(Yicai) June 27 -- Hong Kong led the global initial public offering market in the first half of the year, with 40 listings -- featuring firms such as battery giant Contemporary Amperex Technology and drugmaker Hengrui Pharmaceuticals -- raising a total of HKD102.1 billion (USD13 billion).

This headline figure marks a nearly eightfold increase compared to the same period last year and is the second-highest total in the past decade, according to a report released by London-headquartered consulting firm Deloitte.

The top five IPOs included CATL, Hengrui, condiment maker Haitian Flavouring & Food, refrigeration component manufacturer Sanhua Intelligent Controls, and bubble-tea chain Mixue Group. Together, these five companies raised HKD72.2 billion (USD9.2 billion), representing an elevenfold year-on-year increase.

Looking ahead, Deloitte projects around 80 new listings in the second half of the year, potentially raising up to HKD200 billion. These are expected to include leading mainland enterprises, secondary listings of companies from the Association of Southeast Asian Nations, and the return of Chinese concept stocks previously listed overseas. Additionally, a possible interest rate cut by the US Federal Reserve could lower corporate financing costs, further supporting Hong Kong’s IPO market momentum.

Market liquidity is seeing a notable boost. In the first six months, around 97 percent of the IPOs were oversubscribed, with 76 percent of those oversubscribed by more than 20 times. Consumer and technology firms like Bloks Technology Group -- a character toy manufacturer -- and Mixue were both oversubscribed by over 5,000 times, underscoring investors’ strong demand for high-quality assets, the report noted.

The Hong Kong Stock Exchange is implementing a series of reforms to enhance its appeal and liquidity. These include integrating real estate investment trusts into the Stock Connect program with the mainland, streamlining requirements for dual primary listings, and launching a dedicated channel to attract emerging technology enterprises.

The Chinese mainland also experienced a wave of IPO activity in the first half, with 44 new A-share listings -- up 14 percent year-on-year -- raising CNY37.1 billion (USD5.2 billion), also reflecting a 14 percent increase, according to Deloitte.

Meanwhile, overseas markets remain attractive to Chinese firms. In the first six months, 36 Chinese companies went public in the United States, raising USD869 million -- a year-on-year increase of 57 percent in number and 28 percent in value.

Editor: Emmi Laine