Today, the Hong Kong Stock Exchange was liquidated, and the IPO market is exceptionally hot.

Author: Yang Jiyun

This is a scene that hasn't been seen for a long time.

Today (June 26), the Hong Kong Stock Exchange welcomed three companies ringing the bell together—Chow Tai Fook, Saint Bella, and Yingtong Holdings, creating one of the liveliest scenes in the Hong Kong stock market in recent years.

Among them, Chow Tai Fook's Hong Kong IPO received over 700 times subscription, with an issuance market value exceeding HKD 10.1 billion, opening up more than 18%; Yingtong Holdings had an issuance price market value of about HKD 3.7 billion; and Sheng Beila's issuance market value was nearly HKD 4 billion, rising over 44% at one point after opening.

"The bell of the Hong Kong Stock Exchange is not enough." This scene can be considered the best depiction of the booming IPO market in Hong Kong this year.

Three IPOs in one day, **** the Hong Kong Stock Exchange's popularity is back

Chow Tai Fook successfully went public in Hong Kong first.

Starting in 2002, Li Weizhu from Shantou, Guangdong, resigned from a bank to open a jewelry inlay factory in Shuibei Village, Luohu District, Shenzhen, earning his first pot of gold. Subsequently, "Shenzhen Zhou Tianfu Jewelry Co., Ltd." was founded, which was later renamed Zhou Liufu.

In 2004, the first direct store of Chow Tai Fook Jewelry opened in Shenzhen. Since then, with the "light asset franchise" model, Chow Tai Fook began to open stores in large numbers across the country—by December 31, 2024, the total number of stores reached 4,129, including 91 self-operated stores. In the past three years, Chow Tai Fook's operating income was 3.102 billion yuan, 5.15 billion yuan, and 5.718 billion yuan, with profits of 575 million yuan, 660 million yuan, and 706 million yuan during the same period.

As a result, over 4,000 gold stores have listed on the Hong Kong stock market. The old store Huangjin and Mengjinyuan, which have already been listed on the Hong Kong stock market, have welcomed a competitor.

Unlike Chow Tai Fook, Saint Bella, which is also listed on the Hong Kong stock market today, has a group of investors behind it. The founder of this chain maternity center brand is a post-80s gentleman — Xiang Hua. After graduating from the Department of Bioengineering at Oxford University in his early years, he discovered a market gap for high-end maternity centers in the country during his career, leading to the birth of Saint Bella.

The high-end confinement center, Sheng Bella, leaves the impression that many celebrities such as Qi Wei, Tang Yixin, Gina, and Li Ai have stayed here. Information shows that the starting price for Sheng Bella's 28-day confinement package is 138,000 yuan, while the "Queen Package" on e-commerce platforms is as high as over 500,000 yuan, dubbed the "Hermès of the confinement world."

According to the prospectus statistics, Shengbeila has completed a total of 7 rounds of financing since its establishment, backed by a host of investment institutions including Tencent, Gaorong Capital, C Capital, China Life Investment, Zhejiang Merchants Asset, New Horizon Capital, Tangzhu Capital, and Shenqi Capital, with a formidable team.

Finally, there is Yingtong Holdings. You may find this name unfamiliar, but the brands it manages are well-known: Hermes, Van Cleef & Arpels, Bulgari, Versace, Anna Sui... gathering a host of international big names.

In the 1980s, Ying Tong was born in Hong Kong, China. The founder, Liu Ju-rong, resigned from the airline industry to venture into the perfume business, representing international brands and continuously introducing them to mainland China. As one of the first to venture into this market, Ying Tong enjoyed the benefits of the era.

As of now, Yingtong manages a total of 63 external brands and has over 7,500 offline sales points in more than 400 cities in Greater China, with over 2 million consumer members. Yingtong can be described as a family business—according to the prospectus, founders Liu Jurong and his wife indirectly hold 90% and 10% of shares in Yingtong International Limited, respectively.

The crowd is bustling as the Hong Kong Stock Exchange opens its doors to three IPOs.

This Year's Wave of IPOs in Hong Kong

As far as the eye can see, there is a wave of listings in Hong Kong.

This year, we have witnessed many heavyweight IPOs being born on the Hong Kong Stock Exchange. I remember that in early 2025, the CEO of the Hong Kong Stock Exchange, Charles Li, revealed that there are currently more than 100 IPOs in preparation, including some "exciting names."

Subsequently, the Hong Kong stock market continuously saw the emergence of "big players"—last month, CATL officially landed on the main board of the Hong Kong Stock Exchange, creating this year's largest IPO globally with a market value of 1.3 trillion; a few days later, Heng Rui Medicine's IPO rang the bell, becoming this year's largest pharmaceutical IPO; following them were "soy sauce king" Haitian Flavoring and Zhejiang giant Sanhua Intelligent Control... Not only are their market values enormous, but the cornerstone investment lineup is also luxurious, pushing this wave of "A+H" listings to a climax.

This year, the IPO market in Hong Kong is hot and evident to all. Ernst & Young's latest report on the "Mainland China and Hong Kong IPO Market" states that approximately 40 companies are expected to go public in Hong Kong in the first half of this year, raising around HKD 108.7 billion. The number of initial public offerings (IPOs) and the amount raised have increased by 33% and 711% year-on-year, respectively, accounting for 24% of the global new stock market, currently ranking first in the world.

Among them, the lineup of consumer companies is the most grand.

I still remember when the tea beverage giant Mixue Ice City landed on the Hong Kong Stock Exchange in March, opening with a significant increase, and its market value has now exceeded HKD 200 billion. The listing of Mixue not only set a new historical record, becoming the new generation of the "Frozen Capital King" in Hong Kong stocks, but also formed the "Three Sisters of Hong Kong Stocks" together with Pop Mart and Laopu Gold, leading the consumer market in Hong Kong stocks.

New tea drinks going public in Hong Kong are fresh in memory. Gu Ming landed on the Hong Kong stock market in February this year, with a current market value exceeding 50 billion; Hu Shang Ayi followed closely after Mi Xue Bing Cheng, listing on the Hong Kong Stock Exchange in May, with a significant increase at the opening.

In addition, Newmans, Bruko, Shubao International, Hongxin Supermarket, and Green Tea Restaurant have successfully rung the bell. Recently, companies like Banou Hot Pot,潮玩 company 52TOYS, coconut water brand if, Lei Jun's invested cultural brand "Tong Shifu", the largest snack chain brand "Ming Ming Hen Mang", the alternative to Arc'teryx "Boshi He", and the snack brand "Liuliu Mei" which is popular for casual eating have all submitted their applications to go public in Hong Kong. Earlier, companies like Laoxiangji, Anjiu Food, Yujian Xiaomian, Three Squirrels, Kayou, and Bama Tea Industry have also queued up.

"Starting with a profit of 500 million, beginning at a profit of 1 billion, consumer companies with profits of 2-3 billion can attract international capital's favor in the Hong Kong stock market." Consumer companies, big and small, are racing against the clock.

This month, Chen Yiting revealed that there are currently over 160 companies queued for IPOs in the Hong Kong stock market, with more than 40 companies submitting applications just in May. As of June 24, the refinancing scale of the Hong Kong stock market has reached HKD 142.854 billion, far exceeding last year's HKD 87.5 billion.

"The Hong Kong Stock Exchange was overwhelmed." This feeling is not an exaggeration.

"China's Asset Revaluation Begins with Hong Kong Stocks"

Compared to the quietness of the previous years, the Hong Kong stock market has welcomed a good year.

First, the profit-making effect has been ignited. As we can see, the "three sisters of Hong Kong stocks" have staged a rare surge, with companies like Bruker, Mao Ge Ping, and Gu Ming achieving varying degrees of increase. These companies have brought a long-awaited feast of returns to the capital market.

Quietly, it seems that everyone's confidence in Hong Kong stocks has returned. In the past, when talking about Hong Kong stocks, there were always concerns about not finding cornerstone investors, low valuations, lack of liquidity, and significant drops after lifting restrictions, making it difficult to issue new shares. But now the situation has changed — cornerstone investors are no longer a worry, and valuations are also attractive.

Just as behind the super IPOs of Mixue Ice City, Contemporary Amperex Technology Co., Ltd., Hengrui Medicine, and Haitian Flavoring & Food Co., Ltd., there is a luxurious cornerstone lineup, with fierce competition for shares.

Effect transmission, many leading investment institutions have urged internally: "If there are suitable companies, hurry up and promote listing in Hong Kong." Investment banks are also getting busy, intensively contacting investment institutions to sort out suitable listing candidates. More than one consumer company has told us that every time they hold a shareholders' meeting, investors will discuss promoting the relevant matters for listing in Hong Kong.

Wei Zhe, the founding partner and chairman of 嘉御资本, has been closely observing the changes in the Hong Kong stock market. Earlier this year, he analyzed for the investment community that in the Hong Kong stock market, we have seen the international capital market's revaluation of Chinese consumer stocks, especially for large-cap consumer stocks.

"China's asset revaluation begins with Hong Kong stocks."

The year 2025 is viewed as the year of asset re-evaluation in China. The Hong Kong Stock Exchange is making every effort, previously relaxing policies specifically for technology companies to list, namely the Special Listing Rules for Technology Companies (18C), allowing technology companies with no revenue and no profits to also list in Hong Kong.

In addition, the Hong Kong stock market is expected to welcome the return of Chinese concept stocks. It is reported that Xiaoma Zhixing and Hesai Technology, which have already been listed in the U.S., plan to secretly submit their applications for listing in Hong Kong — as Chen Maobo recently publicly stated, he has instructed the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange to be prepared for the return of Chinese concept stocks.

"Companies planning to list on the Hong Kong Stock Exchange should accelerate their IPOs." Song Xiangqian, founder and chairman of Jiahua Capital, told the investment community, "Given the current situation, the window period for domestic companies to access the international capital market is very short, possibly only a year and a half."

Today, Hong Kong remains an important bridge connecting global capital markets. As globalization becomes an undeniable theme of the era, everyone is rushing to position themselves in Hong Kong. "After all, this is the window to the world."

The curtain has been raised.