Media365
When Malaysian civil engineering contractor BBSB International listed in Hong Kong last month, its offering was oversubscribed by a factor of nearly 11,000, and its shares rose more than fivefold from their offer price of HK$0.60 on the morning of their trading debut.
BBSB is one of several non-Chinese companies that have flocked to Hong Kong to list recently, and banks expect more to follow this year as the city’s initial public offering (IPO) market booms.
While New York and London used to be the only options for international companies, Hong Kong had become a viable global listing venue because the market was “vibrant” and liquidity had increased significantly, said Kenneth Chow, Asia co-head of equity capital markets at Citigroup.
“That’s why we’re seeing a lot of international companies listing in Hong Kong,” he said.
Already the preferred offshore listing venue for mainland companies, especially as geopolitical tensions have intensified in recent years, Hong Kong has seen a growing number of overseas companies turning to the exchange to raise funds. This diversification came after the city reclaimed its spot as the top global IPO market in 2025 and its secondary market boomed.
Five non-Chinese overseas companies listed in Hong Kong in 2025, with total fundraising of US$1.04 billion, more than triple the US$344.7 million raised from three deals in 2024, according to data compiled by the London Stock Exchange Group.
In November, Africa-focused hygiene-products maker Softcare listed in Hong Kong, raising a total of HK$2.4 billion (US$307 million). The offering was oversubscribed by 1,813 times. Before that, US biotech firm Cloudbreak Pharma debuted in the city in July, raising a total of HK$522 million.
