Hong Kong Sees Foreign IPO Surge as Blockdaemon Eyes Crypto Listing

Context Global firms are looking past mainland consumers and choosing Hong Kong for its predictable rules and deep investor base. Executives say the city now attracts companies that have little or no revenue in Asia, a change from the earlier goal of tapping mainland demand. This broader appeal is reshaping the exchange’s pipeline.

Key Facts Johnson Chui, head of global issuer services at HKEX, said the trend marks the start of a structural shift in how international companies approach listings in Hong Kong.

About ten foreign firms have submitted applications this year across biotech, blockchain and other sectors, according to an HKEX executive.

In the first quarter, Hong Kong recorded 40 IPOs that raised HK$110.4 billion (roughly US$14.1 billion), a sharp increase versus the same period in 2024.

Blockdaemon, a U.S. blockchain‑infrastructure provider, is in early talks to list in Hong Kong; if it proceeds, it would be the first crypto firm to test Chapter 18C, the 2023 framework for pre‑profit tech companies.

Chapter 18C requires commercial applicants to show HK$250 million in annual revenue and a HK$4 billion market cap, while early‑stage ventures must meet a HK$8 billion valuation and stricter R&D criteria.

To date, fourteen companies have used the platform, mainly in AI, robotics and semiconductors; no cryptocurrency issuer has done so yet.

The Securities and Futures Commission’s licensing regime for crypto exchanges covers custody, anti‑money‑laundering rules, investor protection and spot crypto ETFs, offering a clearer rule set than many rivals.

What It Means HKEX shares (0388.HK) traded at HK$115, up 1.8% on the day, giving the exchange a market cap of about HK$4.2 trillion.

The Hang Seng Index rose 0.9% in the same session, while the Nasdaq Composite added 0.6%, showing that global tech investors remain active.

If Blockdaemon files, its valuation would need to meet the Chapter 18C threshold, potentially setting a benchmark for other crypto firms weighing Hong Kong against Nasdaq.

The move could deepen the pool of blockchain‑related securities available to mainland and international investors, diversifying the exchange’s revenue streams beyond traditional finance.

Regulators will watch how the SFC applies its crypto‑exchange rules to a listed issuer, and whether the framework attracts more early‑stage digital‑asset ventures.

What to watch next Monitor Blockdaemon’s filing timeline and any SFC guidance on crypto ETFs, as these will signal whether Hong Kong can become a genuine alternative to U.S. exchanges for digital‑asset companies.