Key Facts
• At least 24 Chinese companies filed confidential IPOs in Hong Kong in 2025.
• Majority of filings occurred after HKEX introduced new rules in May 2025.
• The “Technology Enterprises Channel (TECH)” allows certain firms to keep filings private.
• Companies like Zelos (autonomous driving) and MinMax (AI startup) used the new rules.
• Previously, only firms listed on major overseas exchanges could file confidentially.
• Non-TECH firms, like e-commerce platform SHEIN, can request exceptions for confidentiality.
• HKEX surpassed NYSE in primary and secondary listings in 2025, driven by Chinese firms.
• Over 190 listing applications are pending at HKEX, with 45% in tech and 20% in healthcare.
Summary
In 2025, Hong Kong has seen a surge in confidential IPO filings by Chinese companies, with at least 24 firms taking advantage of new rules introduced by the Hong Kong Stock Exchange (HKEX) in May. The “Technology Enterprises Channel (TECH)” allows specific sectors, such as technology and biotechnology, to keep IPO documents private until the listing review is complete. Companies like Zelos and MinMax have already utilized this channel. Previously, only firms listed on major overseas exchanges could file confidentially, but the new rules now permit exceptions for non-TECH firms, as seen with SHEIN’s recent filing. HKEX has outpaced the New York Stock Exchange in listings this year, with Chinese companies driving this growth. Currently, over 190 applications are pending, with a significant focus on technology and healthcare sectors.
