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Hong Kong Exchanges and Clearing (HKEX), operator of Asia’s third-largest stock market, has become one of the world’s largest fundraising platforms for the new energy sector, thanks to a slew of listing reforms to promote the city as a green finance hub, according to a government official.
“There has been an active stream of listings of electric vehicle [makers and companies in the] EV supply chain, energy storage and hydrogen energy on the Hong Kong stock exchange,” said Salina Yan Mei-mei, permanent secretary for Financial Services and the Treasury at the HKEX Climate Finance Forum: The Road to Net Zero on Wednesday. “Without a doubt, the HKEX is now one of the world’s largest EV fundraising platforms.”
The market capitalisation of companies in the new energy and EV sectors listed in Hong Kong had reached US$806 billion, accounting for 13 per cent of the total, Yan said, adding that their market cap had grown sixfold in the last 10 years.
Fundraising rules for mainland start-ups involved in green or renewable energy were relaxed under the exchange’s Chapter 18C listing rules in March 2023. The rules allow tech companies to list even if they have made no revenue.
Hesai Group, the world’s largest supplier of automotive lidar sensors, on Monday launched an initial public offering to raise up to HK$3.9 billion (US$500 million) from a dual primary listing in Hong Kong, joining a clutch of Chinese EV makers and supply-chain vendors tapping into global investor interest in the country’s up-and-coming companies.
In May, Contemporary Amperex Technology, the world’s largest producer of batteries for EVs, raised US$5.3 billion, the world’s largest IPO this year.
