Hong Kong, 2 July 2025 — According to PwC, 2025 is shaping up to be Hong Kong’s most active IPO year in four years, with the city poised to reclaim its global fundraising leadership. In the first half of 2025, the Hong Kong IPO market raised HKD 107.1 billion — a sevenfold increase year-on-year — making it the top IPO fundraising venue globally.
This surge was driven by A-share listed companies seeking dual listings, rising international investor appetite for Chinese assets, and favourable policy moves by both the Chinese government and the Hong Kong Stock Exchange (HKEX). A total of 44 IPOs were completed in H1 2025, including 42 main board listings and one De-SPAC deal, marking a 47% increase compared to the same period in 2024.
PwC anticipates the second half to continue this momentum, forecasting 90–100 IPOs for the full year and total fundraising to exceed HKD 200 billion. Over 200 companies have already submitted applications, spanning industries from traditional manufacturing to new economy sectors like biotech, healthcare, AI, IT, and telecommunications.
“As capital continues to flow into Hong Kong, the IPO market is showing strong growth momentum,” said Diamantina Leong, PwC Hong Kong Capital Markets Services Partner. “We are seeing large-cap A-share companies and Chinese firms looking to spin off mainland operations for separate Hong Kong listings. This underscores Hong Kong’s role as a vital international fundraising platform.”
Key market drivers include retail and consumer goods, industrials, and especially innovative sectors like technology and healthcare. The introduction of the HKEX Technology Enterprises Channel (TECH) in May 2025 further strengthened the listing pipeline by offering pre-listing guidance for specialist tech and biotech firms. By June 2025, biotech listings under Chapter 18A had reached 73, with AI and telecommunications gaining traction.
Eddie Wong, PwC Hong Kong Capital Markets Leader, highlighted: “HKEX reforms, streamlined rules, and increased transparency are encouraging more companies to tap into the Hong Kong market. Dual A+H listings are rising in popularity, supporting cross-border investor engagement. We forecast fundraising to hit HKD 200–220 billion in 2025, with momentum likely to carry into 2026.”
Meanwhile, China’s A-share IPO market also gained ground. In H1 2025, 51 companies completed IPOs, raising over RMB 37.3 billion — up 16% in volume and 15% in proceeds year-on-year. Listings focused on ‘key & core technologies,’ with the ChiNext board leading in volume and Shanghai’s main board topping in funds raised. The Beijing Stock Exchange saw increasing relevance, supporting innovation-driven SMEs with rising average proceeds per IPO.
PwC expects policy refinement, such as including pre-profit tech companies in IPO eligibility, will help the A-share market enter a new phase of stable, high-quality development to support the real economy.
