HKEX CEO Bonnie Chan: tech IPOs raised HK$166B as Hong Kong tops lists

Bonnie Chan Yiting, CEO of HKEX, is making a straightforward claim with real numbers behind it: Hong Kong has become the top listing choice for tech firms. Her argument is tied to a broader shift as Asia’s role in global innovation grows, pulling more technology companies toward Hong Kong’s capital markets.

And the momentum she references is not abstract. In the first five months, Hong Kong raised over HK$166 billion (US$21.2 billion) via initial public offerings (IPOs). Meanwhile, trading is staying active even amid “recent fluctuations.” In May alone, daily trading turnover averaged HK$293 billion, up 111 percent and 39 percent from one year earlier, based on the figures referenced in the source.

So what is actually happening here? The headline is about listing choice, but the supporting facts point to two drivers that matter to any CFO or board: IPO funding flow and day-to-day market depth. IPOs are the headline event for a company planning its capital raise, but liquidity is what keeps valuations and trading confidence from getting shaky the moment a stock starts to move. HKEX is basically saying that Hong Kong is delivering both right now: companies can access capital through IPOs, and investors can transact through consistently high turnover.

This is also where “pivot to emerging sectors” becomes more than marketing. When tech and other growth categories expand in importance, exchanges compete on more than brand. They compete on how comfortably issuers and investors can operate: the clarity and credibility of the listing process, the market’s ability to absorb new supply, and the signals that international investors read when they decide where to place capital. If Hong Kong is indeed becoming a preferred listing destination for tech firms, it implies that the city’s market infrastructure and positioning are keeping pace with the sector shift happening across Asia.

The source frames HKEX’s comments as part of a capital markets story that still has momentum despite fluctuations. That wording matters for decision-makers because markets rarely move in a straight line. Fluctuations can come from global risk appetite, sector rotations, policy changes, or currency and rates dynamics. Even so, the reported increases in IPO proceeds and May turnover suggest that issuer demand and trading activity have not stalled. For companies evaluating where to list, that kind of resilience is often the difference between “timing the market” and “missing your window.”

There is also a governance angle for boards to notice. When an exchange is gaining mindshare with a particular type of issuer, it can change how underwriting, investor relations, and investor targeting work across deals. That does not guarantee every IPO will price well or every stock will trade smoothly. But it does mean more competition for high-quality issuance, more focus from market participants on the relevant investor base, and potentially more consistent expectations around how tech companies should be evaluated.

For executives at tech firms and for financial leaders advising them, the strategic implication is simple: Hong Kong is positioning itself as a serious venue for technology listings, supported by sizable IPO capital in the first five months and strong trading activity in May. If you are a founder weighing listing venues, a CFO modeling fundraising scenarios, or a board member overseeing capital strategy, the practical question becomes what this momentum means for your specific path to liquidity and investor access. Based on the figures cited, HKEX is telling the market that Hong Kong is not just “open for business” for tech. It is already the top listing choice, backed by HK$166 billion in IPO proceeds and HK$293 billion daily average turnover in May.