Hong Kong IPO Market Booming — Over 200 Companies Queueing to List

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20 hours ago
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This article is for reference only and does not constitute any investment advice. Investment involves risk; please seek independent professional advice before making any investment decisions.

From Jan. to Sept. 2025, the Hong Kong market saw 68 new IPOs — a 50% increase compared with the same period in 2024. Total funds raised exceeded HKD 180 billion, marking a 200% year-on-year surge. Hong Kong now leads the world in IPO fundraising, reflecting its vibrant market activity and strong capital-raising capacity.

Financial Secretary of Hong Kong Chan Mo Po

Hong Kong’s IPO market is exceptionally strong, with over 200 applications currently awaiting approval. For companies seeking international expansion, leveraging Hong Kong as a financing and talent hub is a strategically valuable choice.

Major Corporations Listing on HKEX

Several large-scale enterprises debuted on the Hong Kong Stock Exchange this year. CATL (Contemporary Amperex Technology) set a global record with an HKD 41 billion IPO — the largest worldwide in 2025. ZIJIN GOLD INTERNATIONAL followed with HKD 25 billion, while HENGRUI PHARMA, SANHUA, and HAITIAN FLAV each raised over HKD 10 billion, underscoring Hong Kong’s strong appeal to high-quality enterprises.

Global Capital Flows into Hong Kong

The Hang Seng Index has risen 29% year-to-date, ranking among the best-performing developed markets globally. International investors are actively increasing their exposure to Hong Kong equities — with about half of all trading volume coming from Europe, the U.S., the Middle East, and Asia, and the other half from Mainland China. Hong Kong continues to strengthen its position as a top global capital hub.

A+H Dual Listing Becomes Mainstream

To maintain competitiveness, the HKEX has optimized its IPO mechanism to drive market development. As of September 30, 2025, there were 298 companies that had submitted IPO applications but not yet listed, 78 of which have A-share backgrounds. The “A-then-H” dual-listing model has become a key driver of Hong Kong’s IPO market growth.

The rise of the “A+H” model reflects both corporate globalization and the pursuit of capital efficiency. Hong Kong’s advantages in fundraising efficiency, cross-border M&A support, and international valuation standards continue to attract more Mainland China leaders to use Hong Kong as their strategic capital platform.

IPO Subscription Frenzy

Retail investor enthusiasm remains high. As of Q3 2025, 98% of new IPOs were oversubscribed, with 86% receiving more than 20x public subscription, double the previous year’s figure.Among the 68 newly listed companies, 48 closed higher on their first trading day, with an average first-day gain of 27.8%, demonstrating the market’s strong sentiment and fueling a wave of IPO enthusiasm.

Conclusion

The outstanding performance of Hong Kong’s IPO market in the first three quarters of 2025 has laid a solid foundation for continued growth. Driven by regulatory innovation, global capital inflows, and corporate strategic needs, Hong Kong is expected to attract even more listings — further consolidating its position as a leading international financial center.

For professional advice, please contact Oceanus Strategic — our team is ready to assist you.Stay tuned for more insightful articles in the future!