On the prospect of more than 100 IPOs in Hong Kong this year, raising a total of 280 billion Hong Kong dollars

On November 27th, Ernst & Young released a report on the IPO markets in mainland China and Hong Kong, reviewing the market performance in 2025 and looking ahead to 2026. The report pointed out that IPO activity in mainland China and Hong Kong is growing globally, with A-share and Hong Kong markets accounting for 16% and 33% of the global total IPO volume and fundraising amount, respectively. Among them, the Hong Kong Stock Exchange (00388) jumped to the top of the global ranking with a fundraising amount of 36 billion US dollars for the year. The global IPO market continues to improve, with IPO volume and fundraising amount showing a trend of basic stability and growth. Chinese companies hold five seats in the top ten global IPOs, with the number increasing compared to 2024, and the industries they belong to are distributed in automotive, mining, energy, and advanced manufacturing. In 2025, the Hong Kong IPO market saw a strong recovery, with a total fundraising amount of 280 billion Hong Kong dollars for the year, a significant increase of 218% year-on-year. It broke through the 200 billion Hong Kong dollar mark again after four years and set the second highest record in nearly five years, surpassing the New York Stock Exchange and the National Stock Exchange and Mumbai Stock Exchange in terms of fundraising scale, making it the largest in the world. There were over 100 new listings for the year, a 43% increase from the previous year, indicating a significant increase in market activity. Large IPOs have been a key factor in driving the rise of the Hong Kong stock market, with the top ten IPOs raising a total of 154.7 billion Hong Kong dollars, accounting for over half of the total for the year, with an average fundraising scale increasing by 137% compared to the previous year. Eight of these IPOs raised over 10 billion Hong Kong dollars, showing the significant role of large projects in the market recovery. Among the top ten IPOs, companies in the industrial sectors such as new energy batteries, advanced manufacturing, and Siasun Robot & Automation were popular, occupying a significant portion of the market. Over 20 A-share companies made their debut in Hong Kong, raising a total of over 170 billion Hong Kong dollars, indicating the continued popularity of the "A+H" and "A split H" models.