Hong Kong Stock Financing Remains Booming as “Technology + Consumption” Lead the Charge

Hong Kong’s equity financing market has seen a substantial revival in 2025, with Wind data showing total equity fundraising has reached HK$287.982 billion, a year-on-year surge of 350.56%. This surpasses full-year figures of HK$142.439 billion in 2023 and HK$175.660 billion in 2024, and even exceeds the HK$280.946 billion recorded in 2022. The first half alone witnessed 42 IPOs raising over HK$107 billion, an increase of approximately 22% compared with all of last year, placing Hong Kong at the top globally.

The rapid expansion is attributed not only to strong IPO momentum but also to an aggressive rise in refinancing activities, especially placement issuance, which has reached HK$156.985 billion so far this year—outpacing the combined HK$120.6 billion of 2023 and 2024. Leading companies played a central role in driving these figures. Among the top ten IPOs, three companies raised over HK$10 billion, with CATL securing HK$41 billion alone, accounting for over 30% of total IPO proceeds. Jiangsu Hengrui and Foshan Haitian Flavouring & Food also surpassed HK$10 billion, while Zhejiang Sanhua Intelligent Controls raised HK$9.3 billion. Seven of these top projects were backed by A-share listed firms.

In the refinancing space, BYD and 小米（01810.HK）each raised more than HK$40 billion, totaling HK$86.1 billion and accounting for over half of 2025’s refinancing volume to date. BYD’s deal marked the largest equity refinancing in the global automotive sector in the past decade and was second only to Meituan’s 2021 offering in Hong Kong’s history. Another trend shaping the market is the capital demand from high-growth sectors. Wind data identifies technology hardware and equipment, capital goods, and automotive as the top three industries by fundraising size, followed by pharmaceuticals, biotechnology, software and services, food and beverage, and materials—all with totals exceeding HK$10 billion.

The market’s activity reflects a distinct “technology + consumption” dual-engine pattern. On the consumer side, emerging and service-focused segments include designer toys, specialty tea, pet care, gold jewelry, cosmetics, and medical aesthetics. On the technology side, companies are concentrated in artificial intelligence, new energy, new materials, robotics, and high-end manufacturing. As these sectors contend with both technological competition and international expansion pressures, turning to capital markets for support has become a prevailing strategy