HONG KONG – At least 24 Chinese firms have confidentially applied to list in Hong Kong this year, with more preparing to follow, according to two industry sources. The wave comes after a new rule—introduced in May—allowed U.S.-style private filings amid heightened market volatility.
The rule enables eligible companies to keep business plans and financial details private in the early stages of their IPO process. Recent confidential applicants include autonomous driving company Zelos Tech and AI startup MiniMax, sources said.
The uptick in filings largely coincided with the launch of the Technology Enterprises Channel (TECH) in May, which permits certain niche biotech and technology firms, including AI ventures, to submit applications privately.
Bankers say confidential filings are particularly appealing to sensitive sectors such as AI and semiconductors, given rising macroeconomic and geopolitical risks. This approach lets firms undergo regulatory review without immediate public disclosure, offering flexibility when IPO schedules are uncertain.
Previously, only companies already listed on another major overseas exchange could submit draft prospectuses confidentially—unless granted special exemptions by the Hong Kong exchange.
The new mechanism is expected to strengthen Hong Kong’s appeal as a fundraising hub for Chinese companies, competing with New York, where confidential filings have long been standard practice.
Despite volatile U.S.–China relations, a record number of Chinese companies are also pursuing U.S. listings this year. Still, Hong Kong has so far topped global rankings for initial and secondary listing volumes in 2025, overtaking the New York Stock Exchange, according to LSEG data.
HKEX currently has over 190 active listing applications, with about 45% from technology firms and 20% from healthcare companies. U.S.-listed robotaxi firms Pony AI and WeRide have also privately filed for secondary listings in Hong Kong this year, sources said.
While TECH covers only specific industries, other companies can seek waivers for confidential submissions. For instance, fast-fashion giant Shein lodged a private IPO application last month in one of the most high-profile cases yet.
Capital markets experts note that confidential filings are especially beneficial for innovation-driven sectors such as biotech, where firms are protective of R&D details and intellectual property. “If you put that information out too early, there’s a risk of competitors exploiting it,” said Jean Thio, a partner at Clifford Chance.
A standard Hong Kong IPO takes at least six months from initial filing to book launch, lawyers and bankers estimate. “Markets can shift overnight with geopolitical or tariff news,” said a Chinese company executive considering a confidential IPO. “No one wants to end up as the headline for a failed listing.”
HKEX declined to comment on the number of confidential filings.
