Chart of the Day: Mainland Firms Cement Hong Kong’s Hold on IPO Top Spot
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Hong Kong has reaffirmed its leading position in the global IPO market this year, with funds raised in the first seven months jumping over 610% year-on-year, driven by Chinese mainland companies attracted by its review efficiency and market stability amid rising geopolitical tensions.
A total of HK$128 billion ($16.4 billion) was generated from 51 IPOs in the period, according to a Wednesday statement published by the city’s Securities and Futures Commission. The proceeds underpinned Hong Kong’s rise to the top spot globally by funds raised in the first half of this year.
Analysts expect the traction to grow further in the second half, with more than 220 IPO applications in the pipeline as of the end of July.
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- Hong Kong led the global IPO market in early 2024, raising HK$128 billion ($16.4 billion) from 51 IPOs, a 610% year-on-year increase.
- Mainland Chinese firms accounted for 83% of IPOs and 92% of proceeds, with the top three IPOs raising $8.1 billion.
- Over 220 IPO applications were pending as of July, and forecasts project HK$160–250 billion in IPO funds raised for the year.
- Contemporary Amperex Technology Co. Ltd.
- Contemporary Amperex Technology Co. Ltd. (CATL) is a Shenzhen-listed battery titan. Their $5.3 billion listing was the largest globally in the first half of the year, contributing significantly to Hong Kong's IPO market rally. CATL's listing was among the three largest IPOs by proceeds, raising a total of $8.1 billion from mainland companies.
- In 2024：
- Hong Kong introduced a streamlined process that aims to complete IPO applications within six months.
- By January to July 2025：
- A total of HK$128 billion ($16.4 billion) was generated from 51 IPOs in Hong Kong.
- In the first half of 2025：
- Hong Kong rose to the top spot globally by funds raised in the IPO market.
- In the first half of 2025：
- Contemporary Amperex Technology Co. Ltd.’s $5.3 billion listing was the largest IPO globally.
- In the first six months of 2025：
- Mainland-based firms accounted for 83% of Hong Kong IPOs and 92% of proceeds.
- July 2025：
- Diamantina Leong, PwC Hong Kong, noted high liquidity in Hong Kong’s banking system creates favourable IPO conditions.
- July 2025：
- George Chan, EY, wrote that Hong Kong's IPO resurgence reflects a shift in global capital flows amid policy uncertainty.
- As of the end of July 2025：
- There were more than 220 IPO applications in the pipeline in Hong Kong.
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