Many stock exchanges pull out the showbiz stops to attract IPOs to their venues, employing lasers, gongs, dancers, confetti and more. It's a good time, but it's also serious business, as exchanges compete for a dwindling number of listings in recent years.

Stock exchanges worldwide are enhancing the spectacle of IPO ceremonies in an effort to attract more companies to go public, as the number of new listings has declined in recent years due to economic challenges such as the aftermath of Covid and interest rate hikes. Asian markets, especially Hong Kong, have become known for their elaborate listing traditions, including the use of different-sized gongs for special occasions.

A notable example was the Hong Kong exchange's use of a 'mega gong' for CATL's $5.3 billion IPO, which has since outperformed global benchmarks. As Europe and the US aim to compete with Asia for new listings, the emphasis on showmanship and celebration at IPO events continues to grow.

Stock exchanges ramp up showbiz to attract IPOs

An IPO is often the pinnacle of success for executives. There are speeches, hugs, even tears. I achieved my dream. The champagne and confetti and countdown clocks might look like a nice party, but it's serious business too. Listings have been dwindling in recent years in the aftermath of Covid and rate hikes to tackle inflation. Exchanges have been competing for a shrinking slice of that pie. And a good show is part of the marketing. Part of getting the message out is a way that we effectively live the stories that the companies execute through the medium of an exchange. And yes, of course, it reaches out to companies which may be within an IPO pipeline. Asia has dominated listings for the last few years, and its listing ceremonies mix tradition with pomp and some fun. In Hong Kong, there are gongs of different sizes. So there's the standard size gong. We also have a bigger gong or a mega gong. That's for very special and larger companies listing Hong Kong. So little surprise then that when China's CATL sold shares in May, raising a whopping $5.3 billion, no ordinary ceremony would do for the world's biggest maker of EV batteries. The Hong Kong exchange wheeled out its mega gong. With CATL shares handily beating global benchmarks since the listing, fortune has indeed been kind to the company. As Europe and the US look to rival Asia by claiming more new listings, the pizzazz, showmanship and company mascots show no signs of being canned as trading gets underway.

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Los Angeles

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Breakdown