Hong Kong reclaimed its position as the world’s top spot for initial public offerings in 2025 after it raised more than HK$285 billion (US$36.6 billion), a 225 percent increase year-on-year, accounting giant PwC said today.
The Chinese finance hub saw 119 new listings last year, with big-ticket sales including Chinese battery giant CATL and miner Zijin Gold putting it ahead of the New York Stock Exchange, Nasdaq, and the National Stock Exchange of India.
“Despite uncertainties in the global geopolitical landscape, the demand for international financing by Chinese enterprises and investors’ interest in high-quality Chinese companies remain strong,” PricewaterhouseCoopers’ (PwC) Hong Kong capital markets leader Eddie Wong said.
PwC estimated around 150 companies would list in Hong Kong this year, potentially raising up to HK$350 billion.
More than 10 companies are expected to raise more than HK$5 billion, while other firms already listed in mainland China will continue the trend of using Hong Kong as a fundraising venue for overseas expansions, according to PwC.
The accounting firm is now expecting two to three interest rate cuts this year, Wong said.
Hong Kong saw a steady decline in new offerings after Beijing’s regulatory crackdown starting in 2020 led some Chinese mega-companies to pause their listing plans, while a national security law added to the uncertainty for those looking to list.
But data from the Hong Kong stock exchange showed it is now processing more than 300 applications.
An additional 50 companies — mostly related to biotech and artificial intelligence — have submitted confidential filings to list in Hong Kong, PwC’s database showed.
Accounting giants KPMG and Deloitte also marked 2025 as one of the hottest IPO years for Hong Kong.
The city’s IPO wave has benefited from policy support by the Chinese government and streamlined approval listing processes for large Chinese market-listed firms, Deloitte said in its annual review.
If Beijing continues subsidising Chinese companies to boost domestic demand, it could lead to more Hong Kong listings, PwC’s Wong said.
But global stock exchanges are also streamlining their listing rules, which would put Hong Kong in a competitive environment, he added.
