Hong Kong Tops Global IPO Rankings

Hong Kong has regained its position as the world’s top destination for initial public offerings (IPOs) in 2025, with over HK$285 billion (US$36.6 billion) raised, marking a 225% increase from the previous year. According to accounting giant PwC, the city saw 119 new listings in 2025, surpassing the New York Stock Exchange, Nasdaq, and the National Stock Exchange of India. Notable listings included Chinese battery giant CATL and miner Zijin Gold.

Despite global geopolitical uncertainties, demand for international financing by Chinese enterprises and investor interest in high-quality Chinese companies remain strong. PwC’s Hong Kong capital markets leader, Eddie Wong, noted that this trend is expected to continue, with around 150 companies potentially listing in Hong Kong this year and raising up to HK$350 billion. More than 10 companies are expected to raise over HK$5 billion, while firms already listed in mainland China will likely use Hong Kong as a fundraising venue for overseas expansions.

The Hong Kong stock exchange is currently processing over 300 applications, with an additional 50 companies, primarily in the biotech and artificial intelligence sectors, having submitted confidential filings to list in the city. This surge in IPO activity can be attributed to policy support from the Chinese government and streamlined approval listing processes for large Chinese market-listed firms.

Other accounting giants, such as KPMG and Deloitte, have also noted that 2025 was one of the hottest IPO years for Hong Kong. However, global stock exchanges are also streamlining their listing rules, which may increase competition for Hong Kong. If the Chinese government continues to subsidize domestic companies, it could lead to more Hong Kong listings. PwC expects two to three interest rate cuts this year, which may further support the city’s IPO market.

The resurgence of Hong Kong’s IPO market is significant, given the city’s decline in new offerings after Beijing’s regulatory crackdown in 2020. With the current trends and policy support, Hong Kong is likely to remain a key destination for companies seeking to raise capital through public listings. As the city’s IPO market continues to evolve, it will be important to monitor the impact of global economic trends and regulatory changes on its trajectory.