Six IPOs in One Day Cap Hong Kong’s Return to the Top
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Six companies listed on the Hong Kong Stock Exchange on Dec. 30, 2025, wrapping up the city’s IPO market for the year. Photo: Wang Xiaoqing/Caixin
Hong Kong is set to reclaim its position as the world’s top IPO market in 2025, with six companies listing on the same day to close out the year.
The six debuts on Tuesday lifted Hong Kong’s total IPOs to 114 for the year, raising HK$286.3 billion ($36.7 billion), according to a Dec. 18 Deloitte report.
This represents a 14% increase in IPOs and a 94% jump in proceeds raised, putting the city ahead of the Nasdaq and India’s National Stock Exchange, according to the report.
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- Hong Kong hosted 114 IPOs in 2024, raising HK$286.3 billion ($36.7 billion), a 94% increase in proceeds over 2023.
- The city regained the lead in global IPO markets, surpassing Nasdaq and India's NSE, with over 300 more applications pending.
- Regulators issued warnings about declining IPO standards, while forecasts predict 160–200 IPOs and up to HK$350 billion raised in 2026.
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Who’s Who
- InSilico Medicine Cayman TopCo
- 英矽智能开曼有限公司 (InSilico Medicine Cayman TopCo) is an AI-driven drug firm. It was among six companies that debuted on the Hong Kong stock market on the same day. Its shares jumped over 45% from the offer price, leading gains among the newly listed companies.
- USAS Building System (Shanghai) Co. Ltd.
- USAS Building System (Shanghai) Co. Ltd. is a construction firm that recently debuted on the Hong Kong stock exchange. Its shares opened higher during early trading. This listing is part of Hong Kong's overall IPO resurgence in 2025.
- Beijing 51WORLD Digital Twin Technology Co. Ltd.
- Beijing 51WORLD Digital Twin Technology Co. Ltd. is a construction firm that recently made its debut on the Hong Kong stock exchange. Its shares opened higher during early trading. This contributed to Hong Kong's impressive close to 2024, which saw six companies list on the same day, helping the city reclaim its position as the world's top IPO market of the year.
- Deloitte
- Deloitte reported that Hong Kong's total IPOs reached 114 for the year, raising HK$286.3 billion ($36.7 billion) as of December 18. This data suggests a 14% increase in the number of IPOs and a significant 94% jump in the proceeds raised, positioning Hong Kong ahead of major global exchanges like Nasdaq.
- KPMG
- KPMG (毕马威) is mentioned as a major accounting firm. It forecasts that Hong Kong will see between 160 and 200 IPOs in 2026, with total fundraising estimated to be in the range of HK$300 billion to HK$350 billion.
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