Hong Kong Capital Market Stages Strong Comeback, Regains Top 1 in Global IPO Rankings 2025
The report notes that, as of December 7, 2025, the Hong Kong market has received over 300 listing applications, including a record-high 92 applications for A+H listings.
In the first three quarters of 2025, Hong Kong completed 67 new listings, raising a total of HKD 182.9 billion. This represents year-on-year growth of 49% and 229%, respectively, securing the top position in global rankings for IPO fundraising and surpassing both the New York Stock Exchange and Nasdaq.
Hong Kong IPO Market: "A+H" Listings Emerge as Growth Engine Amid Geopolitical Shifts
As uncertainties surrounding U.S. trade policies gradually ease, corporate demand for public market financing has revived. IPOs in emerging sectors such as artificial intelligence and cryptocurrencies continue to attract investor attention. Concurrently, shifts in the geopolitical landscape and tighter U.S. regulatory scrutiny on China-concept stocks have further underscored Hong Kong’s unique role as an international financial center within China’s sovereignty.
From a market structure perspective, large-scale IPO projects and the “A+H” listing model have become core drivers of Hong Kong’s market growth. In the first three quarters of 2025, 11 A+H listings were completed, accounting for 50% of total IPO funds raised. According to EY estimates as of the end of November, Hong Kong is projected to complete over 100 new listings in 2025, with total funds raised reaching HKD 280 billion, surpassing the HKD 200 billion mark for the first time in four years. In terms of industry distribution, sectors such as industrials, retail and consumer goods, new energy vehicles, advanced manufacturing, and biotechnology have performed notably well.
New Listing Policies & Capital Structure Propel Hong Kong Capital Market Upgrade
In August 2025, Hong Kong Exchanges and Clearing (HKEX) officially implemented new rules for IPO pricing and allocation, introducing a cap on clawback ratios and a mechanism to lock in the public offering portion. These measures aim to enhance market subscription experiences and improve IPO returns. Simultaneously, HKEX continues to refine the Main Board listing regime and regulations on weighted voting rights (WVR), while policies such as the “Technology Companies Track” (Chapter 18C) provide more inclusive listing pathways for specialized technology and biotechnology companies.
Amid the strengthening trend of China-concept stock homecomings and the deepening two-way flow of southbound and international capital, the investor structure of Hong Kong’s capital market is gradually shifting from “foreign-led” to “dual-driven by domestic and foreign capital,” providing sustained support for long-term market liquidity and stability.
Against the backdrop of technology-driven innovation and the release of policy dividends, Hong Kong’s return to the top of the global IPO fundraising rankings in 2025 further solidifies its critical role as an international financial center bridging Chinese and global capital markets.
