Foreign Investors Remained the Driving Force Behind China's IPO Parade; MetaX Soared Sevenfold in Shanghai Debut

Li Chen
17 Dec, 2025
Hong Kong

 

Stocks in China and Hong Kong traded sideways as investors debated the economic growth outlook in 2026 and possible stimulus measures to arrest decelerating economic growth. 

The Hang Seng Index increased 0.1%, and the mainland-focused CSI 300 index advanced 0.7% after mixed economic data raised concerns about the economic growth. 

China's economic growth in 2026 is likely to slow to closer to 4% as persistent weakness in the residential market overshadows broader economic activities. 

Moreover, consumer confidence remained low amid weakening labor market conditions and a lack of measures to revive the faltering housing market. 

Despite the weakening economic growth, policymakers are reluctant to announce additional debt-fueled economic stimulus measures in the near term. 

The youth jobless rate has stayed near 25%, as manufacturing businesses continue to shift operations to Vietnam, Thailand, Malaysia, and Mexico amid constantly changing U.S. trade policy. 

Since 2016, large and medium-sized businesses have expanded their overseas operations, and those efforts have gained momentum over the last two years, negatively impacting domestic labor markets.  

The U.S. economy added 64,000 net new jobs in November, following a loss of 105,000 positions in the previous month, according to the U.S. Bureau of Labor Statistics. 

 

China Indexes and Stocks 

The Hang Seng Index gained 0.1% to 25,260.51, and the mainland-focused CSI 300 index edged up 0.7%. 

Hashkey Holdings dropped nearly 2% to HK $6.49, and Hong Kong's largest licensed cryptocurrency exchange operator completed its initial public offering. 

The company sold 240.5 million shares, priced its initial public offering at HK $6.68 per share, and raised gross proceeds of HK $1.6 billion. 

MetaX Integrated Circuits soared nearly 700% to 823.25 yuan, and the graphic processor maker priced its public offering at 104.66 yuan. 

The five-year-old, Shanghai-based high-end graphic processor drew attention from institutional and retail investors as Chinese companies push to develop domestic chips to power AI applications and services. 

The company sold 40.1 million shares in its public offering and raised gross proceeds of 4.2 billion yuan, or US $596.0 million. 

Earlier this month, Moore Thread Technology, a larger rival, raised 8 billion yuan in a successful public offering.