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Mia Castagnone

Plans for Hong Kong share listings by Chinese companies are coming at a faster pace, as autonomous driving start-up Minieye Technology prices its shares and bubble tea giant Guming revives its initial public offering (IPO) plans.
Shenzhen-based Minieye will sell 39 million shares in the range of HK$17 to HK$20.20 next week, which would allow it to raise up to HK$783 million (US$100 million), the company said in an exchange filing on Tuesday. Guming, which has roughly 9,000 shops in mainland China, aimed to raise US$300 million to US$500 million when it first made a move to list earlier this year.
The growing momentum from Chinese companies is expected to bolster Hong Kong’s exchange in 2025, according to recent forecasts by EY and KPMG.
Fundraising reached HK$83.4 billion in the year to November, according to data compiled by EY, an increase of 80 per cent from a year earlier. The city’s IPO market slumped for a third straight year in 2023 when volume dropped to US$5.9 billion, according to LSE Group data.
Minieye is backed by Alibaba Group Holding co-founder Eddie Wu, who holds a 2.3 per cent stake in the company, according to its prospectus. The company went through at least 17 rounds of fundraising before submitting its prospectus on May 27. Alibaba owns the Post.
The corporate backers of the start-up founded in 2014 include investment houses such as Beijing Siwei Management, Shenzhen Zeyi, and China International Capital. The company has supported 29 carmakers in delivering autonomous-driving systems.
The exchange is also seeing a flurry of interest from consumer-focused companies. Guming revived its plan for an IPO in Hong Kong over the weekend, after the China Securities Regulatory Commission approved the listing.
The tea company first submitted pre-listing documents in January. Goldman Sachs and UBS will serve as the overall coordinators of the deal.

Chinese companies have been increasingly looking to overseas exchanges, including Hong Kong, to raise capital.
Chinese tea shop operator Sichuan Baicha Baidao, also known as Chabaido, raised about US$330 million in a Hong Kong IPO in April.
Mao Geping Cosmetics raised around US$270 million and saw a stock price surge of 70 per cent on its first day of trading on December 10. The listing is the most popular of the year, with retail investors oversubscribing the shares 918 times. The allocation for global investors was oversubscribed 29 times, according to a stock exchange filing.
Successful listings like Mao Geping’s have helped improve broader market sentiment.
Last week, Shanghai-listed Foshan Haitian Flavoring & Food, the biggest listed condiment maker in mainland China, said it received approval from its board to pursue a dual listing in Hong Kong.
The deal could raise as much as HK$1.5 billion. The proceeds will be used to promote the brand globally, the company said.
Earlier this year, Beijing signalled support for more Chinese companies to list overseas. Hong Kong’s bourse has also proposed a fast-track listing procedure for qualified Chinese companies already trading on onshore bourses.


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The maker of autonomous-driving technology aims to raise US$100 million and the bubble-tea purveyor seeks up to US$500 million


The maker of autonomous-driving technology aims to raise US$100 million and the bubble-tea purveyor seeks up to US$500 million.


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Chinese IPOs surge in Hong Kong as Minieye, Guming line up listings

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}The maker of autonomous-driving technology aims to raise US$100 million and the bubble-tea purveyor seeks up to US$500 million

The maker of autonomous-driving technology aims to raise US$100 million and the bubble-tea purveyor seeks up to US$500 million