Hong Kong Exchanges and Clearing Limited

Hong Kong Exchanges and Clearing Limited (HKEX) is the operator of Hong Kong's securities and derivatives markets, serving as a key gateway for companies seeking public listings in Asia. Per a 2025 Gaorong Ventures briefing, HKEX has actively courted tech and healthcare innovators through successive policy reforms—expanding its Chapter 18C rules for specialist technology companies, introducing a "Tech Enterprise Express Lane" for confidential filings, and lowering market-cap thresholds to attract earlier-stage firms . The exchange's环球上市服务部 vice president 张晓夏 has publicly framed IPOs not as endpoints but as "the starting point of a new journey in public markets," emphasizing HKEX's refinancing infrastructure alongside initial offerings . In 2021, HKEX hosted Xpeng Motors' dual-primary listing, with then-CEO 欧冠升 officiating at the ceremony . The exchange has benefited from renewed foreign capital allocation to Hong Kong and a post-DeepSeek revaluation of Chinese tech assets in 2025, contributing to a busy pipeline that included Gaorong portfolio companies 极智嘉, 布鲁可, 觅瑞Mirxes, and 圣贝拉 that year . Earlier periods saw more challenging conditions: a 2018 FreeS Capital column noted heavy discounting of IPOs and a backlog of 127 companies facing uncertain reception .