FINANCE

Hong Kong IPO Market Vaults to Global Top With $23.5 Billion Fundraising

Published: Oct. 23, 2025 3:58 a.m. GMT+8

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Hong Kong Stock Exchange CEO Bonnie Y Chan

Initial public offerings in Hong Kong have roared back in 2025, with fundraising in the first nine months more than tripling year-on-year and propelling the city’s stock exchange back to the top of global rankings.

As of the end of September, initial public offerings on the Hong Kong Stock Exchange had raised HK$182.9 billion ($23.5 billion), up more than 200% from the same period in 2024, according to Chief Executive Bonnie Y. Chan of Hong Kong Exchanges & Clearing Ltd. (HKEX).

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Hong Kong IPO fundraising reached HK$182.9 billion ($23.5 billion) in the first nine months of 2025, over 200% higher than 2024, driving HKEX to top global rankings.
Overseas institutional participation and tech-focused listings surged, with about half of IPO proceeds from A+H dual listings, supported by streamlined approvals.
Daily market turnover, derivatives, and cross-border trading via Stock Connect all hit record highs, reflecting renewed investor interest.

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Who’s Who

Hong Kong Exchanges & Clearing Ltd.: Hong Kong Exchanges & Clearing Ltd. (HKEX) saw IPO fundraising triple in the first nine months of 2025, reaching HK$182.9 billion ($23.5 billion). This propelled HKEX to the top of global rankings, with nearly 300 listing applications under review, demonstrating market vitality. HKEX launched a "Technology Enterprises Channel" to attract tech firms and observed increased overseas institutional participation, particularly in new tech listings.

DeepSeek: DeepSeek is an open-source artificial intelligence model that emerged in early 2025. Its release reignited enthusiasm for Chinese tech stocks, contributing to increased investor appetite. This resurgence in interest has been a factor in the strong performance of initial public offerings in Hong Kong in 2025.

Shanghai Stock Exchange: The Shanghai Stock Exchange is mentioned in the context of "Stock Connect" programs, which facilitate cross-border investment between mainland China and Hong Kong. It collaborates with the Hong Kong Stock Exchange to expand these programs to include instruments like Real Estate Investment Trusts (REITs), block trading, and yuan counters.

Shenzhen Stock Exchange: The Shenzhen Stock Exchange is mentioned in the context of increased cross-border investment through the Stock Connect programs. Daily turnover via both Shanghai and Shenzhen Stock Connect reached 206 billion yuan ($29 billion), marking a 68% increase. The Hong Kong Exchanges & Clearing Ltd. (HKEX) is also working with the Shenzhen bourse to expand Stock Connect to include REITs, block trading, and yuan counters.

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What Happened When

Late 2024：: China began adopting more proactive fiscal measures and a moderately loose monetary stance.

October 2024：: Streamlined approval processes were introduced to support A+H listings (dual listings on both the Chinese mainland and Hong Kong).

Early 2025：: Emergence of DeepSeek’s open-source artificial intelligence model boosted investor enthusiasm for Chinese tech stocks.

By May 2025：: HKEX launched a dedicated 'Technology Enterprises Channel' for specialist tech and biotech firms.

As of August 2025：: Northbound Bond Connect and Swap Connect programs saw average daily turnover of 44 billion yuan and 22 billion yuan, respectively.

Through September 2025：: Daily turnover on Hong Kong’s securities market averaged HK$256.4 billion, up 126% year-on-year; derivatives volumes averaged 1.68 million contracts per day, up 11%.

As of the end of September 2025：: Initial public offerings on the Hong Kong Stock Exchange had raised HK$182.9 billion, more than tripling year-on-year.

October 20, 2025：: 273 IPO applications were under review at the HKEX.

October 22, 2025：: Chief Executive Bonnie Y. Chan spoke at the China Opportunities Forum, noting nearly 300 listing applications under review at HKEX.

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