capital for follow-on investments

was extended to the entire Guangdong province, with the quota raised to RMB 300 billion. The investment quota increased from RMB 150 billion to RMB 300 billion, and the number of mainland investors’ accounts surged from 25,000 to 95,000. In addition, the surge in Mainland companies listing in Hong Kong has further boosted capital inflows. In May 2025, Chinese EV battery maker CATL completed a USD 4.6 billion IPO in Hong Kong, becoming one of the largest IPOs globally and attracting significant mainland capital for follow-on investments. According to data from the Hong Kong Stock Exchange, in the first quarter of 2025, Hong Kong received 116 listing applications, with Mainland companies dominating. The wave of IPOs by industry leaders from the mainland is driving ดูหนัง24