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

88 of the 219 Southeast Asian companies listing overseas between 2014 and 2025 chose HKEX, compared with 73 listing on North American exchanges, 40 choosing other Asia-Pacific exchanges,  and 18 floating on European exchanges.

2. Southeast Asian companies have raised over US$4.3bn at HKEX between 2014 and 2025.
The US$4.3 billion raised by Southeast Asian companies with HKEX between 2014 and 2025 compares with the US$3.9 billion raised on other major global exchanges between 2014 and 2025. 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 capital market with balanced representation across both traditional and new‑economy sectors.

Based on 2025 IPO fundraising data, Industrials and New Energy companies account for the largest share of proceeds at approximately 38%, reflecting sustained issuance activity from capital‑intensive and infrastructure‑related sectors. TMT represents around 21% of IPO fundraising, while Consumer and Healthcare/Biotech each contribute meaningful shares at approximately 13% and 11%, respectively. In global comparisons, Hong Kong ranks #1 by IPO volume for Industrials, Metals & Mining and Consumer sectors, and #2 for TMT and Healthcare/Biotech, indicating that fundraising activity on HKEX is distributed across a broad set of industry segments.

4. HKEX’s progressive listing regime is ideally
positioned to support Southeast Asian companies.
(Source: HKEX, Dec 2025)

431

new economy companies listed since 2018


HK$1.2 tn

raised by new economy companies at HKEX since 2018

 

167

listings by healthcare and biotech companies

 

83

pre-revenue biotech companies listed since 2018

 

26.4%

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

 

 

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.

Regulatory Updates from Southeast Asia

Unlocking the Public Market

This 2024 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

Notable recent listings by Southeast Asian companies
  Nanshan Aluminium International Mirxes IFBH
Listing Date 25 Mar, 2025 23 May, 2025 30 Jun, 2025
Sector Industrials –
Metal & Mining 		Healthcare –
Biotech 		Consumer –
Beverage
Transaction Highlights Southeast Asia’s second-largest
aluminium producer 		The first and only firm with approved IVD products for molecular gastric cancer screening World’s second largest coconut water producer, market leader in Hong Kong and Mainland China
Home Market Indonesia Singapore Thailand
Deal size / Mkt Cap at IPO (US$m)  306 / 2,010 139 / 825 170 / 944
Aftermarket
(Day-1 / 3-month) 		(5.1%) / 19.9% 28.8% / 87.6% 42.1% / 9.5%
Deal size / Mkt Cap at IPO (US$m)  7.4 6.4 3.3
Southbound Inclusion ✔ ✔ ✔

Sources: HKEX filings, Bloomberg, Dealogic, Factset market data as of 31 Dec 2025

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)

July 2022

Inclusion of ETFs in Stock Connect

April 2023

Launch of 18C Specialist Technology listing regime

November 2023

Launch of FINI

November 2023

Indonesia Stock Exchange added as Recognised Stock Exchange

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

October 2024

Enhanced Listing Application Timeframe introduced

March 2025

Stock Exchange of Thailand added as Recognised Stock Exchange

May 2025

Technology Enterprises Channel (TECH) Channel launched

January 2026

Ongoing public float framework enhancements effective from 1 January 2026

Step-by-step Listing Guide

We offer a choice of routes for companies to the Hong Kong markets; and offer our Issuers step-by-step support on the journey to listing.

Main Board

A market for more established companies that satisfy our financial and track record requirements. Companies listed on our Main Board range from conglomerates, banks and property developers to internet companies and healthcare providers. Issuers can choose to list on the Hong Kong Main Board in the form of shares or Hong Kong depository receipts.

GEM

A market for small and mid-sized companies, with less stringent eligibility criteria but similar continuing obligations as the Main Board.

Learn more >

We know that an IPO is one of the most significant events for any company.  We are here, every step of the way:

 

Step 1:
Potential issuer preparation

 
Appoint sponsors and other professional advisors

 
Due diligence and application documents preparation

 
Pre-consultation with listing department if necessary on confidential basis

 
Submit listing application to HKEX Listing Division

Step 2:
Vetting and approval

 
Listing application accepted by HKEX

 
Vetting by Listing Division

 
Hearing by Listing Committee

 
Obtain listing approval in principal

Step 3:
Marketing and listing

 
Marketing period 

 
List on the Stock Exchange of Hong Kong 

 
Listing celebration

Step 1:
Potential issuer preparation

 
Appoint sponsors and other professional advisors

 
Due diligence and application documents preparation

 
Pre-consultation with listing department if necessary on confidential basis

 
Submit listing application to HKEX Listing Division

Step 2:
Vetting and approval

 
Listing application accepted by HKEX

 
Vetting by Listing Division

 
Hearing by Listing Committee

 
Obtain listing approval in principal

Step 3:
Marketing and listing

 
Marketing period 

 
List on the Stock Exchange of Hong Kong 

 
Listing celebration

Enquire about listing >
Listing Process for Listing on the Main Board >
Listing Process for Listing on GEM >
Frequently Asked Questions >
List of Recognised Stock Exchanges >