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Southeast Asia’s startup ecosystem and capital markets are as dynamic as they are diverse and recent research in partnership with DealStreetAsia shows that:
 

#1 HKEX is the preferred destination for Southeast Asian companies choosing an overseas IPO.

83 of the 163 Southeast Asian companies listing overseas between 2014 and 2023 chose HKEX, compared with 41 choosing other Asia-Pacific exchanges, 23 listing on American exchanges and 10 floating on European exchanges.

#2 Southeast Asian companies have raised over US$3bn at HKEX between 2014 and 2023.

The US$3.2bn raised by Southeast Asian companies with HKEX between 2014 and 2023 compares with the US$1.9bn raised on other major global exchanges between 2014 and 2023. The pipeline for future listings looks strong too, with DealStreetAsia research finding that more than 200 startups in the region reached late-stage status in 2023. These late-stage companies may come to the public markets in the near future. 

#3 HKEX is a diversified market, well-represented across traditional and new economy sectors.

Consumer, technology, healthcare and new energy sectors are popular industries seeking fundraising in Hong Kong. Companies in the consumer sector alone have raised more than US$100bn through IPOs. Since HKEX’s 2018 listing reforms, over 250 Tech issuers have raised over US$50bn, while companies in the healthcare sector have raised more than US$36bn. HKEX is also home to over 75 new energy companies from across the EV value chain, with car, battery and mineral companies listed on our market.

#4 HKEX’s progressive listing regime is ideally
positioned to support Southeast Asian companies.

332

new economy companies listed since 2018

 

HK$1 trillion

raised by new economy companies at HKEX since 2018

 

131

listings by healthcare and biotech companies

 

66

pre-revenue biotech companies listed since 2018

 

26.1%

of HKEX’s market cap is contributed by new economy companies

 

No. 1

fundraising hub globally between 2014 and 2023 with US$294 bn raised

 

#5 HKEX is a superconnector to Mainland China capital pools

HKEX’s Stock Connect programme stands out as the only channel available for global issuers to access capital from Mainland China. Through Southbound Stock Connect, HKEX offers a unique opportunity for IPO hopefuls to tap both international and Mainland Chinese capital.

Unlocking the Public Market

The report explores the fundraising landscape in Southeast Asia, Exit / IPO considerations, and highlights HKEX’s unique role in connecting innovative new economy companies from Southeast Asia with international and Mainland Chinese capital. It also discusses why HKEX is particularly well suited as listing venue of choice for Southeast Asian companies, and contains valuable market data and information on our ongoing listing regime enhancements.


Click here to download

HKEX listing regime milestones

HKEX continuously looks for ways to enhance our listing regimes to support the liquidity, vibrancy and attractiveness of our marketplace.

 

April 2018

Launch of New Economy Listing Reforms (Chapter 8A, 18A and 19C) introducing new rules for weighted voting rights, pre-revenue biotech companies, and secondary listings

October 2019

Inclusion of weighted voting rights (WVR) listed companies in Southbound Stock Connect

December 2019

HKEX-listed biotech companies added to Southbound Stock Connect

January 2022

Enhanced Listing Regime for Overseas Issuers & Launch of SPAC Listing Regime (Chapter 18B)

March 2022

Launch of IR Connect

July 2022

Inclusion of ETFs in Stock Connect

April 2023

Launch of 18C Specialist Technology listing regime

November 2023

Launch of FINI

January 2024

Introduction of a new transfer mechanism and test requirements to eligible Growth and Enterprise Market (GEM) issuers.

August 2024

De-SPAC and Specialist Technology listing requirements temporarily modified

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