Hong Kong draws foreign IPO filings from outside China as Blockdaemon tests crypto listing path

Around 10 foreign firms have filed for listing in Hong Kong this year, covering everything from biotech to blockchain infrastructure, according to an executive at HKEX.

Should all the transactions go through, 2026 will mark the best year for foreign listings in Hong Kong since at least 2020, reports say.

We feel that this is the start of a structural change in the next phase of international companies listing in Hong Kong.

– Johnson Chui, head of global issuer services at HKEX

Companies had been coming to Hong Kong in order to reach mainland consumers or develop a Greater China brand. According to exchange executives, this trend is changing.

Inquiries have come from South Korea, Indonesia, Britain, Singapore, and parts of continental Europe, covering both first-time IPOs and dual listings.

Firms with no meaningful Asian revenue are now approaching Hong Kong investors across sectors that have nothing to do with China.

Blockdaemon could be the first crypto firm to test Chapter 18C

Blockdaemon, a US blockchain infrastructure company, is in early discussions about going public in Hong Kong with no timeline confirmed yet. If it moves forward, the listing would test whether crypto firms treat the city as a real alternative to Nasdaq.

Hong Kong introduced Chapter 18C in 2023, a listing framework for tech companies that have not yet reached profitability benchmarks. Commercial applicants need HK$250 million in annual revenue and a HK$4 billion market cap.

For early-stage firms, the valuation requirement is HKD 8 billion along with tougher research and development criteria.

Fourteen firms have gone public using the platform till March, with AI, robotics, and semiconductor design being their primary focus; however, no cryptocurrency firm has used it yet, per HKEX data.

The Securities and Futures Commission (SFC) licensing framework for crypto exchanges encompasses custody, AML requirements, protection of investors, and spot crypto ETFs.

In terms of crypto startups considering which exchange to be listed on, there is something unique about Hong Kong that Nasdaq currently lacks – predictable regulations.

Forty IPOs raised $14.1 billion in Q1

As Cryptopolitan reported in December, Hong Kong closed 2025 with over 300 companies filing to list.

Forty IPOs brought in HK$110.4 billion ($14.1 billion) during Q1, a sharp jump from the year-ago period, per HKEX. Daily cash turnover averaged HK$276.7 billion, with Stock Connect flows from mainland investors doing much of the lifting.

Kenneth Chow, Citigroup’s Asia head of equity capital markets, said that Hong Kong gives companies access to “the widest possible universe” of capital, from international funds and hedge funds to mainland institutions and retail investors.

Singapore draws ASEAN issuers, but thinner trading volumes have kept growth-company valuations low. London has institutional depth but keeps losing tech listings to New York.

Despite Nasdaq maintaining its position as the most extensive pool of technology investors, there is a shift when it comes to cryptocurrency firms having to decide whether to sacrifice liquidity or regulatory security.