Hong Kong’s IPO Market Rebounds as Global Exchanges See Strong Q1 Activity
Deloitte China Capital Market Services Group today released its Q1 2025 review and outlook for the Chinese mainland and Hong Kong initial public offering (IPO) markets.
Following the listings of two AI-related businesses and a pork producer—both among the world’s 10 biggest IPOs in Q1 2025—Nasdaq led the global IPO charts with the most new listings and the highest funds raised. The New York Stock Exchange ranked second, driven by IPOs from a liquefied natural gas exporter and a defense and space systems maker, the former being the world’s second-largest IPO of the quarter.
A metal refiner’s share flotation was the world’s largest IPO in Q1, helping the Tokyo Stock Exchange secure third place. The Hong Kong Stock Exchange ranked fourth, supported by one large IPO and five mid-sized listings. The National Stock Exchange of India claimed fifth place, backed by the IPO of an IT services management company—ranked as the fifth-largest globally. Meanwhile, the Shenzhen and Shanghai Stock Exchanges placed ninth and tenth, respectively.
Hong Kong recorded 15 IPOs raising HKD 18.2 billion in Q1 2025, compared to 12 IPOs raising HKD 4.7 billion in the same period last year. The number of IPOs increased by 25%, while proceeds surged by 287%. The bulk of the capital raised came from the IPOs of two tea companies, a gold mining company, an aluminum manufacturer, and a toy manufacturer from the Chinese mainland.
