Hong Kong Stock Exchange (00388) Chen Yiting: 66 new stocks listed this year, technology stocks account for an important proportion, covering the full value chain of AI.

Hong Kong Exchanges and Clearing Limited (HKEX) Chief Executive Officer Laura Cha said that as of early June, 66 new listings (IPOs) have been completed, raising approximately $21 billion USD. While the progress is satisfactory, she emphasized that besides the numbers, the composition of the pipeline is more worthy of attention. Technology stocks still play an important role, covering the entire AI value chain, from chips, computing power, large language models to applications, and even extending to the energy sector. Cha pointed out that mining companies have reappeared on the IPO application list, reflecting the fluctuation of commodity prices and the demand for risk diversification from investors. A+H shares continue to be a trend, with many mainland-listed companies seeking a second listing in Hong Kong to support internationalization through overseas financing platforms. She also noted the emergence of a number of "Chinese multinational companies" and "naturally globalized" enterprises, with over half of the 120 companies listed last year generating revenue from outside of China. SpaceX, which is about to be listed in the United States, has prohibited investors from Hong Kong and mainland China from participating. Cha said that while SpaceX's IPO is exciting, a closer examination of the company's supply chain reveals the deep involvement of many companies that are generally seen as Chinese. She noted that the global economy remains closely intertwined, with China's supply chain covering a wide range, and naturally globalized enterprises having an international perspective from the outset. There are concerns in the market about the recent tightening of cross-border investment regulation in mainland China. Cha pointed out that the measures specifically target non-compliant behavior, and legal channels such as mutual market access are not affected at all. Data shows that since the end of May, trading volumes in both southbound and northbound channels have not been disrupted. Northbound daily turnover has increased from around RMB 212 billion last year to nearly RMB 380 billion, reaching as high as RMB 400 billion on certain days, reflecting growing interest from global investors in entering Asia through Hong Kong. Hong Kong's positioning as a gateway offering efficient and compliant channels is more advantageous. Cha mentioned that Asia accounts for 40% of the global population and economic growth, and Hong Kong, as an international financial center, should position itself as a financing platform for regional enterprises. The first company from Central Asia has already listed in Hong Kong last year, and it is hoped that more will follow in the future.