The Hong Kong Stock Exchange returned to the top of global IPO destinations after a surge of Chinese tech firms listing in the city. Last year, 119 debuts raised HK$287bn ($37bn), a record for a single year. This rebound follows a two‑year slump that saw the exchange fall behind peers and at the height of trading.

The boom hinges on AI and tech listings, spurred by the flash of Hangzhou‑based DeepSeek after its R1 model launch in January 2025. The AI wave revived investor appetite and reversed a long‑term cooling trend, drawing firms like CATL that raised $4.6bn and Midea’s $4bn offering and other high‑profile deals through the quarter into the year.

Legal recruiters scramble to fill roles, as the IPO wave demands lawyers fluent in English and Mandarin who can manage labour‑intensive filings. Firms such as Cleary Gottlieb and Cooley have expanded headcount by nearly 40%, doubling deal flow, while regulators tighten paperwork standards and threaten to block opaque structures and ensure compliance for future listings.

The surge also reflects geopolitical shifts, with Washington‑China tensions nudging Chinese companies toward home‑grown listings. Investors now see Hong Kong as a stable venue, especially after Trump’s tariff stances stalled trade wars. For law firms, the challenge remains to gauge the boom’s duration while scaling teams without compromising quality and maintaining client trust through rigorous due diligence.