KPMG: Hong Kong ranked first in the global IPO fundraising rankings in the first half of 2025, with the total amount of funds raised increasing seven times compared to the same period last year.

According to the latest "China Mainland and Hong Kong IPO Market Mid-Year Review 2025" published by KPMG, the Hong Kong IPO market has recorded its strongest performance since 2021 in the first half of 2025, with a total fundraising amount increasing 7 times compared to the same period in 2024. The Hong Kong IPO market ranked first in the global IPO fundraising rankings in the first half of 2025. With the number of listing applications on the Hong Kong main board reaching a historic high of over 200, it is expected that the strong momentum of the Hong Kong IPO market will continue into the second half of 2025. In the first half of 2025, the global IPO market raised a total of $60.9 billion, with 544 IPOs. Compared to the same period last year, the fundraising size increased by 5%, but the number of IPOs decreased by 6%, overall remaining stable. The two major securities exchanges in the United States followed closely behind Hong Kong, ranking second and third respectively, with total fundraising amounts decreasing by 8% compared to the same period last year, while the Shanghai Stock Exchange and the National Stock Exchange of India ranked fourth and fifth respectively. Liu Guoxian, Managing Partner of Capital Markets and Technical Practice at KPMG China, said, "Although the artificial intelligence and other high-tech industries continue to be favored by investors, the uncertainties in US trade policy have brought a series of negative impacts on capital markets and business operations, and the long-term consequences of these impacts are gradually becoming apparent." In the first half of 2025, the A-share market's IPO activity remained stable, with 61 IPOs raising a total of 53.7 billion RMB. Although the fundraising amount decreased by 5% compared to the same period in 2024, the number of trades increased by 15%. During the period, a total of 10 Real Estate Investment Trusts (REITs) were listed, raising a total of 16.3 billion RMB, accounting for 30% of the total fundraising amount on the A-share market in the first half of 2025. Last month, Chinese regulatory authorities announced a new reform to support companies listed in the Greater Bay Area in Hong Kong to also list on the Shenzhen Stock Exchange, promoting the development of the H+ A listing model. Subsequently, the Shanghai Stock Exchange also announced the establishment of a Science and Technology Innovation Board Growth Segment to support technology companies with high growth potential but not yet profitable to go public. Liu Dachang, Head of the Hong Kong Capital Markets Group at KPMG China, said, "The new reform marks another important milestone for the A-share IPO market. By establishing the Science and Technology Innovation Board Growth Segment, regulatory authorities will be able to implement innovative reforms more flexibly, not only providing substantial financial support for technology startups, but also helping investors better identify and manage risks in related industries."