Hong Kong Leads Global IPOs in 2025 with US$37.4 Billion Raised

Key Takeaways

• The city claimed first place among global exchanges for new listings in 2025, with 119 IPOs generating US$37.4 billion in proceeds.
• IPO proceeds surged 231% year-on-year, the highest total since 2021 and more than the combined volume of the prior three years.
• Total equity capital markets fundraising reached US$103 billion, up 164%, with follow-on offerings at US$66 billion.
• Mainland Chinese enterprises in industrials, new energy, biotech and TMT powered the surge, with two of the year's five biggest flotations worldwide debuting in the city.
• Strong aftermarket performance and Stock Connect flows supported liquidity, with positive momentum carrying into early 2026.
• Market reforms and dual-listing pathways enhance Hong Kong’s appeal for companies seeking international capital.

What Made the Hong Kong IPO 2025 Market a Global Leader?

Hong Kong saw a 231% surge in IPO proceeds to US$37.4 billion, driven by mainland Chinese listings and strong aftermarket performance.

The Hong Kong IPO 2025 market delivered its strongest performance since 2021. In this article, we break down the key fundraising figures, sector drivers, and regulatory reforms behind the city's resurgence as a global listing venue.

According to Hong Kong Exchanges and Clearing (HKEX) data published in January 2026, Hong Kong emerged as the leading global centre for new listings in 2025. Companies listing in the city secured US$37.4 billion through 119 IPOs. This represented a 231% year-on-year increase and stood as the city's strongest IPO total since 2021. The amount surpassed the combined fundraising achieved over the preceding three years.

Total equity capital markets (ECM) activity reached US$103 billion, a 164% rise. Follow-on offerings contributed US$66 billion, up 136% and the highest level since 2021. This included US$20 billion in equity-linked issuance, the highest on record. Average daily turnover in the cash market grew by 89.5%, and net inflows through Southbound Stock Connect — the cross-boundary channel connecting Hong Kong with Mainland Chinese exchanges — advanced by 74% compared with 2024. These secondary market conditions created a supportive backdrop for primary fundraising.

Aftermarket results were robust. Among larger listings of US$100 million or more, average share prices rose 23.8% on the first day and 30.7% after one month, per HKEX's own analysis. This was the strongest such performance in nearly two decades. Global institutions served as cornerstone investors in many deals, while retail demand also surged. Nearly a fifth of listings were dual or multi-listings. These included A-to-H share listings, where Mainland Chinese companies already listed onshore in A-shares issue Hong Kong H-shares, and some US American Depositary Receipts (ADRs).

Which Sectors and Issuers Drove the Fundraising Surge?

Mainland Chinese companies in industrials, new energy, biotech, and TMT led with 19 A-to-H listings raising US$17.7 billion.

Mainland Chinese companies accounted for the large majority of new listings and proceeds, per HKEX sector data. There were 19 A-to-H IPOs that alone raised US$17.7 billion, with six exceeding US$1 billion each. Industrials and new energy IPO fundraising reached US$14.3 billion. Activity spanned electric vehicle makers, battery producers and logistics firms.

Healthcare and biotech ECM volume reached US$15.6 billion, of which biotech accounted for US$6.2 billion. Technology, media and telecommunications (TMT) ECM issuance hit US$34.5 billion, of which IPOs raised US$7.9 billion. Metals and mining IPO fundraising reached US$5.4 billion. Traditional sectors also produced standout deals.

Notable large IPOs included Contemporary Amperex Technology Co., Limited (CATL). The world's largest battery maker raised over US$5 billion in its May 2025 Hong Kong listing. Other multi-billion-dollar industrials and healthcare debuts also featured prominently. International issuers from the United States, Southeast Asia and the Middle East also chose Hong Kong. This marked the highest number of such listings in five years. Many Mainland firms used proceeds to fund overseas expansion, such as European manufacturing facilities.

How Do Market Reforms and Connect Schemes Support Businesses?

Reforms in IPO price discovery, a Technology Enterprises Channel, and Stock Connect flows create a more efficient listing environment.

Listing rule changes took effect from August 2025, HKEX data shows. These reformed IPO price discovery and open market requirements. IPO price discovery is how the market determines the opening share price. The changes introduced a fixed retail tranche — shares reserved for individual rather than institutional investors. They also lowered the minimum initial public float for large companies. A Technology Enterprises Channel launched earlier in 2025 streamlined applications for specialist technology and biotech firms. Dual-listing pathways allow eligible Mainland companies to broaden their shareholder base and boost liquidity. One-month average A-share turnover for A-to-H listings rose 9%.

Stock Connect continues to deepen cross-boundary capital flows. Southbound average daily turnover more than doubled to a record high. This accounts for a growing share of Hong Kong cash equities trading. The shift brings Mainland investor participation into price discovery and liquidity. Reforms, connectivity and deep local capital pools position Hong Kong as a gateway for companies seeking international investors. This connectivity keeps issuers close to Mainland markets and supply chains.

What Does Early 2026 Momentum Mean for Hong Kong Companies?

Early 2026 ECM issuance surged 6x, offering faster access to growth capital, especially for AI and innovation-driven firms.

Equity capital market issuance in the first weeks of 2026 reached US$15.8 billion, HKEX reported. This was roughly six times the level seen in the same period of 2025. Companies along the artificial intelligence value chain featured prominently, pointing to continued interest in innovation-driven issuers. The pipeline remains healthy, with expectations of sustained activity from Mainland enterprises, dual listings and selected international firms.

This environment creates opportunities for startups, SMEs and multinational groups based in or entering Hong Kong. Access to deep capital markets supports expansion, research and development, and international growth.

Overall, the 2025 performance reaffirms Hong Kong's role as a leading international financial centre and super-connector between Mainland China and global markets. Companies that maintain strong corporate structures and regulatory readiness are well placed to benefit.

For businesses preparing to list or scale operations, our team has guided listing candidates through pre-IPO structuring, cornerstone investor coordination and post-listing compliance, ensuring governance frameworks satisfy HKEX requirements from prospectus stage through to ongoing disclosure. This includes securing Hong Kong company confirmation letters and certificates of incumbency to verify corporate particulars for regulators and institutional investors. To learn more, contact us for tailored guidance.

Frequently Asked Questions