Mandy Cheung

SFC Type 6 Licensed RO · 60+ Transactions · US$200M+ in Deal Value · HKEX & NASDAQ

[Mandy Cheung @mandyc852]

Most IPOs don't fail at the filing. They fail in the 18 months before.

After 60+ transactions on HKEX and NASDAQ, that's where my work lives. The prep decides whether your listing prices or breaks.

Daily reads on IPO prep and cross-border listings.

[Mandy Cheung @mandyc852]

HK wants to let mainland investors into local IPOs. If you're a foreign issuer weighing HK vs. other venues, this changes the demand math.

https://t.co/fx3aYurVRl

[Mandy Cheung @mandyc852]

Goldman and CICC on the ticket. $70B valuation at a time when HK raised HK$110B in Q1 alone — six times last year. The pipeline hasn't looked like this since 2021.

[Jonathan Cheng @JChengWSJ]

Chinese video-sharing platform Xiaohongshu is aiming for an IPO in Hong Kong as early as the end of this year, according to people familiar with the matter. Investors are seeking to value the Shanghai-based company at some $70 billion, the people said.
https://t.co/9kXCrV5i2G

[Mandy Cheung @mandyc852]

@BullishBecker Worth noting the venue diversification in that list. Aramco on Tadawul, Alibaba on NYSE, SpaceX on Nasdaq. The next mega-IPO could plausibly be on HKEX — they raised HK$110B in Q1 alone. The infrastructure is there; the question is who tests it at scale next.

[Mandy Cheung @mandyc852]

@MsMelChen The ITAR carve-out is clear-cut, but the knock-on is interesting. HK-based allocators now have ~$75B of deal flow they structurally can't touch. That capital has to go somewhere — watch whether it accelerates HK-listed tech allocation as a substitute trade.

[Mandy Cheung @mandyc852]

SENASIC up 120% on Day 1 in Hong Kong. $125M raise.

When the pop is that big, either the issuer mispriced or the demand signal was deliberately ignored. Either way, someone left $150M+ on the table.

17 more IPOs in the HK pipeline this month alone.

[Mandy Cheung @mandyc852]

@IPOtweet For Chinese issuers still planning a US listing, the calculus has shifted. Hong Kong handles the same capital raise without the CSRC US-filing bottleneck. Same timezone, deeper China-facing investor base, no congressional scrutiny. The path of least resistance moved east.

[Mandy Cheung @mandyc852]

@IPOtweet Two Chinese micro-cap withdrawals on the same day. The pattern isn't market conditions — it's structural. CSRC has approved two US listings in five months. Review timelines have stretched from weeks to unknown. The floor for US-listed Chinese IPOs just moved again.

[Mandy Cheung @mandyc852]

@IPOtweet The question isn't whether SpaceX stays public in five years. It's what the listing did to sponsor expectations for every deal in the pipeline behind it. Every pricing conversation just got recalibrated.

[Mandy Cheung @mandyc852]

@IPOtweet Cross-border listing from a China-based auto dealer at $51M. The deal size says micro-cap, but the filing structure tells you who the real buyer is on the other side of the book.

[Mandy Cheung @mandyc852]

Seventeen cornerstones locking 43% of the book before the retail tranche opens. That's not demand — that's deal architecture. The syndicate built the floor before they built the price.

https://t.co/kV88LkuhDY

[Mandy Cheung @mandyc852]

Brookfield on the cap table sets the pricing frame before the roadshow starts. Infrastructure sponsor, infrastructure multiple — the book builds differently.

[Bloomberg @business]

Csquare, a data center company backed by Brookfield, filed publicly for a US IPO, joining a rush of debuts linked to artificial intelligence infrastructure https://t.co/AfmodJlYJL

[Mandy Cheung @mandyc852]

@thePandaily Confidential route at this size is the tell. You don't expose the valuation until you know exactly who's in the book.

[Mandy Cheung @mandyc852]

@caixin Listing approval with a 2027 profit target. STAR Market is still the one exchange where the committee underwrites the tech, not the P&L.

[Mandy Cheung @mandyc852]

@IPOtweet Every AI company needs a landlord. The data center operators filing now are betting the sponsors see that before the market does.

[Mandy Cheung @mandyc852]

Xiaohongshu preparing confidential Hong Kong IPO filing this month, working with advisers on what could rank among the city's largest listings.

https://t.co/hjZXAimUga

[Mandy Cheung @mandyc852]

Senasic Electronics Technology priced its Hong Kong IPO at HK$18.36/share, raising HK$980m (US$125m). HKEX listing set for June 17. Joint sponsors: CICC, Guotai Haitong.
https://t.co/6UCo2nDOub

[Mandy Cheung @mandyc852]

Liuliumei (https://t.co/ARGm2Iz9jr) debuted in Hong Kong today, surging ~118% from its HK$43.58 offer price. The plum-snack maker raised ~US$64M on its fourth listing attempt.

https://t.co/JGVdRQAwnq

[Mandy Cheung @mandyc852]

@jamlew7jammack7 I see you! Let’s believe in Divine Timing and trust the process ✨

[Mandy Cheung @mandyc852]

@JonblairB I love this!!! Thank you Jon! We need to love money so that it knows it’s welcome in our lives 😎💸