Hong Kong tops the world as fundraising hub for EVs, green finance, driven by HKEX reforms Hong Kong Exchanges and Clearing (HKEX), operator of Asia’s third-largest stock market, has become one of the world’s largest fundraising platforms for the new energy sector, thanks to a slew of listing reforms to promote the city as a green finance hub, according to a government official. makers and companies in the] EV supply chain, energy storage and hydrogen energy on the Hong Kong stock exchange,” said Salina Yan Mei-mei, permanent secretary for Financial Services and the Treasury at the HKEX Climate Finance Forum: The Road to Net Zero on Wednesday. “Without a doubt, the HKEX is now one of the world’s largest EV fundraising platforms.” The market capitalisation of companies in the new energy and EV sectors listed in Hong Kong had reached US$806 billion, accounting for 13 per cent of the total, Yan said, adding that their market cap had grown sixfold in the last 10 years. Fundraising rules for mainland start-ups involved in green or renewable energy were relaxed under the exchange’s Chapter 18C listing rules in March 2023. The rules allow tech companies to list even if they have made no revenue. Hesai Group, the world’s largest supplier of automotive lidar sensors, on Monday launched an initial public offering to raise up to HK$3.9 billion (US$500 million) from a dual primary listing in Hong Kong, joining a clutch of Chinese EV makers and supply-chain vendors tapping into global investor interest in the country’s up-and-coming companies. In May, Contemporary Amperex Technology, the world’s largest producer of batteries for EVs, raised US$5.3 billion, the world’s largest IPO this year. Besides IPOs, Yan said Hong Kong accounted for about 45 per cent of green and sustainable bond issuances in Asia last year. She also said that the city had more than 200 ESG funds with over HK$1.1 trillion in assets under management, up 18 per cent from three years ago. The HKEX’s climate trading platform – Core Climate – now served 60 countries in the Belt and Road Initiative since it was formed in 2022, Yan said. The HKEX on Wednesday also launched a guidebook for investors trading carbon emissions. “The time has come for companies to take tangible actions to get to net zero,” said Bonnie Chan Yiting, CEO of HKEX. “It is not just a handful of big, leading companies, but all companies need more tools for their net-zero journeys. As a market operator, we are building a sustainable finance ecosystem of products and platforms to support our market participants in their transition journeys to net zero.” Carbon Credits: A Buyer’s Guide explains the basic mechanisms behind carbon credits and offers practical tips for companies that want to invest in carbon credits to meet their needs to achieve net zero, said Paul Chow Koon-ying, the group general counsel and group chief sustainability officer of HKEX. The HKEX is promoting its climate products and platforms at a time when family officies and high-net-worth individuals are investing more in ESG projects that focus on cutting pollution, saving energy or reducing down carbon emissions. The global impact investment doubled in five years from US$715 billion in 2020 to over US$1.57 trillion in 2024, with family offices and high-net-worth investors investing more in ESG products, according to a separate report released by the Financial Services Development Council (FSDC) on Wednesday. Hong Kong was bridging global capital and impact opportunities because the city was growing into a hub for family offices, the report said. “Hong Kong is more than a global financial centre – it is also a dynamic international platform for driving sustainable development,” said Benjamin Hung Pi-cheng, chairman of the FSDC. “With its robust financial expertise and a vibrant philanthropic ecosystem, Hong Kong is strategically positioned to lead the impact investing development in Asia.” https://www.scmp.com/business/banking-finance/article/3325033/hkex-reforms-turned-city-worlds-top-fundraising-hub-ev-makers-official (ICE HONG KONG)

Fonte notizia: South China Morning Post