Global investors continue to favor Chinese technology companies despite SpaceX’s record-breaking initial public offering, which raised concerns about liquidity shifting away from Asian markets. Hong Kong Exchanges and Clearing (HKEX) CEO Bonnie Chan Yiting addressed these concerns at the Lujiazui Forum in Shanghai this week.
Chan stated that international institutions remain committed to Asia, particularly China, as a key investment destination. The SpaceX IPO, which secured $85.7 billion on Nasdaq, has not altered this focus. She emphasized that for many investors, China’s advancements in technological innovation are now a central part of their strategy.
Her comments sought to ease worries that the high-profile listing might divert capital from regional equities, where valuations often trail behind U.S. counterparts. The SpaceX deal surpassed Saudi Aramco’s $29.4 billion IPO in 2019, helping Nasdaq surpass Hong Kong as the world’s largest IPO market this year. Underwriters later exercised their greenshoe option, increasing the total proceeds from the initial $75 billion.
The amount raised is more than double the $37.2 billion generated by all Hong Kong IPOs in 2025 combined.
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Chan noted that global investors are expanding their portfolios to include China. Kwang Kam Shing, Hong Kong CEO and North Asia chair at J.P. Morgan, supported this view, highlighting strong international interest in Chinese firms specializing in artificial intelligence, robotics, renewable energy, electric vehicles, and biotechnology.
“These companies are regarded as leaders in their fields,” Kwang said in an interview last month. “They will have no trouble securing overseas capital for growth.”
Hong Kong’s IPO market performed well in early 2026. Thirty-seven companies raised $13.26 billion on the main board in the first quarter, marking a 453% increase from the same period last year. An additional $9 million was raised on the city’s GEM market.
The increase in activity helped Hong Kong surpass Switzerland as the world’s largest cross-border wealth hub. A report showed that cross-border wealth managed in the city grew 10.7% in 2025 to $2.95 trillion, slightly ahead of Switzerland’s $2.94 trillion.
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Capital flows have remained strong. Securities and Futures Commission-authorized funds in Hong Kong recorded net inflows of $45.6 billion in 2025, more than doubling the previous year’s total. Another $12.4 billion entered during the first quarter of 2026, as noted by Financial Services and the Treasury Secretary Christopher Hui.
Investors have not abandoned Hong Kong despite competition from U.S. exchanges.
The city retains its position as a financial gateway to China.