Hong Kong IPOs Surge: Top Global Charts for First Time Since 2019
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* Hong Kong IPO Market Surge: Hong Kong led global IPO fundraising in 2025,raising HKD272.1 billion ($34.3 billion), a 210% increase from 2024.
* Global IPO Recovery: key global IPO markets showed an upward trend, with Hong Kong being the largest contributor to the recovery.
* A+H Listings Drive Growth: The increase in Hong kong’s IPO fundraising was largely due to a record number of A+H listings (dual listings on mainland Chinese and hong Kong exchanges).
* Strong Pipeline: As of December 7th, Hong Kong had over 300 active IPO applications, including 92 A+H listing applicants, suggesting continued growth into 2026.
* sector Focus: The technology, media, and telecommunications sector dominates IPO applications (39%), followed by healthcare & life sciences (21%) and industrial (18%).
* Notable IPOs: Significant IPOs in hong Kong included Mixue (bubble tea chain – $444 million raised) and Pony AI (AI firm – $860 million raised).
* KPMG Report: The information is based on an outlook report by consulting firm KPMG.