Hong Kong has regained its position as the top destination for global initial public offerings (IPOs), a rank it last achieved in 2019. The region witnessed significant activity in 2025, with a total of $158.4 billion raised across 1,227 deals, marking an 18% increase in capital raised year-over-year, according to a report by consulting firm KPMG.
The Hong Kong Stock Exchange (HKEX) emerged as the leading market, securing HKD272.1 billion (approximately $34.3 billion) in IPO funds—a remarkable 210% surge compared to the previous year, where it raised HKD88 billion (around $11.3 billion). The U.S. markets, specifically the New York Stock Exchange and NASDAQ, followed in second and third place, raising $20.3 billion and $19.2 billion, respectively.
This resurgence in Hong Kong’s IPO market has been largely attributed to a record-breaking number of A+H listings. These dual listings, allowing companies to trade on both mainland China’s stock exchanges (A-shares) and the HKEX (H-shares), have gained immense popularity among Chinese firms aiming for global expansion. As of December 7, Hong Kong had more than 300 active IPO applications, including 92 related to A+H listings, indicating a robust upward trend likely to continue into 2026.
Paul Lau, a partner and head of capital markets at KPMG China, noted that Hong Kong’s threefold increase in IPO funds has significantly contributed to the global market’s recovery, reinforcing the city’s status as a prominent international financial hub.
Among the active IPO applications in Hong Kong, the technology, media, and telecommunications sector dominated, making up 39% of the submissions. The healthcare and life sciences sector followed, accounting for 21%, while the industrial sector represented 18% of all active applications.
Notable IPOs from this year included Mixue, China’s leading bubble-tea chain, which raised $444 million, and AI firm Pony AI, bringing in $860 million. One of the standout performances came from Chinese battery manufacturer CATL, which amassed $4.6 billion in its Hong Kong debut, solidifying its place as one of the largest listings of 2025.
Looking ahead, KPMG’s Lau anticipates an increase in AI-related listings on the HKEX as technology continues to evolve and gain traction across various industries.
In fourth place, the National Stock Exchange of India raised $18.5 billion, although this marked a decline from the $20.3 billion raised in 2024, when it held the top spot. The Shanghai Stock Exchange rounded out the top five, raising $13.2 billion in 2025, an increase from $10.6 billion the previous year.
KPMG’s analysts commented on the steady growth within mainland China’s A-share market, expecting positive trends to persist as the 15th five-year plan facilitates deeper reforms in China’s capital markets, aiming for inclusivity and coordinated investment efforts. According to Irene Chu, a KPMG partner overseeing the new economy and life sciences sector in Hong Kong, sustained efforts from authorities are anticipated to promote high-quality growth in the A-share market in the years to come.
