As of 2025, the total funds raised through IPOs in Hong Kong have exceeded 60 billion Hong Kong dollars. The proportion of "A+H" listed companies is expected to reach 50% for the full year.

According to data disclosed by the Financial Secretary of Hong Kong, Paul Chan Mo-po, the amount of new stock financing in Hong Kong has exceeded 60 billion Hong Kong dollars in 2025, ranking first globally. When interviewed by Vistra's Managing Director and Director of IPO and Transfer Department, Zhong Jianghong, she expressed that the new stock market is expected to recover, with a potential upward trend in the second half of the year. Although mainland Chinese companies are the main ones listed, she emphasized that the "snowball effect" of new stocks, composed of factors such as stock prices and number of investors, is crucial. She believes that if multiple IPOs perform well, it will attract more investors, thereby prompting more companies to go public. It is estimated that the proportion of "A+H" stocks may be as high as 50%, even with a conservative estimate reaching one-third. According to Deloitte data, as of the end of May 2025, there have been 27 new stocks listed in the Hong Kong IPO market this year, with a total financing amount of 77.7 billion Hong Kong dollars, representing a year-on-year growth of 29% and over 8 times respectively. By the end of May, there were a total of 5 "A+H" new stocks listed, raising 56 billion Hong Kong dollars, accounting for approximately 72% of the total amount raised during the same period. Among the "A+H" stocks, Contemporary Amperex Technology has raised approximately 41 billion Hong Kong dollars after exercising the over-allotment option. Euricheng, Managing Partner of Deloitte South China, predicts that there will be approximately 80 new stocks listed by the end of 2025, with about 25 of them being "A+H" stocks, accounting for about 30%. Zhong Jianghong mentioned that in recent years, mainland Chinese companies have become the core driving force of the Hong Kong IPO market due to various measures introduced by regulatory agencies, including a fast track for A-share companies with market caps exceeding a hundred billion, encouraging more A-share companies to list in Hong Kong, while also tightening IPO approvals in China. Data shows that by the end of May, "A+H" stock applications accounted for approximately 16% of the total number of applications, totaling 26 cases, a growth of more than 5 times compared to the same period last year. Euricheng predicts that in 2025, there will be at least 6 large IPOs (raising 1 billion US dollars or more), with over half of them coming from the consumer retail industry and the rest from manufacturing, technology, media, and telecommunications sectors. It is evident that there is still potential for large IPOs or large "A+H" listings in the second half of the year, but the support of retail investors is essential, such as Contemporary Amperex Technology attracting 310,000 retail investors and Jiangsu Hengrui Pharmaceuticals also having over 200,000 participants. Zhong Jianghong stated that due to the increasing number of subscribers for new stocks, even smaller IPOs have attracted tens of thousands of subscribers, confirming the recovery of the Hong Kong IPO market this year and its sustainable trend. She further predicted that if Foshan Haitian Flavouring and Food, currently in the subscription stage and aiming to raise up to 9.556 billion Hong Kong dollars, attracts 200,000 to 300,000 subscribers, it will further confirm the market's momentum. Zhong Jianghong revealed that a beverage brand client from Thailand has already submitted the paperwork, stating that "if the market conditions are unfavorable, there will not be a consumer-class IPO involving brands and businesses, because the company may have cash flow issues." Regarding the potential return of the active IPO market in 2020 with several listings attracting over a million subscribers, she mentioned that due to many uncertain factors such as the trade war, each month sees a mix of positive and negative news, showing a gradual recovery compared to the previous years. In conclusion, the Hong Kong IPO market has shown a strong recovery in 2025, with A+H stocks and mainland Chinese companies continuing to be the main driving force, especially in the consumer retail and technology industries. Policy support, valuation advantages, and the enthusiasm of retail investors have injected vitality into the market, but geopolitical and regulatory uncertainties still need to be monitored. If IPO performance continues to improve in the second half of the year, the "snowball effect" in the market will further amplify, leading to more companies listing in Hong Kong.