PORK AND sports drinks usually do not pair well—but they form a tasty combo on the Hong Kong Stock Exchange (HKEX). On February 3rd Eastroc Beverage, one of China’s largest makers of energy drinks, sold $1.3bn-worth of shares in a secondary listing there. That will be Hong Kong’s biggest equity transaction of the year—until February 6th, when Muyuan, the world’s top pork producer, is set to raise $1.4bn in a similar deal.
Not long ago the city was on a capital-market diet. Covid-19 lockdowns helped deter financial advisers and much of the Chinese business that once made Hong Kong Asia’s top financial hub. The market improved in 2025, when issuers sold over $80bn-worth of shares, more than the previous three years combined (see chart). Now Hong Kong’s lawyers and bankers are feasting. Last month equity sales increased more than five-fold compared with the same month a year ago, which was itself five times stronger than January 2024. Some 400 Chinese firms are seeking approval to sell shares.
