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Hong Kong set to reclaim title as 2025 top global IPO hub, says KPMG
Unprecedented listing application wave signals market confidence and momentum
9 October 2025, Hong Kong (SAR), China ("Hong Kong") – Hong Kong is poised to regain the top spot in global IPO market rankings by the end of 2025, fuelled by an unprecedented wave of IPO applications. At the end of the third quarter, the Hong Kong market is setting new benchmarks, with historic number of almost 300 active IPO applications in the pipeline (not including confidential filings) as of 30 September 2025, according to KPMG’s latest Chinese Mainland and Hong Kong IPO markets 2025 Q3 review.
For the first three quarters of 2025, the global markets raised USD 111.6 billion across 930 deals, representing a 32% and 3% increase in total funds raised and number of deals, respectively, compared to the same period in 2024. The US stock exchanges ranked second and third after Hong Kong, with an 19% increase in combined fundraising year-on-year, while the National Stock Exchange of India and Shanghai Stock Exchange took fourth and fifth places, respectively.
Paul Lau, Partner, Head of Capital Markets and Professional Practice, KPMG China, says:
The uncertainties surrounding U.S. trade policy are gradually diminishing, and companies are once again eyeing public markets to finance their next phase of development. IPOs in emerging industries like A.I. and crypto continue to capture headlines, reflecting investors’ growing interest in forward-looking investments.
The A-share market showed positive momentum in IPO activities during the third quarter of 2025. In aggregate, the A-share market raised RMB113.2 billion across 95 deals for the first nine months of 2025, representing a 12% growth in deal volume and a 30% increase in funds raised as compared to the same period last year. During the quarter, a notable green energy company successfully listed on the Shanghai Stock exchange, singlehandedly contributing 16% of the total proceeds of the A-share market. Additionally, REIT listings continue their momentum, with 17 successful listings raising RMB35.9 billion, contributing one-third of total A-share proceeds for the first nine months of 2025.
Recently, the Shanghai STAR Market has undergone deep reform and implemented the “1+6” policies in July. These comprehensive reforms include establishing a science and technology innovation growth tier to serve pre-profitable tech firms with technological breakthroughs; piloting a senior professional institutional investor system to introduce more long-term capital to support tech firms; and implementing a trial IPO pre-review stage to improve overall review efficiency. These measures aim to enable pre-profitable tech firms to access capital to foster their long-term growth.
Irene Chu, Partner, Head of New Economy and Life Sciences, Hong Kong SAR, KPMG China, says:
The A-share market showed growth in 2025, underpinned by Chinese Mainland’s technological innovations across key sectors and targeted regulatory reforms. The increased participation of institutional investor in IPOs, as well as the rise in foreign institutional investors’ interest in Chinese Mainland’s technological innovations, are expected to facilitate a broader and more diverse range of high-quality foreign capital into Chinese Mainland’s capital markets. The increased institutional engagement – alongside innovation-focused listings – has created an environment where the Mainland’s most promising technology companies can access capital efficiently while maintaining focus on long-term innovation and growth.
The Hong Kong IPO market maintained its momentum in Q3, with funds raised reaching HK$182.9 billion across 67 listings in the first nine months of the year, representing a 229% rise in funds raised and a 49% increase in deal volume as compared to the same period last year. The overall growth in Hong Kong’s IPO market is mainly driven by A+H listings. A total of 11 A+H listings were completed in the first three quarters, accounting for 50% of total IPO funds raised. The largest spin-off listing since 2021 was completed during this quarter – a mineral company that raised HK$25.0 billion, making it the second-largest IPO globally in 2025 to date.
The strong momentum is also evident from the record-breaking 289 active IPO applicants disclosed publicly as at 30 September 2025, which does not take into account cases that have chosen to file confidentially, an option available for Chapter 18C and Chapter 18A applicants since May. Over one-fourth of the applications are for A+H listings, reinforcing Hong Kong’s position as the premier platform for mainland firms seeking overseas financing and international expansion.
Hong Kong also saw its first homecoming listing in over two years, with the dual primary listing of a notable light detection and ranging solutions supplier listed on NASDAQ. In the 2025 Policy Address, the Chief Executive of Hong Kong announced the city’s plans to support the return of China Concept Stock companies from overseas markets, which is expected to bolster the number of homecoming listings in the near future.
The Hong Kong Stock Exchange recently concluded its consultation on IPO price discovery and open market requirements and immediately launched a further consultation on ongoing public float requirements, underscoring the city’s commitment to offering issuers greater flexibility in capital management while maintaining market quality. The Chief Executive of Hong Kong has also announced plans to optimise the city’s regime for listing on the Main Board, as well as consider enhancements for listing of companies with weighted voting rights structures.
Louis Lau, Partner, Head of Hong Kong Capital Markets Group, KPMG China, says:
Improved valuation and liquidity are driving the Hong Kong IPO market, with A+H listings and Chapter 18C listings thriving amidst the city’s strong momentum. These trends are expected to continue, fuelling IPO activity in the near future. With a record-breaking active pipeline, we are confident that Hong Kong will rise to the top of global stock exchanges once again in 2025.
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Celebrating 80 years in Hong Kong
In 2025, KPMG marks "80 Years of Trust" in Hong Kong. Established in 1945, we were the first international accounting organisation to set up operations in the city. Over the past eight decades, we have woven ourselves into the fabric of Hong Kong, working closely with the government, regulators, and the business community to help establish Hong Kong as one of the world's leading business and financial centres. This close collaboration has enabled us to build lasting trust with our clients and the local community – a core value celebrated in our anniversary theme: "80 Years of Trust".
