Funds raised in Hong Kong reached nearly HK$275 billion (US$35.4 billion) from 106 initial public offerings (IPO) as of December 12, helping the city become the world’s top listing venue, the stock exchange operator said in a year-end review.
“2025 has been a year of momentum – global investors returned with conviction, and innovation from the Chinese mainland and across Asia kept our markets vibrant,” said Bonnie Chan Yiting, CEO of Hong Kong Exchanges and Clearing (HKEX).
Four of these companies featured in the world’s top 10 IPOs this year, according to HKEX, citing data from Dealogic.
The HK$41 billion IPO of Chinese battery giant Contemporary Amperex Technology or CATL in May, the world’s largest this year until last week, was eclipsed by US biotech firm Medline, which raised US$6.26 billion on the Nasdaq last Wednesday.
New York Stock Exchange ranked second with fundraising reaching US$21.4 billion, followed by India’s two main exchanges at US$21.39 billion, according to Dealogic. Nasdaq and Shanghai’s Star Market came in fourth and fifth, with fundraisings of US$20 billion and US$13.9 billion, respectively.
HKEX said the tech trends, sparked by Chinese artificial intelligence start-up DeepSeek, brought back global capital to Hong Kong, with new initiatives and sweeping market reforms accelerating the market’s momentum.
