Hong Kong has reclaimed its spot on the high of world IPO charts for whole funds raised—a place it final held in 2019. (This determine displays the capital injected by traders throughout an IPO, and represents the distinction in an organization’s valuation pre- and post-IPO.)
In 2025, world IPO markets raised $158.4 billion throughout 1,227 offers, reflecting an 18% rise in funds raised, based on an outlook report by consulting agency KPMG.
The Hong Kong inventory alternate (HKEX) led the best way, elevating a complete of HKD272.1 billion ($34.3 billion) in funds. This was a 210% improve from 2024, when it raised HKD88 billion ($11.3 billion).
The New York and NASDAQ inventory exchanges ranked 2nd and third, elevating a complete of $20.3 billion and $19.2 billion respectively, the KPMG report discovered.
In line with the agency’s analysts, Hong Kong’s surge in IPO fundraising was pushed by a document variety of A+H listings—twin listings permitting firms to commerce shares on each mainland Chinese language inventory exchanges (A-shares) and the HKEX (H-shares). They’re particularly well-liked amongst Chinese language firms seeking to Hong Kong’s marketplace for the primary leg of their world enlargement.
As of Dec. 7, Hong Kong achieved an all-time excessive of greater than 300 energetic IPO functions—together with 92 energetic A+H itemizing candidates—and KPMG’s analysts consider that this upward pattern will proceed into 2026.
“Key world IPO markets have trended upwards in 2025 with Hong Kong’s threefold improve in funds raised, making it the biggest single contributor to the worldwide IPO market’s restoration, and reaffirming its standing as a number one worldwide monetary heart,” wrote Paul Lau, a companion and the pinnacle of capital markets {and professional} observe at KPMG China, of their outlook report.
Amongst Hong Kong’s energetic IPO functions, the lion’s share is from firms within the know-how, media, and telecommunications sector—which made up 39% of functions.
The healthcare and life sciences sector got here in second, constituting 21% of IPO functions. The economic sector was a detailed third, with 18% of energetic functions.
Just a few blockbuster IPOs debuted on the HKEX this yr, together with China’s largest bubble-tea chain, Mixue, which raised $444 million, and AI agency Pony AI, which raised $860 million.
Chinese language battery large CATL additionally boasted a robust Hong Kong debut, elevating $4.6 billion from traders—one of many world’s largest listings in 2025.
KPMG’s Lau provides that within the subsequent yr he expects the tempo of AI-related listings within the HKEX to speed up, because the know-how matures and is adopted extra extensively throughout completely different industries.
Excessive-performing IPO markets
After the Hong Kong and U.S. inventory exchanges was the Nationwide inventory alternate of India, which got here in fourth place, after elevating $18.5 billion in funds. This was a drop from the $20.3 billion it accrued in 2024, which beforehand earned it the primary place spot.
The Shanghai inventory alternate maintained its place because the fifth most profitable IPO market globally, elevating $13.2 billion in 2025—up from $10.6 billion in 2024.
Moreover, the A-share market—mainland China’s inventory market—posted regular beneficial properties in 2025, KPMG’s market watchers added, with constructive progress projected to proceed within the coming yr.
“The fifteenth five-year plan (China’s nationwide roadmap) deepens the reform for China’s capital markets, with inclusiveness and coordinated funding and financing on the core of market reforms,” wrote Irene Chu, a companion at KPMG, who additionally oversees the brand new economic system and life sciences sector for the Hong Kong market.
“As these strategic priorities take maintain, we count on the authorities to prioritize and maintain their efforts to foster regular, high-quality progress within the A-share marketplace for years to come back,” she added.
