOs” with fundraising above US$1 billion for the Stock Exchange of Hong Kong (SEHK) in 2HFY2025 ending Dec 31 and 1HFY2026 ending June 30, 2026.
With a “sustained surge” in jumbo IPOs this year, the analysts estimate a total jumbo IPO volume of HK$136 billion, 30% higher than their estimate from June. This should bring 2025’s IPO activity back to 2019 and 2021 levels, they write in an Aug 13 note.
