Liquidity drain from SpaceX’s mega listing unlikely to ripple into Hong Kong: JPMorgan
Bank sees strong demand for Chinese AI, robotics and healthcare listings despite SpaceX’s projected record-breaking IPO in the US
Hong Kong could still aim for the runner-up position in fundraising this year despite potentially giving up the global initial public offering (IPO) crown to New York, said Paul Uren, the US bank’s Asia-Pacific investment banking head, on Thursday.
“What we’ve seen is that global pools of capital have continued to focus on ways to diversify, both geographically and by industry,” Uren told the South China Morning Post at the two-day JPMorgan Global China Summit in Shanghai.
The upbeat view contrasts with concerns among other institutions and asset managers about fund outflows triggered by a potential US$75 billion share sale by Elon Musk’s commercial aerospace juggernaut SpaceX on Nasdaq.
The offering, likely to be the world’s largest ever IPO, would eclipse record holder Saudi Aramco’s US$29.4 billion listing in 2019.
The projected fundraising size would be more than twice the combined US$37.2 billion raised through IPOs in Hong Kong last year. Hong Kong was the world’s biggest IPO market in 2025, driven by mainland Chinese firms’ fundraising spree.