In 2025, the amount raised by Hong Kong IPOs regained the first place in the world. KPMG predicts that the fundraising amount next year will reach 350 billion Hong Kong dollars.

Hong Kong's IPO market has rebounded this year, with at least 114 IPOs expected throughout the year, compared to 70 last year, a 63% increase. The total funds raised are estimated at around HK$286.3 billion, a 227% increase compared to last year, surpassing the New York Stock Exchange and the National Stock Exchange of India, reclaiming its position as the market with the highest IPO funds raised globally, and also marking the highest number of IPOs and funds raised since 2020 (which saw 146 IPOs raising HK$397.275 billion in total). Deloitte's Southern China Managing Partner, Eu Jin Hing, EY Hong Kong's Capital Markets Services spokesperson Lai Yun Fung, and KPMG China's Hong Kong Capital Markets Group Managing Partner Liu Da Chang all estimate that Hong Kong's IPO fund raising will rank among the top three globally next year, challenging mainly the New York Stock Exchange and the NASDAQ market in the US. Lai Yun Fung mentioned that with over 300 companies having submitted listing applications to the Stock Exchange of Hong Kong, it is estimated that the IPO market will continue to thrive next year, with an expected total of 180 IPOs raising a total of HK$320 billion. Liu Da Chang, on the other hand, predicts that there will be 180-200 IPOs in Hong Kong next year, raising up to HK$350 billion. Eu Jin Hing forecasts around 160 IPOs next year in Hong Kong, with a minimum of HK$300 billion raised in total. Liu Da Chang pointed out that if two major tech companies were to list on these two exchanges, it would significantly increase the funds raised on both exchanges. As for the National Stock Exchange of India, which ranked fourth in funds raised in 2025, although it is catching up, compared to Hong Kong, the Hong Kong Stock Exchange still holds an advantage. Lai Yun Fung estimated that there will be more IPOs raising between HK$5-10 billion next year in Hong Kong, but did not make a prediction for the number of IPOs raising over HK$10 billion, predicting that each IPO next year will raise less compared to this year. Liu Da Chang mentioned that Elon Musk's SpaceX, valued at $800 billion, has expressed plans to go public as early as next year. Additionally, the AI giant OpenAI is also rumored to go public next year, with an estimated valuation of $780 billion. It is also possible that Fannie Mae and Freddie Mac may be privatized by the US government and go public, raising a significant amount of funds if it happens. However, the Vice President of the Greater China Division and Vice Chairman of the Financial and Economic Affairs Committee of the CPA in 2025, Leung Yau Ting, and the Vice Chairman of the Global Investment Banking Division of UBS and Co-Head of the Asian Corporate Client Division, Lee Chun Kwok, both expect the Hong Kong Stock Exchange to continue to lead in IPO funds raised in the global market next year. However, Lee Chun Kwok stated that it is not impossible for there to be IPOs raising over HK$40 billion, similar to Contemporary Amperex Technology, next year. He estimated that there will be several IPOs raising over HK$10 billion in the first quarter alone next year. Furthermore, Lee Chun Kwok expects that there will be corporate spin-offs in the Hong Kong IPO market next year, and there are ongoing discussions with Middle Eastern companies about listing in Hong Kong. A small number of US investment funds have already subscribed to Hong Kong IPOs this year, and it is expected that more US investment funds will do so next year, although not at the same level as before. Regarding the joint letter issued by the Securities and Futures Commission of Hong Kong and the Stock Exchange to IPO sponsors, focusing on the quality of disclosure in the application documents, Liu Da Chang mentioned that as the Hong Kong IPO market recovers this year, there are challenges in balancing the allocation of industry intermediaries. However, Hong Kong has always had strict requirements for listing documents, and the attention from regulatory agencies this time is beneficial for maintaining the quality in the medium to long term. Lee Chun Kwok stated that this is just a reminder from the Securities and Futures Commission and the Stock Exchange of Hong Kong to uphold overall quality and not compromise on quality for the sake of quantity. He stated that maintaining a certain standard in Hong Kong is necessary, while ensuring there are enough resources to handle the large number of IPO applications for listing.