A new Hong Kong Stock Exchange rule allowing for U.S.-style confidential IPO filings has triggered a surge of interest from Chinese companies

with at least two dozen secretly applying to go public this year and many more preparing to follow suit.

The move is bolstering Hong Kong’s position as the world’s top destination for company listings in 2023. Implemented in May, the new mechanism permits companies

particularly those in sensitive technology sectors, to keep their business and financial details private during the initial stages of the listing process.

This strategic shift offers firms greater flexibility amid heightened market volatility and geopolitical tensions.

Chinese companies in cutting-edge fields, including autonomous driving firm Zelos Tech and artificial intelligence (AI) startup MiniMax

have already filed confidentially, according to sources familiar with the matter. The majority of these applications have come through the new Technology Enterprises Channel (TECH)

For companies in sectors like AI and semiconductors, which are often at the center of geopolitical rivalry, the ability to file privately is a major draw.