Hong Kong to support rocket, satellite IPOs as SpaceX-led sector takes off

Hong Kong aims to adjust listing rules to grab a share of initial public offerings (IPOs) by mainland China’s space companies as activity in the sector increases in line with Beijing’s priorities and heightened activity in the sector following the blockbuster June listing by Elon Musk’s SpaceX.

That could lead to more head-to-head competition between the Hong Kong stock exchange and the Shanghai Stock Exchange, which is now drawing a majority of such listing applications, including commercial space launch providers CAS Space and Landspace Technology, both of which develop reusable rockets.

The objective was revealed on Wednesday in the annual policy address by Hong Kong Chief Executive John Lee Ka-chiu, who said that bourse operator Hong Kong Exchanges and Clearing (HKEX) would, in the first half of next year, launch a consultation on revising Chapter 18C of the city’s listing rules to court space IPOs.