Hong Kong's stock exchange witnessed one of its busiest days of the year on Tuesday as five Chinese technology and advanced manufacturing companies launched initial public offerings. The combined share sales target up to HK$44.1 billion, or approximately $5.6 billion.
Leading the charge is Luxshare Precision Industry. The Shenzhen-listed Apple supplier is aiming to raise up to HK$24.27 billion. Luxshare, which manufactures routers and video conferencing equipment, is selling 383.5 million shares at a maximum price of HK$63.28 each, with trading expected to begin on July 9.
Other significant offerings include electronic ceramic parts maker Chaozhou Three-Circle, seeking nearly HK$7.16 billion, and Nexchip Semiconductor, a chip manufacturer targeting up to HK$6.98 billion. Printed circuit board tooling specialist Guangdong Dtech Technology aims for HK$4.80 billion, while robotics group Rokae plans a smaller HK$875 million IPO.
The surge aligns with a broader trend, as Beijing encourages domestic champions to list closer to home. Hong Kong has recorded $22.45 billion in new listings in the first half of the year, a 57% increase from the prior year and the busiest start in five years.