Funds raised from new share sales in Hong Kong jumped 220 per cent in the first nine months of 2025, strengthening the local stock exchange’s grip on the top spot in the global rankings, while analysts predicted that the initial public offering (IPO) market would continue to pop well into next year.
A total of 66 companies raised US$23.27 billion on the main board of the Hong Kong stock exchange during the first nine months, according to data released on Tuesday by the London Stock Exchange Group (LSEG).
That put the city’s bourse well ahead of the New York Stock Exchange, which ranked second with US$16.53 billion and the Nasdaq in third with US$15.32 billion, the data showed.
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This marks the first time Hong Kong has ranked first in the first three quarters of the year since 2018, the LSEG said.
“We expect the IPO market in Hong Kong will have a strong finish this year, and the outlook remains positive next year,” said John Lee Chen-kwok, vice-chairman and co-head of Asia coverage at UBS in Hong Kong.
“A lower interest rate, positive economic outlook and strong liquidity flow will all provide a positive background for a strong IPO market in Hong Kong. Sectors such as [technology, media and telecoms], healthcare, industrials and consumer will likely be active and well received by investors.”
Hong Kong jumped to first place among listing venues worldwide this year from fifth last year and was set to end up wearing the crown at the end of the year, brokers said. The city’s exchange last earned the distinction in 2019.
The fundraising performance in the first nine months represents the best for that period since 2021, when proceeds surpassed US$37.15 billion, before the city’s stock market went into a deep freeze in a post-pandemic economic slump.
The return to form came as exchange operator Hong Kong Exchanges and Clearing (HKEX) marked the silver jubilee of its own listing on the bourse. HKEX’s CEO Bonnie Chan Yiting said more than 200 companies were currently in the pipeline to raise funds.
The hot market was set to continue in the fourth quarter, said Edward Au Chun-hing, Deloitte China’s southern-region managing partner.
“With the US Federal Reserve entering an interest-rate cut cycle, we expect more overseas capital to seek high-growth investment opportunities across Asia, including the Chinese mainland and Hong Kong markets,” he said. “This will provide ample market funding, liquidity support and a more favourable valuation environment for a number of mega-sized IPOs.”
A view of Exchange Square in Central, home to the city’s bourse operator, on April 7, 2025. Photo: Jelly Tse alt=A view of Exchange Square in Central, home to the city’s bourse operator, on April 7, 2025. Photo: Jelly Tse>
The benchmark Hang Seng Index has gained 35 per cent this year, making it one of the world’s best-performing major indexes. The rally was triggered by international investors rushing to buy Chinese tech stocks after Chinese start-up DeepSeek shocked the world with the debut of highly capable but cheaply developed artificial intelligence models in December and January.
HKEX also carried out a number of reforms and enhancement measures for IPOs, which have attracted mainland-listed giants to sell shares in Hong Kong.
Six IPOs in Hong Kong this year exceeded US$1 billion.
Zijin Gold International, which debuted on Tuesday, recorded the year’s second-biggest IPO in Hong Kong and globally as it raised US$3.2 billion.
The top spot of the year belongs to the US$5.3 billion IPO of Contemporary Amperex Technology, the world’s largest maker of battery packs for electric vehicles, in May.
The top three of these six are also among the top 10 deals of the year worldwide.
Hong Kong’s post-listing fundraising also jumped six times during the first nine months, with two jumbo share placements. Chinese electronics manufacturer and carmaker Xiaomi on March 25 raised US$5.4 billion, just weeks after electric-vehicle maker BYD raised US$5.6 billion, LSEG’s data showed.
Morgan Stanley was the top book runner for IPOs, with 10 deals that raised US$1.89 billion, according to LSEG. Citic was second with 28 deals that raised US$1.84 billion, while Huatai Securities came in third with 20 IPOs that raised US$1.8 billion, the data showed.
In terms of funds raised via IPOs and post-listing fundraising, the top book runners were Goldman Sachs, with 31 deals that raised US$8.5 billion, followed by Morgan Stanley with 40 deals raising US$7.25 billion and UBS with 27 deals that raised US$6.18 billion, according to LSEG.
