Chinese tech companies are choosing Hong Kong over the US for capital raises
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Chinese tech companies are raising money in Hong Kong instead of the US, and according to a Goldman Sachs executive, that’s not changing anytime soon. Jacky Leung runs Goldman’s Hong Kong operations and co-heads their tech, media and telecom business across Asia (minus Japan). He says the shift makes sense, better market access, recent regulatory changes, and Hong Kong’s just closer to where these companies actually operate. Hong Kong’s still the main gateway for Chinese companies looking for offshore capital and international expansion, Leung said. He expects that to continue. Western investors are back. US and European funds have been piling money into Chinese stocks again. Their holdings have climbed back to high single-digit percentages, getting closer to the 13 percent peak from 2021. “They are making money out of their investments, suggesting a healthy capital market,” he said as mentioned in SCMP. The market’s reflected that confidence. The MSCI China Index and Hong Kong’s Hang Seng Index are both up over 30 percent this year. “That shift has been supporting the market rally, and we are still seeing the inflow of capital coming in, supporting the case for a sustainable market rally,” Leung said. Middle Eastern investors are getting interested too. Last month Qatar sent people to Goldman’s first Asia Leaders’ Conference in Hong Kong. The event pulled in 2,000 people, including executives from Tencent Holdings, Baidu and Xiaomi. Alibaba, Horizon robotics lead billion-dollar deals This is all happening while US-China trade tensions continue. And it comes after the DeepSeek moment, when that Hangzhou startup surprised everyone with an affordable AI system that showed off China’s tech capabilities and government support. “The US-China dynamic will not go away overnight, and Hong Kong will continue to serve as a gateway for China to springboard into the rest of the world,”…
Filed under: News - @ October 10, 2025 6:28 pm