In 2025, the Hong Kong capital market re-emerged at the top of the global exchanges with an initial public offering (IPO) fund of HK $ 285.8 billion for the entire year. The market‘s liveliness returned significantly, with six companies listing simultaneously at the end of the year.
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A total of 119 companies were listed in Hong Kong throughout the year, representing a significant increase of 63% from 2024. The total amount of capital raised increased by about 2.25 times year-on-year, reaching a three-year high. Among them, December became the busiest month for listing since November 2019, with at least 25 companies listed.
Of the top 10 IPOs throughout the year, 8 have raised more than HK $ 10 billion. The Hong Kong stock issuance of Ningde Era and Purple Gold International is ranked among the world‘s top two IPOs. Particularly notable is the contribution of A-share companies: 19 A-share companies went to Hong Kong for listing throughout the year, raising a total of about HK $ 140 billion, accounting for nearly half of the total market.
The strong performance of the market is due to continuous institutional innovation and significant improvements in the liquidity environment.
Chapter 18A (allowing non-profit biotechnology companies to list on the market) and Chapter 18C (allowing specialty technology companies to list on the market) of the Hong Kong Stock Exchange Mainboard “Listing Rules” continue to exert their appeal. Since its implementation, 88 related companies have listed on Hong Kong shares through this channel. In 2025, the Hong Kong Stock Exchange also officially launched the “Science and Enterprise Direct Line” service mechanism, which supports technology companies in filing listing applications in a confidential manner, further enhancing service efficiency.
At the same time, market liquidity improved significantly, providing a solid foundation for the IPO boom. Hong Kong Stock Exchange data showed that the average daily transaction volume for the first 11 months of 2025 reached HK $ 255.8 billion, up about 95% year-on-year.
The ranking of brokers was then settled, with Morgan Stanley Asia, Livermore Securities, Goldman Sachs, and An Yong ranked first in the areas of endorsement, subcontracting, legal, and auditing, respectively.
Deloitte China released a report predicting that with the support of more than 300 current listing applications, the Hong Kong new stock market is expected to welcome about 160 new stocks in 2026, with funding expected to be no less than HK $ 300 billion. The U.S. Federal Reserve‘s monetary policy shift, the demand for mainland Chinese companies to go out to sea, and the ongoing reforms of Hong Kong stocks themselves have all provided momentum for the market’s continued strong performance. (Chen XI)