DAVOS: HKEX Listing Momentum Has Continued Into 2026, CEO Says — Market Talk

Hong Kong Exchanges and Clearing's 4Q 2025 net profit growth is forecast to have normalized, slowing to 4% on year as sequential growth in average daily transactions moderated and net investment income declined sharply, UOB Kay Hian analysts Carol Dou and Sunny Chen say in a note. They attribute the weaker growth to a high base effect. Revenue is forecast to have risen 7% on year, supported by a rise in trading-related fees from higher headline ADT, though NII is expected to fall due to a smaller margin fund and narrower net interest spreads. The analysts remain positive on HKEX's ADT outlook and see re-rating potential as Hong Kong's stock market has entered 2026 strongly with robust IPO momentum. UOB KH maintains a HK$550 target price on the stock. Shares last traded at HK$420.00. (jason.chau@wsj.com)

By Kimberley Kao

Six companies are lining up to list in Hong Kong before year-end, seeking to raise more than $900 million in the final stretch of what is set to be a record year for the city's IPO market.

The firms, spanning industries from robotics to cosmetics, aim to raise up to 7.36 billion Hong Kong dollars, the equivalent to $945.9 million, according to exchange fillings on Thursday.

All expect shares to begin trading on Dec. 30.

Eleven companies have listed so far this month, while 18 more plan to debut before year-end, according to Hong Kong Exchanges & Clearing's website.

Temasek-backed InSilico Medicine Cayman, a AI-driven drug-development company, plans to raise HK$2.28 billion by offering 94.7 million shares at HK$24.05 each.

OneRobotics (Shenzhen), which develops home embodied AI robotic systems, aims to raise up to HK$1.80 billion through an offering of 22.2 million shares priced between HK$63.00 and HK$81.00.

Shanghai Forest Cabin Cosmetics Group and Tencent-backed data-management firm Shenzhen Xunce Technology each plan to raise more than HK$1.00 billion.

Beijing 51WORLD Digital Twin Technology, an AI firm that creates high-fidelity virtual replicas of physical objects or systems, aims to raise HK$731.2 million.

USAS Building System (Shanghai), a manufacturer of metal building systems, plans to raise HK$225.3 million.

Hong Kong has been one of the world's most active listing venues this year.

In the first 11 months of 2025, IPO fundraising reached HK$259.4 billion, more than triple the amount raised a year earlier, according to HKEX.

The exchange operator recently launched a technology index with a focus on emerging sectors, such as robotics and artificial intelligence.

Write to Kimberley Kao at kimberley.kao@wsj.com

Additional information

About Prudential plc

Prudential provides life and health insurance and asset management in Greater China, ASEAN, India and Africa. Prudential's mission is to be the most trusted partner and protector for this generation and generations to come, by providing simple and accessible financial and health solutions. The business has dual primary listings on the Stock Exchange of Hong Kong and the London Stock Exchange . It also has a secondary listing on the Singapore Stock Exchange and a listing on the New York Stock Exchange in the form of American Depositary Receipts. It is a constituent of the Hang Seng Composite Index and is also included for trading in the Shenzhen-Hong Kong Stock Connect programme and the Shanghai-Hong Kong Stock Connect programme.

Prudential is not affiliated in any manner with Prudential Financial, Inc. a company whose principal place of business is in the United States of America, nor with The Prudential Assurance Company Limited, a subsidiary of M&G plc, a company incorporated in the United Kingdom.

https://www.prudentialplc.com/

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By Kimberley Kao

Hong Kong's exchange operator has launched a new technology index to track the largest firms listed in the city across emerging areas like robotics and smart driving.

Hong Kong Exchanges & Clearing said Tuesday that the new HKEX Tech 100 Index aims to track the performance of 100 of the largest companies listed in the city across sectors such as artificial intelligence, biotech & pharmaceutical, electric vehicles & smart driving, information technology, internet, and robotics.

All constituents are eligible for stock connect Southbound trading to allow access for global and mainland investors, it said.

"This new broad-based index covers the leading innovative sectors in our listed issuer universe that have transformed the DNA of Hong Kong's markets, and its launch underscores the critical role our markets play in nurturing these emerging industries," said Bonnie Y Chan, chief executive of HKEX.

HKEX will also be working with asset management company, E Fund Management, to develop an exchange-traded fund, or ETF, in the Chinese mainland market that tracks the HKEX Tech 100 Index, subject to regulatory approval and the issuer's further announcements.

Write to Kimberley Kao at kimberley.kao@wsj.com

Milan, Italy, Nov 28, 2025 - (ACN Newswire) - - Some 760 participants attended Milan symposium to explore opportunities in finance, innovation, supply chain and creative industries

- A flagship event featuring high-level dialogues and more than 260 on-site business matching meetings connected Hong Kong and Italian companies

The Think Business, Think Hong Kong (TBTHK) signature promotion organised by the Hong Kong Trade Development Council (HKTDC) was held on 27 November in Milan to promote bilateral trade and investment with Italy.

Returning to Italy for the first time since 2014, the TBTHK event attracted over 1,000 participants. The TBTHK symposium was held at Palazzo Mezzanotte - home of the Italian Stock Exchange - and attended by some 760 participants, reaffirming the strong and growing relationship between Hong Kong and Italy. Over 240 leaders of the Italian, European and Hong Kong business communities joined the Hong Kong Dinner.

TBTHK Milan gathered over 90 delegates from Hong Kong, including government officials, business and creative industry leaders, financial and professional services providers, investors and start-up entrepreneurs, as well as executives from Chinese Mainland companies based in Hong Kong for a day of dialogue, networking and partnership building with Italian companies keen to expand into Asia. The event highlighted Hong Kong's role as a superconnector and super value-adder, enabling both Hong Kong and mainland enterprises to go global and seize opportunities in Italy and across Europe.

At the symposium's Opening Session, Paul Chan, Hong Kong SAR Government Financial Secretary, and Prof Frederick Ma, HKTDC Chairman delivered remarks. Valentino Valentini, Deputy Minister of the Ministry of Enterprise and Made in Italy, delivered a video speech.

In his opening remarks, Mr Chan said: 'For long, Hong Kong and Italy have much in common. We share a passion for creativity, craftsmanship, and elegance. Italian style has captured our hearts. Our two cities (Hong Kong and Milan) are gateways connecting continents, blending Eastern and Western ingenuity. And we both thrive on openness, creativity, innovation and entrepreneurial spirit.'

Mr Chan mentioned that the economic partnership between Hong Kong and Italy is flourishing and remarkably diverse: 'In 2024, bilateral merchandise trade reached '7.2 billion. Some 200 Italian companies, from world-beating brands to leading players in banking, insurance, logistics and chocolate, have their regional headquarters, offices or operations in Hong Kong.'

In his welcome remarks, Prof Ma said: 'At the HKTDC, facilitating partnerships is at the core of what we do. Partnerships lead to innovation. And innovation drives growth and expansion. We help businesses, large and small, realise their growth and expansion plans, wherever they may be - China, Asia and beyond.'

Prof Ma added: 'Renowned as one of the world's leading international financial hubs, many opportunities await Italian businesses in Hong Kong - in traditional and newer sectors. Just like Italy, Hong Kong is focused on I&T. This covers fintech, greentech, AI and smart city development, the creative sector and more. I see great potential for collaboration.'

Mr Valentini said: 'Italian companies that have been present in Hong Kong for many years now play a leading role in sectors such as fashion, luxury, design, food, manufacturing and logistics, and are also paving the way in more innovative fields.'

Mr Valentini added that Hong Kong is an ideal platform for Italian companies that wish to grow in the Chinese Mainland and the wider Asian region, while Italy is moving to further enhance its attractiveness to new investment. The relationship between Italy and Hong Kong is built on decades of exchange and close ties. Now is the time to turn this experience into new, successful partnerships for the benefit of Italian businesses and entrepreneurs.

High-level exchanges highlight new areas of collaboration

The plenary session explored global economic trends, the evolving role of Hong Kong's financial markets and the deep integration with the Chinese Mainland that continues to provide international companies, including Italian ones, with a competitive advantage in accessing Asia. The session brought together leading figures from the international business community to discuss how Hong Kong continues to serve as a strategic gateway to Asia.

Chaired by Hans Michael Jebsen, Chairman of the Hong Kong-Europe Business Council and Jebsen Group, the discussion featured insights from Bernard Chan, Chairman of the West Kowloon Cultural District Authority and President of Asia Financial Holdings Limited; Bonnie Chan, CEO of Hong Kong Exchanges and Clearing Limited; Claudio de Bedin, Partner at Justin Chow & de Bedin Solicitors LLP; Fabio De Rosa, Head of Global Transaction Banking, Banco BPM; and Alex Zhavoronkov, Founder and CEO of Insilico Medicine.

Reflecting the evolving priorities of both economies, the five thematic sessions covered four strategic areas. The Digital Trade and Finance session, co-organised with the Hong Kong Monetary Authority, explored how technology is reshaping cross-border trade and financial flows. It also showcased how platforms, such as distributed ledger-based trade solutions and commercial data exchange systems, are enhancing efficiency, transparency and access to financing - offering new pathways for Italy-Hong Kong trade collaboration.

The Innovation and Technology session, supported by the Hong Kong Science and Technology Parks Corporation, focused on smart city innovation and the rapid rise of AI-powered technologies in Asia, illustrating how Italian companies can engage with Hong Kong's burgeoning innovation ecosystem.

After a networking luncheon, the Global Supply Chain session, co-organised with Invest Hong Kong, examined how Hong Kong's capital markets and corporate treasury frameworks are driving transformation in global supply chains. The discussion highlighted Hong Kong's role as a hub for supply chain digitalisation, green logistics and advanced manufacturing partnerships.

Two Creative and Design sessions were held. One brought together celebrated architects and designers from Hong Kong and Italy, including Steve Leung, Founder of Steve Leung Design Group; Andrea Ponti, Founder and Design Director of Ponti Design Studio Limited; and Dr Rocco Yim, Principal of Rocco Design Architects Associates Limited. The second one, co-organised with the Hong Kong Design Centre and Hong Kong Designers Association, explored how Hong Kong and Italy - two global centres of creativity - can co-design new opportunities in architecture, lifestyle, luxury and cultural innovation. Participants discussed how the fusion of Italian craftsmanship and Hong Kong's cultural vibrancy can unlock new markets across Asia.

Networking and strategic dialogue reinforce long-term ties

Alongside the symposium, TBTHK facilitated over 260 on-site business matching meetings, one-on-one consultations and dedicated networking opportunities. During the event, participants also browsed the InnoVenture Salon and Business Support Zone, an exhibition area featuring over 20 exhibitors from Hong Kong, including start-ups and representatives from government agencies, accounting firms, corporate services companies, logistics specialists, legal firms and many other sectors. The zones provided a practical platform for Italian companies to connect with Hong Kong-based experts, pursue innovative services, solutions and technologies and strengthen cross-border collaboration.

Following the symposium, the Hong Kong Dinner was held at Palazzo Parigi. It was attended by over 240 business leaders, government officials and representatives of the Hong Kong and Italian business communities, further promoting bilateral economic and cultural exchanges.

Photo Download: http://bit.ly/44xYBrq

Think Business, Think Hong Kong Milan organised by the HKTDC was held on 27 November at Palazzo Mezzanotte, attracting some 760 participants. The plenary session brought together leading figures from the international business community to discuss how Hong Kong continues to serve as a strategic gateway to Asia

Paul Chan, Financial Secretary of the Hong Kong SAR Government, talked about deepening economic ties between Hong Kong and Italy

Prof Frederick Ma, Chairman of the HKTDC, highlighted opportunities for greater collaboration between Hong Kong and Italian companies

Valentino Valentini, Deputy Minister of the Ministry of Enterprise and Made in Italy, addressed participants at TBTHK Milan

The TBTHK symposium featured an InnoVenture Salon exhibition with Hong Kong start-ups showcasing their innovations

Websites:

Think Business, Think Hong Kong: https://thinkbusinessthinkhk.com/2025-milan/symposium/en/index.html

Media enquiries

HKTDC's Communication & Public Affairs Department:

Jane Cheung Tel: +852 2584 4137 Email: jane.mh.cheung@hktdc.org

Weber Shandwick

Nadia Lauria Tel: +39 3356962981 Email: hkmedia@webershandwickitalia.it

Marco Pedrazzini Tel: +39 3470369222 Email: hkmedia@webershandwickitalia.it

Ines Baraldi Tel: +39 3428650498 Email: hkmedia@webershandwickitalia.it

About HKTDC

The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong's trade. With over 50 offices globally, including 13 in the Chinese Mainland, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus.

Source: HKTDC

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