PricewaterhouseCoopers: Raises Hong Kong's fundraising forecast for IPOs this year to HK$200-220 billion.

PwC expects the number of new IPOs and the amount raised in Hong Kong this year to increase by 25-29% and 38-54% respectively from the initial forecast of 70-80 IPOs and 1300-1600 billion Hong Kong dollars to 90-100 IPOs and 2000-2200 billion Hong Kong dollars. In the first half of 2025, Hong Kong's IPO market raised a total of 107.1 billion Hong Kong dollars, a seven-fold increase from the same period last year, ranking first globally and the second highest in the same period in nearly 10 years, surpassing the full-year fundraising total of 2024. Goldman Huang, Head of Capital Markets Services at PwC Hong Kong, said, "Hong Kong regulatory authorities have made multiple amendments to listing rules to provide measures that are more favorable for different companies to go public, optimize approval processes, enhance listing transparency and efficiency, attracting more companies to list in Hong Kong. The recent strong performance of new listings has further boosted investor confidence; overall fund liquidity improvement, valuation levels rebound, attracting more companies to go public and raise funds through the Hong Kong capital market, demonstrating the long-term stable development of the Hong Kong capital market. A+H dual listings have become a new trend: companies can fully utilize the listing platforms in both places to reach different investors and meet the needs of enterprises. We predict IPO fundraising will reach 200-220 billion Hong Kong dollars, with Hong Kong expected to reclaim the top spot in global IPO fundraising. The new IPO market next year is also expected to remain active as several large new listings are in the pipeline." Looking back at the first half of 2025, Hong Kong saw 44 new listings, including 42 on the main board, one GEM transferring to the main board (without fundraising), and one De-SPAC, a 47% increase from the first half of 2024. Main board new listings were dominated by retail, consumer goods and services (34%), followed by industrial and materials, and healthcare and pharmaceuticals (each at 23%). In the first half of 2025, the A-share IPO market saw 51 companies successfully complete their initial public offerings and list on the stock exchange, raising a cumulative total of over 37.3 billion RMB, with a 16% increase in the number of IPOs and a 15% increase in funds raised compared to the same period last year. These positive trends reflect the support policies of regulatory authorities and the optimization of regulatory efficiency.