Hong Kong regained its position as the world’s top hub for initial public offerings (IPOs) in 2025, raising more than HK$285 billion (US$36.6 billion), a remarkable 225% increase year-on-year, according to PwC.
The city saw 119 new listings in 2025, including major offerings from Chinese battery giant CATL and mining company Zijin Gold, surpassing global competitors like the New York Stock Exchange, Nasdaq, and India’s National Stock Exchange.
"Despite global geopolitical uncertainties, demand for international financing from Chinese enterprises and strong investor interest in high-quality Chinese companies remain robust," said Eddie Wong, PwC’s Hong Kong capital markets leader.
PwC projects that around 150 companies will list in Hong Kong in 2026, potentially raising up to HK$350 billion. Over 10 companies are expected to raise more than HK$5 billion each, while mainland firms will continue using Hong Kong as a fundraising platform for international expansion.
The rise in listings comes after a period of decline following Beijing's 2020 regulatory crackdown, which paused major Chinese companies' IPO plans. However, Hong Kong is now processing more than 300 IPO applications, with over 50 additional companies, primarily in biotech and AI, submitting confidential filings.
PwC, alongside KPMG and Deloitte, highlighted 2025 as one of the strongest IPO years for Hong Kong. The surge is partly attributed to Chinese government support and faster approval processes for large mainland companies. However, Wong noted that Hong Kong will face growing competition as global stock exchanges also refine their listing rules.
If Beijing continues to back Chinese companies to boost domestic demand, more IPOs could be expected, strengthening Hong Kong's position as a global IPO leader.
Source: AFP
Bd-pratidin English/ Jisan
