Hong Kong IPO Market Raises Over HK$100 Billion in First Seven Months: Ranks No.1 Globally

In the first half of 2025, Hong Kong’s initial public offering (IPO) market delivered a strong performance, retaining its position as the world’s top fundraising venue.

Hong Kong Maintains Global Leadership with Record Fundraising in First Seven Months of 2025

Statistics show that in the first seven months of the year, 53 new listings were completed, including 51 companies on the Main Board, one transfer from GEM to the Main Board (without fundraising), and one De-SPAC transaction. The total funds raised reached HK$127.9 billion, representing a more than sixfold increase year-on-year and already surpassing the full-year fundraising total of 2024.

Most Active First Half of Hong Kong IPO Market

This marks the most active first half for Hong Kong’s IPO market since 2021, supported by ample liquidity and a rebound in investor confidence. Dual A+H listings were a major driver, with seven such transactions raising approximately HK$77 billion. Among them, Contemporary Amperex Technology Co. Limited (CATL), the world’s largest new energy battery manufacturer, completed a simultaneous Hong Kong and A-share listing, raising HK$41 billion, which is the largest IPO globally in the first half of 2025.

Diverse Industry Participation

Companies debuting in Hong Kong during the period spanned a wide range of industries, including Chinese seasoning leader Haitian, beverage brand if Coconut Water, postnatal care center St. Bella, and ride-hailing platform CaoCao Mobility. The diversity of sectors, from consumer goods and services to manufacturing and technolog, demonstrates Hong Kong’s inclusiveness and broad market capacity in attracting enterprises across different industries.

Government Regulatory Enhancements to Attract Innovators

On the regulatory front, the Hong Kong Stock Exchange launched the “Technology Enterprises Channel” in May 2025. The channel provides pre-listing guidance and confidential filing options for specialist technology companies (Chapter 18C) and biotech firms (Chapter 18A), while also offering structural flexibility for companies with weighted voting rights. These measures further lower listing thresholds for high-growth enterprises and improve transparency, making Hong Kong more attractive for early-stage innovators.

Complementing these efforts, reforms introduced by mainland regulators in June 2025 promoted dual H+A listings in the Greater Bay Area and enhanced capital connectivity, including the creation of a “Growth Tier” on Shanghai’s STAR Market. Together, these initiatives are shaping a more integrated cross-border listing ecosystem.

Future Outlook: Strong Pipeline and New Economy Listings to Sustain Global Leadership

Looking ahead, Hong Kong’s IPO market is expected to sustain its strong momentum in the second half of the year. Over 200 companies have already filed listing applications, the majority targeting the Main Board — a record-high pipeline. Market forecasts suggest that 90 to 100 companies could list in Hong Kong in 2025, with total fundraising potentially exceeding HK$200 billion. Key sectors likely to dominate include information technology and telecommunications, healthcare and pharmaceuticals, as well as retail, consumer goods, and related services.

Notably, MiniMax — a mainland AI start-up backed by Alibaba and Tencent — has reportedly filed a confidential application for a Hong Kong IPO and may debut as early as the second half, potentially emerging as a highlight among new economy listings. With the continued return of Chinese companies, stable capital inflows, supportive cross-border policies, and the participation of large corporates, Hong Kong is well positioned to maintain its global leadership in the IPO market.