HKEX

The Hong Kong Exchanges and Clearing Ltd (HKEX)'s implementation of severe weather trading in the securities and derivatives market, an arrangement that allowed the Hong Kong stock market to operate during bad weather last September, has further aligned Hong Kong with international practices and enhanced its market competitiveness, said John Lee Ka-chiu, chief executive of the Hong Kong Special Administrative Region (HKSAR), on Monday.

In a social media post, Lee said that, in recent years, the HKSAR government has implemented a series of listing reforms, resulting in a vibrant IPO market so far this year. As of mid-July, there have been 52 IPOs, a year-on-year increase of 30 percent, raising a total of HK$124 billion ($15.80 billion), up 590 percent year-on-year, placing Hong Kong first globally. The Hang Seng Index has risen 25.3 percent year-to-date.

Lee added that the HKSAR government will continue improving the listing system and further promoting stock market liquidity, with the aim of attracting more high-quality global companies to list in Hong Kong, thereby boosting the city's appeal and dynamism as a listing destination.

He also noted that public consultation has begun for the upcoming Policy Address, with the goal of drawing on insights from government, business, experts, and the public to collectively drive Hong Kong's development forward at full speed.

Over the past two to three years - especially since the pandemic - Hong Kong has been actively advancing the development of its financial platform, with continuous efforts to improve its regulatory frameworks, enhance its market inclusiveness, and streamline operations, Dong Shaopeng, a senior research fellow at the Chongyang Institute for Financial Studies at Renmin University of China, told the Global Times on Monday.

"Objectively speaking, Hong Kong's financial market has never been weak. However, the pandemic and other global factors have reshaped the international financial landscape, and Hong Kong has faced increasing competitive pressure," Dong said.

In response, Hong Kong has introduced more inclusive policies targeting emerging sectors such as tech innovation and blockchain, Dong said, noting that this reflects the current HKSAR government's proactive and forward-looking mindset.

Take, for example, the decision to keep markets open during bad weather. Dong said that it underscores the government's focus on market stability and reflects improvements in technological infrastructure, regulatory oversight, and market resilience. "It also sends a strong message: Hong Kong is capable, both in hardware and software, and is working to boost investor confidence," Dong said.

In 2024, Hong Kong's financial market remained stable, completing the world's second-largest IPO of the year. Entering 2025, the market has continued to show strong momentum, with multiple IPOs attracting enthusiastic investor participation. This year, a wide range of companies from the Chinese mainland have chosen to list in the city. Major firms ranging from battery giant CATL to beverage company Mixue Bingcheng have successfully gone public on the HKEX, further underscoring the city's unique role as a vital bridge between the mainland and global capital markets.

Hong Kong's increasing openness toward technology-driven enterprises, along with its more resilient financial infrastructure, is enhancing its ability to attract capital from the mainland, Dong said, adding that it also reinforces Hong Kong's role as a global financial hub, serving as a vital bridge between the mainland and international markets.