The IPO boom is breathing new life into Hong Kong's capital market, not only helping companies tap international opportunities, but also accelerating Hong Kong's economic evolution.

HONG KONG, July 9 (Xinhua) -- Amid the frenzy of Hong Kong's IPO market, the golden gong from the Hong Kong Exchanges and Clearing Limited (HKEX) was recently showcased across Hong Kong during a two-week public parade.

The gong made appearances near the Clock Tower in Tsim Sha Tsui, beneath the ferris wheel in Central, at Golden Bauhinia Square, and other places.

Since December 2011, each time a new company is listed in Hong Kong, its representatives ring the gong in the HKEX, adding flair to the listing ritual.

The gong ceremony has since become one of the HKEX's most iconic traditions.

Crafted by artisans, the gong comes in two main versions. The fortune gong, standing 273 cm tall and weighing 269 kg, and the standard gong, which measures 192 cm in height and weighs 64 kg.

Bonnie Chan, chief executive officer of the HKEX, said that whenever people think of a Hong Kong IPO, they think of the gong. The gong holds extraordinary symbolic meaning for Hong Kong as an international financial center.

As of June 30, Hong Kong's IPOs had raised over 105 billion HK dollars (about 13.39 billion U.S. dollars) this year, ranking first among global capital markets.

In May, the IPO of Chinese electric vehicle battery maker Contemporary Amperex Technology in Hong Kong set a new fundraising record for recent years, with the fortune gong ringing.

Having sounded over a thousand times, the gong has not only marked many milestone moments in Hong Kong's capital market journey, but in recent years has also come to symbolize the city's renewed economic vitality amidst its transformation.

An increasing number of mainland enterprises were heading to Hong Kong to ring the gong. To date, over 2,600 companies have been listed in Hong Kong, with mainland firms market capitalization accounting for 81 percent of the total. Hong Kong's capital market has become a gateway for mainland companies venturing abroad.

New economy companies now ring the gong side by side. Since April 2018, the HKEX began accepting listing applications from companies with weighted voting rights structures and those in emerging sectors such as biotech. The number and fundraising scale of new economy listings in Hong Kong have since seen a significant rise.

In the first half of this year, Hong Kong completed 42 IPOs, raising over 107 billion HK dollars, an increase of approximately 22 percent compared to the whole of last year, placing the city at the top of global rankings.

Paul Chan, financial secretary of the Hong Kong Special Administrative Region (HKSAR) government, said that IPO applications in Hong Kong are rapidly increasing. So far, around 200 applications have been received, doubling the number at the beginning of this year.

The market remains optimistic about the performance of both Hong Kong equities and the IPO market for the second half of the year, he added.

The IPO boom is breathing new life into Hong Kong's capital market, not only helping companies tap international opportunities, but also accelerating the city's economic evolution.

According to a report by Hang Seng Bank, capital inflows into Hong Kong have increased significantly over the past year, from 366 billion U.S. dollars at the beginning of 2024 to 506 billion dollars in April 2025, the highest since 2000. (1 U.S. dollar equals 7.84 HK dollars)