(Yicai) May 22 -- Initial public offerings on the Hong Kong stock exchange surged almost four-fold in value in the past year, as international investors re-evaluate the value of Chinese companies amid a softening US dollar and shifting global supply chains, according to the latest data.

Some 76 companies went public in Hong Kong in the 12 months ended May 21, raising a combined HKD145 billion (USD18.5 billion), according to data from Wind Information.

Global investors are reassessing the value of Chinese companies, experts said. With the weakening of the dollar and the realignment of global industrial chains, the Hong Kong bourse is becoming a platform where true asset values can be discovered, bringing global investors and major Chinese firms together.

This listing boom is mainly being driven by big Chinese mainland companies going public in Hong Kong. The top 10 IPOs in the past year were mostly made up of mainland firms, according to Wind data. They raised a total of HKD108.6 billion (USD13.8 billion), about 75 percent of all funds raised during that period.

Among the biggest fundraisers were home appliance giant Midea Group and battery manufacturer Contemporary Amperex Technology, which raked in HKD35.7 billion (USD4.5 billion) and HKD41 billion (USD5.2 billion) respectively, making them the top listings of 2024 and of 2025 so far.

The weakening US dollar has pushed investors to move their money into other currencies, including the Hong Kong dollar, and this has helped the Hong Kong dollar hit the strong end of its trading band again, said Wen Tianna, executive president of Boda Capital.

The inflow of funds and the sliding US dollar reflect investor confidence in the Hong Kong dollar and Hong Kong stocks, Wen said. The US' new reciprocal tariffs are making investors pay more attention to Chinese companies that are expanding their global layout.

The dollar’s decline is aimed at helping reduce the US trade deficit, said Zhang Yi, chief economist at Hengtai Securities. Hong Kong stocks, which are essentially Chinese assets priced in US dollars, are currently among the cheapest in the world. As global investors reevaluate assets, Hong Kong stocks will continue to be popular, and more high-quality companies will choose to list there.

Firms like Ningde-based CATL have received an enthusiastic response from investors and they have raised a lot of money in Hong Kong, said Yu Fenghui, consultant at the Top 100 Hong Kong Listed Companies Research Center. This will probably motivate more mainland-listed companies to speed up their Hong Kong listing plans.

Hong Kong serves as an ideal fundraising platform, particularly for businesses seeking to attract international investors and aiming to go global, he added.

Editor: Kim Taylor