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Hong Kong IPOs Surge: Global Fundraising Leader
23 Dec
Summary
- Hong Kong leads global IPOs, raising $34.3 billion in 2025.
- A+H listings and tech sector drive Hong Kong's fundraising success.
- KPMG predicts continued upward trend for IPO markets into 2026.
Hong Kong has reclaimed its position as the world's leading IPO market, having raised HKD272.1 billion ($34.3 billion) in 2025. This marks a substantial increase from the previous year and signifies a robust recovery for global IPO markets, which saw an 18% rise in funds raised overall, according to KPMG.
The resurgence is largely attributed to a record number of A+H listings, enabling Chinese companies to access both mainland and international capital markets. The technology, media, and telecommunications sector dominated applications, accounting for 39%, followed by healthcare and life sciences at 21%.
KPMG analysts project this positive momentum to continue into 2026, with an expected acceleration in AI-related listings. Major IPOs this year included Mixue, Pony AI, and CATL, underscoring Hong Kong's appeal as a premier financial hub.
