Hong Kong Reigns as Top Global IPO Market in the First Half of 2025, with Full-Year Lead in Sight, says KPMG

Exceptional Performance Boosted by Record Surge in A+H Listings and Robust Pipeline

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.

Global IPO markets raised a total of USD60.9 billion across 544 deals in the first half of 2025. Overall results were stable compared to the first half of 2024, as total funds raised increased by 5% while deal volume fell 6%. US exchanges ranked second and third after Hong Kong, with an 8% decrease in combined fundraising year-on-year, while the Shanghai Stock Exchange and National Stock Exchange of India took fourth and fifth places, respectively.

Paul Lau, Partner, Head of Capital Markets and Professional Practice, KPMG China, says,

While A.I. and other high-tech industries continue to attract significant investments, the high uncertainties of U.S. trade policy have brought a series of negative impacts on the capital market and corporate operations, and the long-term consequences of these impacts are still being gradually revealed.

During the first half of 2025, A-share market listings remained stable, raising RMB53.7 billion across 61 deals. This represents an 5% decrease in funds raised but a 15% increase in deal volume compared to the first half of 2024. 10 REITs debuted, raising RMB16.3 billion, accounting for 30% of total A-share proceeds in the first half of 2025.

Last month, Chinese Mainland authorities unveiled a new reform to support companies from the Greater Bay Area which are listed in Hong Kong to also list on the Shenzhen Stock Exchange (“H+A Listings”). A few days later, the Shanghai Stock Exchange announced the addition of a growth tier for the STAR Market, supporting the listing of rapidly growing but not yet profitable technology companies.

Louis Lau, Partner, Head of Hong Kong Capital Markets Group, KPMG China says:

The new reforms represent another significant milestone for the A-share IPO markets. By introducing a growth tier to the STAR Market, regulators will have the flexibility to implement innovative reforms within this subset of the market. This approach not only provides substantial support to the fundraising efforts of early-stage technology companies, but also allows investors to better understand and manage the associate risks.

Additional reform measures to be implemented for the STAR Market include a pilot programme that allows high-quality technology companies to undergo pre-IPO reviews, as well as the expansion of the fifth listing criterion to include sectors such as artificial intelligence, commercial aviation and low-altitude economy.

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.

Irene Chu, Partner, Head of New Economy and Life Sciences, Hong Kong SAR, KPMG China, says:

Hong Kong’s capital markets have significantly diversified in recent years, with numerous high-tech and biotech companies choosing to list here, becoming key pillars of growth for the city’s IPO market. The launch of TECH offers early and tailored guidance to these companies, helping potential listing applicants navigate regulatory requirements with greater clarity and confidence. These initiatives demonstrate Hong Kong’s strong commitment to establishing itself as a leading fundraising platform for early-stage innovators.

Hong Kong’s IPO market rebounded sharply in the first half of 2025, raising HK$107.1 billion across 42 listings, representing a 700% increase in funds raised and a 40% rise in deal volume. The strong momentum is further reflected in the IPO pipeline, which now has 219 applicants, including a record breaking 210 Main Board applicants, and more than double the 86 applicants as at 31 December 2024.

A record 7 A+H listings were completed during the period, accounting for 72% of total IPO fund raised. Notably, the world’s largest EV battery manufacturer raised HK$41.0 billion in its A+H listing, making it the largest global IPO in the first half of 2025, and also the largest Hong Kong IPO since 2021.

The A+H listing trend is expected to continue, as there were already 47 new A+H listing applications during the first six months of 2025, compared to only 5 during the entirety of 2024. Of the 44 A+H listing applicants in the pipeline as at 30 June 2025, 43 are sizable A-share companies with market capitalisations exceeding RMB10 billion, providing a significant boost to Hong Kong’s efforts to maintain its leadership in global IPO markets by year-end.

Louis Lau, Partner, Head of Hong Kong Capital Markets Group, KPMG China, says:

In the midst of global tensions stoked by U.S. trade policies, Hong Kong’s role as the bridge between the East and the West is more important than ever. While other global IPO markets have slowed, Hong Kong is showing significant growth driven by A+H and high-tech listings. We remain highly optimistic about the outlook for Hong Kong’s IPO market for this year and beyond.

-Ends-

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