Hong Kong has re-emerged as the world’s top venue for initial public offerings (IPO) for the first time since 2019. The SAR’s 2025 turnaround was driven by an unprecedented wave of dual mainland-Hong Kong listings that helped propel the market to its strongest performance since 2022, according to KPMG’s latest annual review.
Funds raised are expected to reach HK$272.1 billion (US$35 billion) across 100 listings by the year’s end, with “A+H” IPOs – companies listing their shares both on a mainland stock exchange (A-shares) as well as on the Hong Kong Stock Exchange (H-shares) – accounting for half that figure.
Seventeen 17 A+H listings were completed in 2025, a record high reflecting Hong Kong’s “strength as a bridge between domestic and global capital pools,” KPMG’s memo noted. One of these was the world’s largest EV battery manufacturer, Contemporary Amperex Technology, which raised HK$41.0 billion through its A+H listing to emerge as this year’s biggest IPO globally.
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Paul Lau, KPMG’s head of capital markets and professional practice, said Hong Kong’s threefold increase in funds raised year-on-year made it the “largest single contributor to the global IPO market’s recovery” – a trend he expected to continue into 2026 thanks to a sizable backlog of candidates.
“In particular, the pace of [artificial intelligence] AI-related listings is poised to accelerate as the technology matures and is adopted more widely across various industries,” Lau added.
According to Louis Lau, head of KPMG’s Hong Kong Capital Markets Group, a “steady influx” of tech and biotech firms were attracted to the government’s supportive policies and stable regulatory environment. He also said that increasing participation from foreign investors emphasised Hong Kong’s “growing appeal as a gateway to Chinese assets and high-tech investment opportunities.”
There were 316 active IPO applications in Hong Kong’s pipeline as at 7 December, including 92 for A+H listings. The total was up 267 percent from the end of 2024.
