Hong Kong's IPO market has seen a surge in activity, highlighted by hosting the largest global IPO of 2025 to date. Since the beginning of the year, Hong Kong's IPO fundraising has exceeded HK$76 billion (US$9.7 billion), representing a more than sevenfold increase year-on-year and reaching nearly 90% of the full-year amount in 2024, according to Financial Secretary Paul Chan Mo-po. Improved sentiment and faster regulatory approvals have contributed to Hong Kong's emergence as a leading destination for Chinese firms seeking overseas listings, especially amid ongoing U.S. tensions and bottlenecks in mainland China. The trend is supported by reports of a revival in China's overseas IPO activity. HSBC notes that earnings per share estimates for China tech firms are looking better than for their U.S. counterparts. The CSI 300 Index is reportedly catching up with the Hang Seng Index. On the equities front, the Hang Seng Index closed down 1.35% and the Hang Seng Tech Index dropped 1.7%, with auto stocks such as Geely Auto falling over 9%. At market open, the Shanghai Composite Index was down 0.05%, the Shenzhen Component Index down 0.17%, the Chinext Index down 0.25%, and the Hang Seng Tech Index down 0.32%. During Monday trading, the Shanghai Composite Index later rose 0.38% and the Shenzhen Component Index turned positive, while the Chinext Index was down 0.38%. The FTSE China A50 Index futures fell over 1%. NetEase shares turned positive on Monday morning, attributed to Guangzhou's forthcoming measures to support the gaming and e-sport industry. In commodities, Chinese futures markets opened lower, with iron ore down 1.2% and steel rebars down 1.1%. The INE Freight Index fell 1.1%, while crude oil rose 0.77%. Shanghai copper was up 0.6%, gold up 0.5%, silver up 0.3%, zinc down 0.4%, tin and nickel down 0.2%, and aluminum was flat. The China CFETS Renminbi Index declined by 0.50 points over the week.