FINANCE

Hong Kong IPO Frenzy Sets Sights on Record $32 Billion Fundraising for 2025

Published: Jul. 4, 2025 3:35 a.m. GMT+8

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Robin Zeng, third right, the founder and chairman of CATL, strikes a gong during the listing ceremony at the Hong Kong Stock Exchange on May 20, 2025. Photo: Bloomberg

Hong Kong’s sizzling IPO market is prompting the Big Four accounting firms to sharply raise their fundraising forecasts for 2025. KPMG now predicts total proceeds could soar to HK$250 billion ($32 billion) if current market conditions persist.

As of June 30, the Hong Kong Stock Exchange (HKEX) was reviewing 219 active initial public offering (IPO) applications — a record-breaking 210 of which were for the main board alone.

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Hong Kong’s IPO market is booming, with KPMG forecasting over 100 IPOs raising more than HK$200 billion ($32 billion) in 2025, doubling earlier estimates.
Seven “A+H” listings drove 72% of Hong Kong’s HK$107.1 billion IPO proceeds in H1 2025, while 219 IPO applications are pending review.
Together, Hong Kong and mainland China accounted for 40% of global IPO fundraising in H1 2025; follow-on offerings also hit a four-year high.

AI generated, for reference only

Who’s Who

Contemporary Amperex Technology Co. Ltd.: Contemporary Amperex Technology Co. Ltd. (CATL) is a Chinese battery giant that pursued a secondary H-share listing in Hong Kong after its A-share debut. This "A+H" dual listing contributed significantly to Hong Kong's IPO proceeds, with their combined activity topping $93 billion in the first half of the year.

Jiangsu Hengrui Medicine Co. Ltd.: Jiangsu Hengrui Medicine Co. Ltd. is a Chinese company that pursued a secondary H-share listing in Hong Kong after its A-share debut. It was one of four Chinese companies whose combined Hong Kong proceeds topped $93 billion in the first half of the year, contributing to the "A+H" dual listing boom in Hong Kong.

Foshan Haitian Flavouring & Food Co. Ltd.: Foshan Haitian Flavouring & Food Co. Ltd. (Foshan Haitian) is a Chinese company that pursued a secondary H-share listing in Hong Kong after its A-share debut. It was one of the four Chinese companies among the world's 10 largest IPOs in the first half of 2025 that pursued secondary listings in Hong Kong.

Zhejiang Sanhua Intelligent Controls Co. Ltd.: Zhejiang Sanhua Intelligent Controls Co. Ltd. is a Chinese company that completed a secondary H-share listing in Hong Kong, following its initial A-share debut. This was one of the four largest "A+H" dual listings by Chinese companies in the first half of 2025 that contributed significantly to Hong Kong's IPO boom.

Hong Kong Stock Exchange (HKEX): HKEX is experiencing a boom, ranking top globally for IPO proceeds in H1 2025. It reviewed a record 219 IPO applications, with 210 for the main board. HKEX's success is partly driven by "A+H" dual listings, where Chinese companies list in Hong Kong after mainland debuts.

Tencent Holdings: Tencent Holdings, a Chinese technology conglomerate, is being considered for a potential dual listing in Shenzhen after its initial listing in Hong Kong. This is due to a new policy allowing Greater Bay Area companies listed in Hong Kong to also seek listings in Shenzhen. Tencent meets the necessary headquarters and market cap thresholds for this.

Shanghai Stock Exchange: The Shanghai Stock Exchange is a key player in China's financial market. In the first half of the year, it ranked fourth globally in IPO proceeds, raising $4.5 billion. This exchange is part of the broader A-share market, which has seen accelerating IPO applications, indicating renewed momentum.

Nasdaq: In the first half of 2025, Nasdaq ranked third globally in initial public offering (IPO) proceeds, raising $9.2 billion. This placed it behind the Shanghai Stock Exchange's $4.5 billion and the New York Stock Exchange's $7.8 billion.

New York Stock Exchange: The New York Stock Exchange (NYSE) is a global financial market. In the first half of the year, it recorded $7.8 billion in IPO proceeds, ranking it third globally, behind Nasdaq and ahead of the Shanghai Stock Exchange.

India’s National Stock Exchange: India’s National Stock Exchange's IPO proceeds were less than those of the Shanghai Stock Exchange, Nasdaq, and New York Stock Exchange in the first half of the year.

London Stock Exchange Group: According to the article, the London Stock Exchange Group reported that Hong Kong's total equity capital markets fundraising reached $36.58 billion in the first half of the year, a 4.34 times year-on-year increase. Secondary offerings alone surged 5.44 times to $20.27 billion.

AI generated, for reference only

What Happened When

Since late 2023：: A slowdown in mainland IPO activity has helped fuel Hong Kong’s IPO boom.

June 2025：: China Securities Regulatory Commission accepted more than 140 A-share IPO applications, compared to 15 per month from January to May 2025.

June 2025：: China’s State Council and the Communist Party’s General Office announced that Greater Bay Area companies already listed in Hong Kong could seek listings in Shenzhen.

Before mid-year financial reporting cutoff in June 2025：: The surge in A-share IPO filings was partly due to companies rushing to apply before the mid-year financial reporting deadline.

First half of 2025：: 44 companies went public in Hong Kong, a 47% increase from the same period in 2024. IPO proceeds rose to HK$107.1 billion. HKEX led global exchanges for IPO proceeds during this period, marking its best mid-year performance since 2016.

First half of 2025：: Four of the world's 10 largest IPOs were secondary H-share listings in Hong Kong by Chinese companies, raising a combined $93 billion.

First half of 2025：: Seven 'A+H' dual listings contributed HK$77 billion, representing 72% of Hong Kong's total IPO fundraising.

First half of 2025：: Hong Kong and mainland A-share IPOs made up 40% of global IPO fundraising. Shanghai Stock Exchange ranked fourth globally for IPO proceeds.

First half of 2025：: Follow-on offerings in Hong Kong reached a four-year high, with total equity capital markets fundraising totaling $36.58 billion, a 4.34-times year-on-year increase. Secondary offerings alone rose 5.44 times to $20.27 billion.

By mid-2025：: More than 200 IPO applications were pending in Hong Kong, with 44 from 'A+H' companies; seven of these had market caps above 100 billion yuan.