Chinese Mainland and Hong Kong IPO Markets 2025 mid-year review

3 July 2025, Hong Kong (SAR), China ("Hong Kong") – Hong Kong has recorded its strongest first-half IPO performance since 2021, with a sevenfold increase in funds raised during the first six months of 2025 compared to the same period in 2024, according to KPMG’s latest Chinese Mainland and Hong Kong IPO markets 2025 mid-year review. 

The exceptional performance was driven by a surge in A+H listings, including the listing of the world’s largest manufacturer of batteries for electric vehicles (“EVs”), which collectively accounted for over 70% of total funds raised in Hong Kong during the period. This has positioned Hong Kong as the global IPO market leader in terms of funds raised for the first half of 2025. With the number of active Main Board applications exceeding 200, a record high, Hong Kong is expected to sustain its IPO momentum well into the second half of 2025.

Hong Kong also ramped up its efforts to support early-stage technology companies recently, with the launch of the “Technology Enterprise Channel” (TECH), to facilitate new listing applications from Specialist Technology Companies (Chapter 18C) and Biotech Companies (Chapter 18A). The initiative includes a confidential filing option to safeguard sensitive information and a presumption for these companies to have satisfied certain requirements for listing with a weighted voting right structure.