Key facts
- Hong Kong's IPO market is projected to raise HK$320 billion ($40.8 billion) by 2026.
- This forecast positions Hong Kong as the world's second-largest listing venue, behind Nasdaq.
- Fundraising in the first half of 2025 surpassed the entire amount raised in 2024.
- Mainland Chinese technology firms are a primary driver for the influx of listings.
- Hong Kong's bourse has seen significant gains in 2024 and 2025.
- Supportive market reforms and ample liquidity are contributing to the resurgence.
Hong Kong's initial public offering market is poised for significant growth, with projections indicating it could raise HK$320 billion ($40.8 billion) by 2026, potentially securing its position as the world's second-largest listing venue behind Nasdaq. This optimistic outlook follows a strong performance in the first half of 2025, where fundraising surged 92% year-on-year to HK$209.8 billion across 84 deals. Over 420 prospective candidates are currently awaiting listing, largely driven by mainland Chinese technology firms seeking access to offshore capital.
Global auditing firms like KPMG and PwC have highlighted Hong Kong's resurgence as a premier global listing venue. KPMG reported that Hong Kong reclaimed the top spot in global IPO market rankings in 2025, a first since 2019. Data compiled by PwC shows that the fundraising amount in the first half of 2025 already surpassed the entire amount raised in 2024, with 44 IPOs taking place. As of November 2025, the market had raised HK$259 billion, a 228% year-on-year increase, supported by 93 new company listings.
Several factors are contributing to this revival, including abundant liquidity, attractive valuations, and market reforms. The Hong Kong stock exchange has seen substantial gains, rising 18% in 2024 and an additional 20% so far in 2025. The listing of Shenzhen-based battery giant Contemporary Amperex Technology (CATL) in May, which raised over HK$41 billion, was the world's largest equity offering to date this year and attracted significant interest from global funds. PwC and Deloitte project total fundraising from Hong Kong IPOs to exceed HK$200 billion this year, driven primarily by technology, media, telecommunications, and consumer companies. Market reforms by Hong Kong Exchanges and Clearing, including a dedicated 'Technology Enterprises Channel,' are facilitating listings for specialist technology and biotech firms, further fueling growth in fundraising volumes.