Chinese firms are capitalizing on renewed investor interest in Hong Kong’s IPO market, driven by excitement over AI. DeepSeek’s AI announcement in January sparked a rally, pushing the Hang Seng Index to three-year highs.

Hong Kong saw 15 IPOs in Q1 2025, raising HK$17.7 billion (US$2.27 billion), its strongest start since 2021. Six IPOs surpassed HK$1 billion (US$128.51 million), compared to just one last year.