Research
Hong Kong's $40 Billion IPO Queue: Why the Comeback Is About Capital Supply, Not China Beta
Hong Kong's IPO rebound is real, but it is a capital-supply story before it is a China risk-on signal. The next test is post-listing discipline.
IPO
Hong Kong
The Discipline Is Back: Hong Kong's IPO Window Reopened, and This Time the Buy Side Is Pricing Post-Listing Survival
Luxshare Precision raised HK$24.27 billion in Hong Kong last week and its shares fell as much as 9.6 percent on debut. Momenta debuted flat. MiniMax dropped 18 percent intraday when its lock-up expired. The Hong Kong IPO window is open again, but the pricing regime has quietly changed. Scarcity mult
AI
The IPO That Refused to Wait: Why OpenAI's 2027 Tilt Just Broke the AI Capital Cycle's Most Important Trade
OpenAI's tilt toward a 2027 IPO didn't just delay a deal — it inverted every position pre-built around a defining 2026 catalyst. SoftBank fell 13%, the underwriting banks shed 4%, and the AI capex re-rating just lost its anchor. The trade hasn't died. It's been re-routed.
Research
Hong Kong's Comeback Quarter: Why the Mix Matters More Than the Number
HK$110bn raised in Q1 — six times last year. The consensus reads it as A+H momentum. We argue the change in mix, not the headline, is the durable story.