Bonnie Chan, Chief Executive Officer of Hong Kong Exchange and Clearing Limited (HKEX), attended the Asian Financial Forum in Hong Kong, China, on Tuesday, January 27, 2026. The forum ends today. Photographer: Ram Ik/Bloomberg via Getty Images
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Hong Kong Exchange CEO Bonnie Chan told CNBC that Hong Kong’s IPO pipeline is anchored by companies beyond the “fashionable” technology sector.
In an interview with CNBC’s Emily Tan, Chan said more than 100 companies have gone public so far this year, with revenues exceeding $40 billion. This is already more than the $37 billion raised in all of 2025.
While there has been a surge in listings from the AI and broader technology sectors, Chan emphasized that the exchange’s IPO pipeline is well diversified, pointing to biotech, mining and consumer companies.
“There are still a number of very good, high-quality companies that are looking to complete their IPOs by the end of the year,” he said.
Chan’s comments came as the exchange posted record half-year profit and revenue on Wednesday, with net profit up 24% year-on-year to HK$10.57 billion ($1.35 billion), beating analysts’ expectations.
“Market activity remained strong, supported by factors such as sustained IPO momentum and increased interest from global issuers and investors,” the Hong Kong Exchange said. Mr. Chan pointed out that the exchange’s strength lies not only in IPOs but also in subsequent listings.
Mr Chan said follow-on products to date have exceeded $50 billion, compared to $66 billion for the full year last year.
investor interest
Investor interest in Asia’s financial hubs also remains strong. Hong Kong’s average daily turnover has reached HK$280 billion since the beginning of the year, compared to HK$250 billion in 2025 as a whole, according to the CEO of the Hong Kong Exchange.
Average daily turnover (ADT) measures the total amount of stocks or contracts traded in a day.
Mr Chan said he was seeing renewed interest in the city’s market from “high-quality investors”, noting that core investors in the IPO include sovereign wealth funds from “all parts of the world”.
Asked if funds from mainland China, international institutional investors, IPOs and AI were bringing liquidity to Hong Kong, Mr Chan said it was coming from all of those sources.
He said that when it comes to southbound trade, sales are mostly stable, but overall ADT is increasing, so “this means the rest of the world is trading more in our market.”
Southbound trade refers to flows from mainland China to Hong Kong, while northbound trade refers to foreign and Hong Kong-based investors investing in mainland China stocks.
“Broadly speaking, I think we’re seeing increased participation from institutional investors around the world. Even regional retail investors are coming to our market in significant volumes,” she said.
