Charts of the Day: Hong Kong Reclaims Its IPO Mojo
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Chinese mainland companies propelled a strong recovery in Hong Kong’s IPO market this year, putting the city on track to regain the world’s top IPO spot, according to a new report by Ernst & Young LLP.
Mainland companies accounted for all of Hong Kong’s top 10 IPOs as of Nov. 26, according to the Nov. 27 report. Together, they brought in HK$154.7 billion ($19.9 billion), more than 50% of all capital raised this year in the city. Eight of the companies raised more than HK$10 billion, compared with just one such deal in 2024.
Contemporary Amperex Technology Co. Ltd. (CATL) led the pack by raising about HK$41 billion. The battery giant’s listing was the largest in both Hong Kong and the world this year, according to the report. It was followed by listings from Zijin Gold International Co. Ltd. and Sany Heavy Industry Co. Ltd.
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- Mainland Chinese firms accounted for all top 10 Hong Kong IPOs in 2025, raising HK$154.7 billion ($19.9 billion), over 50% of total funds.
- CATL led with a HK$41 billion IPO, the year’s largest globally; Hong Kong is projected to raise HK$280 billion from 100+ IPOs, up 218%.
- Mainland companies made up 88.5% of new listings; over 170 A-share firms plan to list in Hong Kong, fueling continued IPO market strength.
- Contemporary Amperex Technology Co. Ltd.
- Contemporary Amperex Technology Co. Ltd. (CATL) is a Chinese battery giant which led Hong Kong's IPO market, raising approximately HK$41 billion. This was the largest listing globally and in Hong Kong for the year, significantly contributing to the city's potential reclaim of the top IPO spot.
- Zijin Gold International Co. Ltd.
- "Zijin Gold International Co. Ltd." (紫金国际有限公司) is a Chinese mainland company that completed an IPO in Hong Kong. Its listing was among the largest this year, following the IPO of Contemporary Amperex Technology Co. Ltd. (CATL). This contributed to Hong Kong's strong recovery in the IPO market and its projected top global ranking for fundraising.
- Sany Heavy Industry Co. Ltd.
- Sany Heavy Industry Co. Ltd. had a significant IPO in Hong Kong, following Contemporary Amperex Technology Co. Ltd. and Zijin Gold International Co. Ltd. Its listing was among the top 10 IPOs in Hong Kong for the year, contributing to the city's strong IPO market recovery.
- Ernst & Young LLP
- Ernst & Young LLP is a global professional services network. According to its report as of November 27, it highlights that mainland Chinese companies were crucial in Hong Kong's IPO market recovery, propelling the city to potentially reclaim the top global IPO spot. The report also notes that mainland companies accounted for all top 10 IPOs and over 50% of capital raised in Hong Kong by November 26.
- 2024：
- In 2024, only one deal in Hong Kong raised more than HK$10 billion, and Hong Kong placed fourth in global IPO fundraising rankings.
- 2025：
- Eight companies raised more than HK$10 billion in Hong Kong IPOs.
- 2025：
- Hong Kong’s estimated IPO count for the year was over 100, raising about HK$280 billion.
- 2025：
- Contemporary Amperex Technology Co. Ltd. (CATL) led by raising about HK$41 billion; the largest listing in both Hong Kong and the world for the year.
- As of Nov. 26, 2025：
- Mainland companies accounted for all of Hong Kong’s top 10 IPOs.
- As of Nov. 26, 2025：
- Mainland firms accounted for 88.5% of new listings and 83.5% of total capital raised in Hong Kong.
- As of Nov. 26, 2025：
- More than 170 A-share companies or their spun-off subsidiaries had announced plans to list in Hong Kong; 19 of them were already on the exchange.
- Nov. 27, 2025：
- Ernst & Young LLP published a report on Hong Kong’s IPO market performance.
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