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Hong Kong's sixfold jump in share sales drives boom year in Asia

Economic Times

9 hours ago

Automotive
Economic Times

Hong Kong's sixfold jump in share sales drives boom year in Asia

Hong Kong is experiencing a surge in share sales, poised to become the second-largest global market since 2012, driven by listings from electric carmakers and battery giants. Synopsis Hong Kong's share sales are booming, aiming for the second-largest global market position since 2012. Electric carmakers and battery giants lead the surge. Investors are overlooking global tensions. Many Chinese companies are listing in Hong Kong. India's share sales are slowing down. Japan and South Korea are also experiencing growth. Hong Kong's having a banner year as it marches toward becoming the second-largest market globally for share sales for the first time since 2012. ADVERTISEMENT Proceeds from listings and additional share sales in the Asian financial hub in the first half have reached about $33 billion, poised for a sixfold jump from a year ago, according to data compiled by Bloomberg. Offerings from electric carmakers BYD Co. and Xiaomi Corp. raised the most, followed by Contemporary Amperex Technology Co. Ltd., which had the world's biggest new listing this year. Investors have brushed aside tariffs and geopolitical concerns as deals flooded in Hong Kong — including three of the four biggest stock offerings in the world in 2025. Equity strategists remain upbeat about local stocks after the Hang Seng became one of the world's best-performing indexes this year. And with the throng of companies lining up with billion-dollar offerings, it's shaping up to be a good year for investment bankers in the city.'We're seeing a lot more comfort from global investors around the global and regional macro picture, which is leading them to reassess and increase their exposure to the region including to Hong Kong and mainland China,' said Sunil Dhupelia, co-head of Asia Pacific ECM at JPMorgan Chase & Co. 'Assuming that markets remain stable, it's likely to be very busy in the second half of the year.' ADVERTISEMENT Chinese companies that already have shares trading in Shenzhen or Shanghai have been flocking to Hong Kong for additional listings. Those so-called A-H deals accounted for about three quarters of Hong Kong's total proceeds of $13.4 billion from first-time share sales in 2025, according to data compiled by Bloomberg. The biggest one was the $5.2 billion offering by battery-giant CATL, which forged ahead with its Hong Kong listing in May despite being caught up in US-China tensions. The high-profile deal's success shows industry leaders are still able to find global buyers even in an unfavorable environment. ADVERTISEMENT Hong Kong listing proceeds are poised to double to a four-year high of more than $22 billion, according to Bloomberg Intelligence. Big deals to look forward to later this year include those of electric carmaker Seres Group Co., heavy-machinery maker Sany Heavy Industry Co. and pig breeder Muyuan Foods Kong Exchanges & Clearing Ltd., which is celebrating its 25th anniversary, is so fired up about the surge in business that it's parading the iconic gong used to introduce new listings in an unprecedented two-week public tour via a 'gongmobile.' ADVERTISEMENT Hong Kong is leading share sales overall in all of Asia Pacific, where first-half proceeds have climbed almost 30% to about $100 billion in 2025, according to data compiled by India, which led the region in share sales last year, total proceeds stand at about $20 billion, on track for a drop of more than 20% in the first half, after a stock-market rout led to a slow start. ADVERTISEMENT Despite underperforming regional peers, the benchmark Nifty 50 Index has rallied as of late and is on track to post its best quarterly gain in more than a year. That optimism is spilling over to deals, with HDB Financial Services Ltd.'s $1.5 billion initial public offering, and Tata Capital Ltd.'s soon-to-come $2 billion the $4 billion chunk of Japan Post Bank Co. sold by its parent and JX Advanced Metals Corp.'s IPO helped share sale proceeds in Japan rise to $13.7 billion, on course for a 30% increase, though the pace of deals slowed during the second quarter, according to data compiled by South Korea, the recent presidential election ended months of leadership vacuum, revitalizing the Kospi and making it one of the region's best-performing indexes. That's encouraging more companies to pursue listings, such as 'Baby Shark'-creator Pinkfong Co., the company behind the most watched YouTube video of all geopolitical tensions are bound to continue to complicate decisions for corporate issuers and investors for months to come, Asia is on track to cap a great year of deals.'We don't expect issuance activity to be slowing,' said Rob Chan, head of Asia ECM syndicate at Citigroup Inc. 'In fact, despite all the uncertainties driven by tariffs and geopolitical tensions in recent months, issuance activity has been very strong.'Going forward, expect to see deals in Hong Kong from companies that mainly rely on Chinese domestic consumption because they are best shielded from tariff effects and geopolitics, according to Christine Xu, the partner in charge of Chinese ECM transactions at the Linklaters law firm. 'Enough water has gone under the bridge around the tariffs, and the market has taken that in its stride,' said JPMorgan's Dhupelia. 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China's Xiaomi to Launch First SUV as Shares Near Record High

Bloomberg

3 days ago

Automotive
Bloomberg

China's Xiaomi to Launch First SUV as Shares Near Record High

The unveiling of Xiaomi Corp. 's first electric SUV on Thursday will showcase how the Chinese tech company has become an investor darling with its high-stakes bet on the auto market. Shares of the firm founded by billionaire Lei Jun are within striking distance of a fresh record in Hong Kong after a 64% surge this year. Now valued at $187 billion, Xiaomi is worth more than Chinese EV leader BYD Co. as it grows its footprint in the world's largest car market.

China drafts rules for driver assistance systems to boost safety

The Star

05-06-2025

Automotive
The Star

China drafts rules for driver assistance systems to boost safety

China has sought to tighten rules around driver assistance technology following a fatal accident involving a Xiaomi Corp SU7 electric vehicle that had the autopilot function turned on. — Reuters China is developing new mandatory national safety requirements for driver assistance systems, signaling a move toward tightening regulations as the safety of the rapidly evolving technology comes under scrutiny. The proposal was published in a notice on a public service platform under the State Administration for Market Regulation on Wednesday. The China Automotive Technology & Research Center, state-owned carmaker Dongfeng Motor Group Co and tech giant Huawei Technologies Co are participating in the drafting process. Once finalised, the standard will specify the general technical requirements for combined driver assistance systems, including motion control capabilities, driver status monitoring, driver intervention and functional safety. The deadline for public comment is July 4. China has sought to tighten rules around driver assistance technology following a fatal accident involving a Xiaomi Corp SU7 electric vehicle that had the autopilot function turned on. In April, the government issued stricter regulations that require automakers to be clearer about what their technology can and can't do in an effort to curb descriptions of systems as "self-driving'. Even before the fiery crash in late-March, Beijing had started to put guardrails around driver assistance technology. In February, guidelines were issued about over-the-air software updates, which carmakers routinely use to update in-car smart cockpit and driver assistance systems. The push for the national requirements just disclosed started as early as March 2024, according to the notice, which outlines its objective to establish clear benchmarks that will improve safety and reduce the frequency of accidents. The proposed standards are also intended to align with international norms where "reasonably feasible', the notice said. That will help reduce research and development costs, simplify design for Chinese automakers, and play a crucial role in dismantling technical barriers in international trade, it said. – Bloomberg

Xiaomi Founder Expects EV Arm to Turn Profitable After New SUV

Bloomberg

03-06-2025

Automotive
Bloomberg

Xiaomi Founder Expects EV Arm to Turn Profitable After New SUV

Xiaomi Corp. founder Lei Jun expects its year-old EV business to turn profitable in the second half, a milestone for the billionaire's $10 billion endeavor in a cut-throat market. Xiaomi's shares advanced more than 3% in Hong Kong. Lei delivered his forecast during a Tuesday investor event without specifying the type of profit. His company has enjoyed strong sales of its SU7 sedan since its launch a year ago, which helped narrow losses in that division in recent quarters.

China's Xiaomi founder expects EV business to turn profitable in H2

Yahoo