Hong Kong IPO fundraising has reached its strongest level in years, with new data showing the market’s total proceeds climbing back above HKD 200 billion for the first time since 2021. According to Wind and Livereport, 91 companies completed listings in the first 11 months of 2025, raising HKD 259.889 billion — the highest total among global exchanges this year. The performance marks a powerful resurgence for Hong Kong as a preferred international listing venue.
Key Points
Behind the sharp revival is a combination of large-scale IPOs, new regulatory momentum, and the rising influence of Chinese investment banks, which now dominate the sponsorship landscape. With market activity holding firm into year-end and more than 300 companies currently in the filing pipeline, industry experts expect the positive cycle to continue into 2026, albeit at a steadier pace.
The latest data reflects shifting global capital trends, the growing competitiveness of Hong Kong’s listing environment, and the broader transformation of Chinese industries entering the public market.
Hong Kong IPO Fundraising Tops Global Ranking After Four-Year Decline
Wind data shows that Hong Kong’s Hong Kong IPO fundraising total jumped approximately 228% year-on-year, ranking first globally for 2025. Major listings from CATL, Zijin Gold International, SANY Heavy Industry, and SERES were among the top global IPOs of the year, providing strong momentum to the market’s overall performance.
Large fundraising projects have returned as a central force. This year, one IPO exceeded HKD 30 billion and seven surpassed HKD 10 billion — a notable improvement compared with last year’s muted activity. A-share-listed companies played an especially prominent role, contributing six of the top ten Hong Kong IPOs of the year.
The resurgence underscores Hong Kong’s enduring appeal as an international fundraising hub, supported by its regulatory flexibility, depth of institutional capital, and role as a gateway for Chinese enterprises seeking global investors.
Chinese Brokerages Dominate Sponsorship, Outpacing Global Rivals
A major highlight of the year is the strengthened dominance of Chinese investment banks in underwriting activity. Livereport data shows that CICC leads the market with 34 sponsored projects, followed by CITIC Securities (Hong Kong) with 26 and Huatai Financial Holdings (Hong Kong) with 18.
Foreign institutions played a more limited role, with Morgan Stanley Asia ranking fifth with 11 projects — the only non-Chinese firm among the top five.
The top five sponsors—CICC, CITIC, Huatai, CMB International, and Morgan Stanley Asia—accounted for nearly 60% of all deals, reflecting high market concentration. Meanwhile, institutions ranked sixth to eleventh managed only single-digit or low double-digit sponsorship counts, creating a clear separation between leading and mid-tier firms.
The data points to an important structural trend: Chinese firms not only dominate the sponsorship volume but are also more deeply integrated into Hong Kong’s local issuer network, giving them a competitive advantage over international peers.
Seasonal Patterns, New Regulations, and Higher Investor Participation
Analysis of Hong Kong’s 2025 IPO cycle reveals five notable characteristics shaping the current market landscape:
1. Seasonality Driving Listing Waves
Peak activity occurred during March–June and September–November, aligning with traditional Hong Kong IPO cycles. Together, these two windows accounted for over 70% of listings.
2. New Rules Boosting First-Day Returns
The revision of listing regulations helped improve price stability and subscription enthusiasm. As of November 26:
- Average first-day returns reached 38%
- This represents a 347-percentage-point increase from last year
- Only 23.08% of IPOs saw declines on debut — the lowest proportion in nearly five years
Investor confidence and market certainty have clearly strengthened under the new framework.
3. Oversubscription at Historic Highs
Investor demand surged, with the average oversubscription ratio hitting 1,675 times, more than four times last year’s level.
Twenty-nine companies exceeded 1,000× oversubscription, and Jin Ye International Group broke records with a staggering 11,465×, making it the first “ten-thousand-times oversubscribed” stock in Hong Kong history.
4. Cornerstone Investors More Diverse Than Ever
More than 80% of IPOs included cornerstone investors, up from 67% last year.
Notably, sovereign wealth funds from the Middle East and Singapore appeared for the first time, signaling growing international confidence in Hong Kong listings.
5. A-share Companies and Tech Enterprises Leading the Pipeline
Demand for A+H listings and returns from overseas markets has increased, especially among companies in artificial intelligence, biomedicine, green energy, and advanced manufacturing.
Market Outlook: Stable Growth Expected Through 2026
EY’s “Mainland China and Hong Kong IPO Market Report” projects that Hong Kong’s IPO market will remain active, entering a new phase characterized by structural deepening rather than explosive growth.
Positive drivers include:
- Increasing international capital inflows
- Expansion of high-quality Chinese enterprises in emerging industries
- Mainland support for Hong Kong listings
- Continued refinement of HKEX listing mechanisms
- Narrowing A-share/H-share price gaps
- Accelerating globalization of Chinese companies
Risks include:
- Volatility from global monetary policy
- Geopolitical uncertainties
- Potential drag from slower economic growth
- Large-scale share lock-up expirations expected in 2026
Despite these challenges, analysts expect the market to maintain resilience due to more supportive liquidity conditions, anticipated Fed rate cuts, and stable southbound capital inflows.
Conclusion
The resurgence of Hong Kong IPO fundraising marks a pivotal moment for the city’s capital markets, restoring its global leadership position and demonstrating the vitality of its listing ecosystem. With strong participation from Chinese investment banks, robust investor demand, and renewed regulatory momentum, Hong Kong is well-positioned to sustain its activity into 2026.
As the structural transformation of China’s economy accelerates and more high-growth industries enter the public market, Hong Kong’s role as a bridge between domestic innovation and global capital is set to deepen even further.
