In the evolving landscape of global finance, companies are increasingly exploring dual listings to tap into multiple markets. This strategy aims to enhance liquidity, access diverse investor bases, and boost visibility in strategic regions. However, the choice of listing venues —be it London, New York, or Hong Kong, which often serves as a gateway to China— carries distinct implications shaped by regulatory environments, investor sentiments, and geopolitical factors.
Some of the companies that opted for dual listings in recent years include Ninety One, formerly part of the Investec group, which launched with shares traded on both the London Stock Exchange (LSE) and the Johannesburg Stock Exchange (JSE). Another example is Chinese logistics firm ZTO Express, which went public in the U.S. (NYSE) in 2016 and later listed in Hong Kong (HKEX) in 2020 to access Chinese investors and hedge regulatory risks.
In the financial sector, UK-based banks such as Standard Chartered maintain a primary listing on the LSE and secondary listings in Hong Kong (HKEX), India (NSE), and on the U.S. OTC market. Similarly, HSBC Holdings, one of the world’s largest banks, holds primary listings in London and Hong Kong, with additional listings in New York and Bermuda, reflecting its strategy to diversify capital sources and investor bases globally.
As a sign of shifting financial power, the Middle East and India have become increasingly relevant in IPO activity. According to EY, the EMEIA region surpassed the Americas and Asia-Pacific in both IPO volume and proceeds in 2024, with 522 IPOs raising US$53.2 billion — a 64% increase year-on-year. India, in particular, emerged as the top market globally by number of IPOs, driven by strong economic fundamentals, government support, and surging domestic investor interest.
London and NY
London, historically one of the world’s premier financial hubs, has struggled to maintain its appeal for new listings. In 2024, the London Stock Exchange saw just 18 IPOs — a continued drop from the previous year. Additionally, 88 companies delisted or moved their primary listings elsewhere, citing issues such as lower liquidity and less favorable valuations compared to U.S. or Asian markets.
To counter this, the UK’s Financial Conduct Authority introduced reforms in July 2024, merging the premium and standard listing segments and streamlining certain rules. However, early results suggest limited impact, with only five IPOs reported in the first quarter of 2025, raising questions about the effectiveness of the measures so far.
Meanwhile, the U.S. —meaning New York— continues to consolidate its position as the top destination for global IPOs. In 2024, foreign issuers represented over 50% of all IPOs in the U.S., attracted by deeper capital markets, high liquidity, and favorable valuations. Despite ongoing regulatory scrutiny and political uncertainty, investor appetite remains strong, particularly in sectors like technology, AI, and life sciences.
Asian Markets
In Asia, China’s stock markets remain among the most active despite regulatory tightening. In 2024, the Chinese mainland hosted 98 IPOs, while Hong Kong recorded 64 IPOs worth US$10.7 billion — an 80% increase in proceeds compared to the year before. Dual-listed Chinese companies often enjoy valuation premiums on domestic exchanges compared to Hong Kong, boosted by policy support and local investor enthusiasm.
While dual listings offer benefits like increased capital access and visibility, they also bring complexity. Companies must contend with different regulatory regimes, disclosure standards, and shareholder governance models. Compliance costs and risks can be significant, especially when operating across politically sensitive or highly regulated jurisdictions.
Ultimately, the rise of dual listings underscores the growing fragmentation and opportunity in global capital markets. Companies weighing listings in London, New York, Shanghai, or beyond must carefully assess strategic fit, valuation prospects, and regulatory compatibility. In an increasingly multipolar financial world, agility and informed decision-making are key to navigating the next wave of global capital flows.
