Hong Kong has reclaimed its position as the world’s leading market for initial public offerings after companies raised more than HK$285 billion ($36.6 billion) in 2025, marking a 225 per cent year-on-year increase, according to data released by PwC.
The surge in fundraising saw the Asian financial hub host 119 new listings during the year, placing it ahead of the New York Stock Exchange, Nasdaq, and India’s National Stock Exchange, as large Chinese firms returned to offshore capital markets.
Okay News reports that major listings, including Chinese battery maker CATL and mining giant Zijin Gold, were central to Hong Kong’s resurgence, underscoring renewed investor appetite for high-quality Chinese companies despite persistent global geopolitical uncertainties.
PwC’s Hong Kong capital markets leader, Eddie Wong, said demand for international financing among Chinese enterprises remained resilient, while investors continued to show strong interest in companies with solid fundamentals and growth prospects.
Looking ahead, PwC projected that about 150 companies could list in Hong Kong in 2026, potentially raising as much as HK$350 billion, as market conditions improve and interest rate pressures ease.
According to the accounting firm, more than 10 companies are expected to raise at least HK$5 billion each, while firms already listed on mainland Chinese exchanges are increasingly turning to Hong Kong to fund overseas expansion plans.
The outlook is supported by expectations of two to three interest rate cuts this year, a development that could further boost equity market activity and valuations across major financial centres.
Hong Kong’s IPO market had suffered a prolonged slowdown after Beijing’s regulatory crackdown began in 2020, prompting several Chinese technology giants to suspend listing plans, while the introduction of a national security law added to investor caution.
However, data from the Hong Kong Exchanges and Clearing Limited shows that more than 300 IPO applications are currently being processed, signalling a strong pipeline of potential listings.
PwC also noted that an additional 50 companies, largely from the biotechnology and artificial intelligence sectors, have submitted confidential filings to list in Hong Kong, highlighting the city’s appeal to emerging growth industries.
Other accounting firms, including KPMG and Deloitte, also ranked 2025 among Hong Kong’s strongest IPO years, citing policy support from Beijing and streamlined approval processes for large mainland-listed companies.
Deloitte said continued government backing for Chinese firms and reforms to listing procedures had played a critical role in reviving the market, although global competition is intensifying as rival exchanges loosen their own listing requirements.
Analysts cautioned that while Hong Kong has regained momentum, sustaining its lead will depend on global market stability, regulatory clarity, and its ability to compete with other international financial hubs for marquee listings.
 in 2025, marking a 225 per cent year-on-year increase, according to data released by PwC.){kind=link}