Hong Kong Exchanges and Clearing (HKEX) CEO Bonnie Chan stated at the 2026 Lujiazui Forum on June 17 that international capital is now concentrating on Asia, with China's tech innovation rise becoming a top choice rather than an option for global investors. Chan emphasized that under rising geopolitical uncertainties, global investors must consider diversifying portfolios and not placing all eggs in one basket. She highlighted the dual momentum in Hong Kong's IPO and refinancing markets, and expressed anticipation for the landing of RMB treasury bond futures in Hong Kong following supportive remarks by CSRC Chair Wu Qing earlier the same day. Chan argued that the most critical discussion is how to seize this opportunity to build an efficient, interconnected Asian capital market ecosystem centered on China, urging overseas institutions to rebalance holdings and capture long-term opportunities in the Chinese market.
HKEX Implements Listing System Reforms and Pricing Adjustments
Chan explained that capital markets fundamentally serve two groups: issuers and investors, with all core functions—financing, resource allocation, price discovery, and risk diversification—ultimately supporting these constituencies. To enhance market quality, HKEX has continuously improved listing system inclusiveness and adaptability.
"We conducted a very large-scale listing reform in 2018, opening a new landscape by allowing companies with dual-class share structures and pre-revenue biotech companies to list," Chan stated. In 2022, HKEX introduced Chapter 18C, a customized listing ruleset for specialist technology companies. Chan noted that Chapter 18C shares the same logic as the earlier fifth listing track, both designed to accommodate the development characteristics of tech innovators. Most technology enterprises face massive upfront R&D investments and short-term difficulties achieving profitability and commercialization. Requiring profitability before capital market access would create mismatches, prompting HKEX to implement multiple rounds of large-scale listing system reforms.
Regarding valuation challenges for unprofitable tech firms, HKEX optimized IPO pricing and allocation mechanisms by tilting share allocations toward institutional investors, strengthening professional buy-side pricing authority. "Retail investors have no pricing power; institutional investors have more say," Chan stated bluntly. Following the reforms, market feedback has been positive, with over 80% of Hong Kong IPOs in 2026 rising on their debut day, and mid-to-long-term stock performance proving robust.
"In summary, we have made flexible adjustments in two areas: raising inclusiveness and adaptability in listing thresholds and systems, and ensuring pricing withstands scrutiny," Chan said.
Hong Kong Achieves HK$166.8 Billion IPO Proceeds in First Five Months of 2026
Following the series of reforms, market results have been outstanding, with Hong Kong's IPO market maintaining vigorous vitality. The 2025 Hong Kong new stock market performed strongly, and momentum continued into 2026. From January to May this year, Hong Kong added over 60 listed companies, with total new stock financing reaching HK$166.8 billion, an increase of HK$11 billion compared to the same period last year.
Beyond primary market new issuances, refinancing channels for listed companies have remained highly active. In the first five months, Hong Kong-listed companies completed over HK$240 billion in refinancing through placements and convertible bond issuances, a scale far exceeding IPO proceeds for the same period. Chan noted: "New quality productive force enterprises are still in relatively early development cycles, which means they need continuous financing in capital markets to advance toward commercialization goals. An effective capital market cannot only enable company listings; more importantly, we must create an environment ensuring high-quality enterprises have continuous financing channels to support their development."
HKEX Expands Fixed Income and Commodity Market Infrastructure
"Investors care most about two major capital market functions: investment and risk management," Chan acknowledged. As a market with free capital flows, Hong Kong must fill gaps in diversified assets and hedging tools to retain international capital. HKEX is working to build an integrated market system covering equities, derivatives, fixed income, currencies, and commodities, addressing global investors' diverse allocation needs while advancing RMB internationalization.
On promoting RMB internationalization, Chan believes fixed income and commodities are better entry points. Last year, HKEX made a strategic investment in the Hong Kong Monetary Authority's bond settlement system to support its commercialization and modernization, continuously enhancing bond custody, settlement, and collateral management capabilities, and promoting coordination among market infrastructure. Future efforts will actively implement Hong Kong's fixed income and currency market development roadmap, working on both primary and secondary markets to attract more diverse bond issuance and trading.
"This morning I was pleased to hear Chairman Wu Qing mention support for RMB treasury bond futures landing in Hong Kong. We hope to launch this as soon as possible to provide offshore investors with more tools to manage RMB interest rate risk," Chan said.
The commodities track is equally a priority. Leveraging its subsidiary LME, Hong Kong has established 15 delivery warehouses. HKEX acquired the London Metal Exchange (LME) in 2012. Last year marked a critical breakthrough when LME formally included Hong Kong in its delivery warehouse network, establishing 15 delivery warehouses within one year with positive market operational results. "Previously, the real economy paid more attention; now precious metals and industrial metals are increasingly viewed by global investors as essential asset allocation components," Chan stated, adding that HKEX will leverage commodity markets to broaden RMB usage scenarios.
Stock Connect and Bond Connect Mechanisms Continue Expansion
Chan further noted that the Connect mechanisms, operational for 12 years, continue expanding. Stock Connect (Shanghai-Hong Kong and Shenzhen-Hong Kong), Bond Connect, and Swap Connect cover stocks, bonds, ETFs, and RMB swaps, with trading volumes continuously setting new records. HKEX will continue broadening the mechanisms' investment scope.
In Chan's view, although overseas institutions have clearly recognized the development dividends of China's tech innovation industries and acknowledge the long-term growth potential of a batch of high-quality globalized enterprises, Chinese assets of all types still have enormous room for increased weighting in global portfolios. She urged global institutions to re-examine current holding structures and seize long-term opportunities in the Chinese market.
FAQ
What did HKEX CEO Bonnie Chan discuss at the 2026 Lujiazui Forum on June 17?
Bonnie Chan discussed the dual momentum in Hong Kong's IPO and refinancing markets, the concentration of international capital in Asia with China's tech innovation as a top choice, and her anticipation for RMB treasury bond futures landing in Hong Kong following supportive remarks by CSRC Chair Wu Qing the same morning. She emphasized building an interconnected Asian capital market ecosystem centered on China.
How much did Hong Kong raise through IPOs and refinancing from January to May 2026?
From January to May 2026, Hong Kong added over 60 listed companies with total IPO proceeds of HK$166.8 billion, an increase of HK$11 billion year-over-year. During the same period, listed companies completed over HK$240 billion in refinancing through placements and convertible bonds, exceeding IPO proceeds.
What listing reforms has HKEX implemented since 2018?
In 2018, HKEX allowed companies with dual-class share structures and pre-revenue biotech companies to list. In 2022, HKEX introduced Chapter 18C, a customized ruleset for specialist technology companies. HKEX also optimized IPO pricing and allocation mechanisms by increasing institutional investor allocations to strengthen professional pricing authority, resulting in over 80% of 2026 IPOs rising on debut.
