FINANCE

Hong Kong Set to Regain IPO Throne as Fundraising Booms

Published: Sep. 24, 2025 4:13 a.m. GMT+8

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As of the end of September, 66 new listings were expected in Hong Kong, representing a 47% increase from a year earlier

Hong Kong is on pace to reclaim its status as the world’s leading venue for initial public offerings this year, with total fundraising expected to reach as much as HK$280 billion, according to updated projections from Deloitte.

The accounting firm raised its full-year forecast for the second time on Tuesday, citing a strengthening IPO pipeline and rising valuations that have already driven proceeds to HK$182.3 billion through the first three quarters — more than triple the haul from the same period a year ago.

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Hong Kong is projected to lead global IPO fundraising in 2024, with proceeds estimated up to HK$280 billion, already reaching HK$182.3 billion through Q3.
IPOs surged as 66 new listings (up 47% year-on-year) raised funds by 228% versus 2023, led by major Chinese firms like CATL (HK$41B) and Zijin Golden (HK$25B).
HKEX outpaced NYSE and Nasdaq in IPO proceeds; around 80 IPOs are expected in 2024, with over 220 companies awaiting listing approval.

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Who’s Who

Contemporary Amperex Technology Co. Ltd.: Contemporary Amperex Technology Co. Ltd. (CATL) is a Chinese battery giant that completed a HK$41 billion listing in Hong Kong. This made it one of the five largest IPOs by Chinese mainland companies in Hong Kong during the period, contributing significantly to the city's strong IPO performance.

Zijin Golden International Co. Ltd.: Zijin Golden International Co. Ltd. is a Chinese mainland company that completed one of the five largest IPOs in Hong Kong during the first three quarters of this year. Their float raised HK$25 billion. This contributed to Hong Kong's surge in IPO proceeds, tripling the amount from the same period last year.

Midea Group Co. Ltd.: Midea Group Co. Ltd. is a Chinese mainland company. It was mentioned in the article in the context of IPOs in Hong Kong during the first three quarters of 2024. Notably, Midea Group Co. Ltd. was the only company (excluding the top five largest IPOs) to raise more than HK$10 billion during that period.

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What Happened When

By the first three quarters of 2025：: IPO proceeds in Hong Kong reached HK$182.3 billion, more than triple the haul from the same period in 2024.

Third quarter of 2025：: The average price-to-earnings ratio for new listings on Hong Kong’s main board rose to 15 times, a level not seen since late 2021.

As of the end of September 2025：: 66 new listings were expected in Hong Kong, representing a 47% increase from a year earlier (2024), with funds raised surging 228% from the prior year.

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