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 saw 114 IPOs in 2024, raising HK$286.3 billion ($36.7 billion), a 14% increase in IPOs and 94% jump in proceeds from 2023.
- Performance of the six companies that debuted simultaneously was mixed, with InSilico Medicine Cayman TopCo gaining over 45% in early trading.
- Regulators warned IPO sponsors about declining application quality; 160-200 IPOs are forecast in 2026 with fundraising estimates up to HK$350 billion.
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Who’s Who
- InSilico Medicine Cayman TopCo
- InSilico Medicine Cayman TopCo (英矽智能) is an AI-driven drug firm that experienced a significant jump in its stock performance upon listing in Hong Kong. It led gains among six companies debuting on the same day, with its shares rising over 45% from the offer price.
- USAS Building System (Shanghai) Co. Ltd.
- USAS Building System (Shanghai) Co. Ltd. [联盛建筑系统（上海）有限公司] is a construction firm. It was among six companies that debuted on the Hong Kong Stock Exchange, contributing to the city's strong IPO performance, and saw its shares open higher.
- Beijing 51WORLD Digital Twin Technology Co. Ltd.
- Beijing 51WORLD Digital Twin Technology Co. Ltd. is a company that recently listed on the Hong Kong stock exchange. On its debut, its shares opened higher, indicating a positive market reception. This listing contributed to Hong Kong's strong IPO performance in the year.
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