"The gongs at the Hong Kong Stock Exchange aren't enough!" Hong Kong IPO fundraising leads the world, regaining the global champion title.

"The gongs at the Hong Kong Stock Exchange aren't enough!" Hong Kong IPO fundraising leads the world, regaining the global champion title.

```

Hong Kong’s capital market will experience a comprehensive recovery in 2025, with total IPO fundraising exceeding HK$285.8 billion for the year, reclaiming the top spot among global exchanges, marking a significant resurgence in Hong Kong’s appeal as an international financial center.

On December 30, six companies—Insilico Medicine, Woan Robotics, Forest Cabin, Midland Holdings, Xunce, and May Day Vision—were listed simultaneously on the Hong Kong stock market, setting a five-year record for six companies listing on the same day. Market participants joked that "the gongs at HKEX might not be enough again," and the trading hall was packed to capacity on the day of the listing ceremonies.

This spectacular scene is a microcosm of the Hong Kong IPO market’s fervor in 2025—a total of 119 companies went public in Hong Kong during the year, up 63% from 2024. December was the busiest month for IPOs in Hong Kong since November 2019, with at least 25 companies listed that month.

The key drivers of this IPO boom included a concentrated wave of listings by Chinese tech firms, an influx of A-share companies seeking Hong Kong listings, and a significant improvement in market liquidity. In addition, the "Tech Express" service mechanism launched by HKEX, as well as the ongoing draw of Chapters 18A and 18C of the Listing Rules, have opened the door for pre-profit biotech and specialist tech companies to list.

Deloitte predicts that, supported by more than 300 listing applications, Hong Kong’s new share market could reach at least HK$300 billion in fundraising in 2026.

Annual Fundraising Hits Three-Year High, Regains Global Champion Status

Throughout 2025, Hong Kong saw 119 new listings, up 63% year-on-year, with total fundraising reaching HK$285.818 billion, leading all major exchanges globally—a year-over-year surge of 2.25 times.

Large-scale IPOs were the main force driving fundraising growth. Among the year’s top ten IPOs, eight raised over HK$10 billion. CATL topped the list with HK$41.006 billion, followed closely by Zijin Gold International with HK$42.781 billion, making them the world's largest and second-largest IPOs, respectively.

It is noteworthy that A-share companies played a crucial role in the Hong Kong IPO market. In 2025, 19 A-share firms successfully listed in Hong Kong, raising nearly HK$140 billion—almost half of new share fundraising in Hong Kong. Among the top ten IPOs, six were A-share companies, with Zijin Gold International spun off from A-share listed Zijin Mining. As of December 28, a total of 547 companies had filed listing applications on HKEX’s main board, including over 100 A-share listed firms, accounting for nearly 20%.

By industry, companies in pharmaceuticals & biotech, software services, medical devices & services, hardware equipment, and non-ferrous metals numbered the most. Industries with the highest fundraising included electrical equipment, non-ferrous metals, pharmaceuticals & biotech, automobiles & auto parts, and software services.

Institutional Reform Unleashes Market Vitality

The strong performance of the Hong Kong stock market is closely linked to ongoing institutional innovation. In April 2018, HKEX added Chapter 18A to its Main Board Listing Rules, allowing biotech companies with no revenue or profit to apply for listing—considered the most significant listing reform in years. In March 2023, HKEX introduced Chapter 18C, enabling high-growth tech firms that are not yet profitable to go public.

According to HKEX's "Hong Kong Exchanges and Clearing 2025 Review," since the adoption of Chapters 18A and 18C, a total of 88 biotech and specialist tech firms have listed in Hong Kong. In 2025, 16 companies listed under Chapter 18A. By December 28, another 37 companies had filed under Chapter 18A, and one under Chapter 18C.

In May 2025, HKEX officially launched the "Tech Express" service mechanism, allowing specialist tech and biotech firms to submit listing applications confidentially, further boosting its attraction for tech companies.

A significant improvement in market liquidity provided a solid foundation for the IPO boom. According to HKEX, the average daily transaction volume in the first 11 months of 2025 was HK$255.8 billion, up about 95% year-on-year. This improvement drove an influx of international capital back into Hong Kong, significantly boosting listing interest.

Steven Leung, Executive Director of UOB Kay Hian Hong Kong, said: "Interest in AI concept stocks will continue into early 2026. Investors, worried about an AI bubble in the U.S., are turning to Chinese AI stocks, also driven by expectations of supportive policies from the Chinese government."

Intermediary Rankings Released

According to the latest HKEX data, the annual rankings for foreign institutions in Hong Kong IPOs in 2025 have been finalized. For sponsors, Morgan Stanley Asia led with 13 IPO sponsorships during the year. For underwriters, Livermore Securities ranked first, underwriting 32 IPOs.

For law firms, Linklaters participated in 24 IPOs to top the list. For accounting firms, EY led with involvement in 41 Hong Kong IPOs, reflecting its dominant market position.

Looking ahead to 2026, Deloitte China’s "Review of Mainland China and Hong Kong IPO Markets in 2025 and Outlook for 2026" forecasts that, with over 300 listing applications in the pipeline, there will be around 160 new shares issued in Hong Kong in 2026, raising no less than HK$300 billion.

Deloitte believes that Fed rate cuts and increasing purchases of U.S. Treasuries, the overseas expansion of mainland firms and enhanced support for hard tech and new productivity sectors, as well as the current and forthcoming capital market reforms in Hong Kong, will help attract more super-large IPOs. HKEX’s strong performance in 2025 has laid the foundation to maintain its global leadership into 2026.

Risk Disclosure and DisclaimerThe market involves risk; investment requires caution. This article does not constitute personal investment advice, nor does it consider users' specific investment objectives, financial situations, or needs. Users should assess whether any opinions, views, or conclusions in this article are suitable for their individual situations. Investing accordingly is at your own risk. ```