Hong Kong's IPO boom is developing a performance problem

Hong Kong raised $13.8 billion in IPOs in 2025, outpacing NYSE and Nasdaq. Of 179 listings since January 2025, 89 traded lower over three months. Among 33 Stock Connect stocks added March 9, 17 more than doubled at IPO, with eight surging over 300%, including Deepexi at 300% before dropping 51% by June 3. Hang Seng index gained mildly while FTSE Renaissance Global IPO Index rose over 10%.