117 Companies Raised Over HKD 285.6 Billion Through IPOs As Hong Kong Reclaims Global Leadership In 2025

The market witnessed a striking resurgence in 2025, driven by extraordinary subscription demand for technology and innovation issuers. At the outset of 2026, Hong Kong’s market activity continued apace: Biren Technology surged 94.59% on its debut, while Zhipu Huazhang and MiniMax again recorded “thousand‑times” oversubscription levels, and a wave of hard‑tech and biotech listings set the tone for the year.

According to Wind, total IPO fundraising on the Hong Kong market exceeded HKD 285.6 billion in 2025, a 224% increase from HKD 88.147 billion in 2024, returning Hong Kong to the top of the global IPO rankings after a four‑year interval. Market participants and institutions broadly expect the robust fundraising and investment momentum to persist into 2026. GF Securities has suggested that the IPO surge is unlikely to trigger a market downturn; instead, heightened demand for Hong Kong dollars could push the exchange rate toward the strong‑side convertibility undertaking, prompting the Hong Kong Monetary Authority to inject liquidity into the interbank market, reduce HIBOR and potentially support a sustained rally in Hong Kong equities.

Cross‑border mechanism enhancements and listing‑rule reforms have reinforced the market’s institutional foundation. A‑share and H‑share markets function as complementary pillars of China’s capital ecosystem, and targeted reforms in Hong Kong have continued to unlock policy benefits. The August 2025 listing‑rule optimization was a pivotal measure, introducing a flexible initial public float standard for A+H issuers of either 10% or HKD 3 billion in market value, whichever is higher, thereby materially lowering compliance and time costs for mainland companies seeking Hong Kong listings. Concurrent improvements to the Stock Connect framework have facilitated capital flows, with southbound funds emerging as a significant source of incremental liquidity and supporting post‑listing trading for A‑share companies that list in Hong Kong. Tian Lihui, Dean of the Institute of Financial Development at Nankai University, noted that deeper regulatory cooperation and streamlined filing procedures have created a more favorable environment for mainland issuers and helped fuel enthusiasm for A+H listings.

A+H Listings Remained A Key Driver, With 19 New Dual‑Listed Companies In 2025.
The 2025 recovery in Hong Kong’s IPO market was broad‑based, with both the number of listings and aggregate fundraising expanding sharply and laying a solid foundation for 2026. A total of 117 companies listed in Hong Kong in 2025, a 67% increase from 2024. The year featured eight megadeals that each raised more than HKD 10 billion, including Contemporary Amperex Technology, Zijin Mining International, Sany Heavy Industry, Seres and Jiangsu Hengrui Medicine. A‑share leaders were particularly prominent: 19 new A+H listings were added in 2025 versus three in 2024, a 533% increase that accounted for nearly half of the year’s total IPO proceeds.

Early 2026 activity sustained this momentum. Since January, Hong Kong has welcomed 12 new listings, including OmniVision Group, Longcheer Technology and GigaDevice under the A+H model, and a number of A‑share companies such as Chint Group, Putailai and Desay SV have announced plans to pursue Hong Kong listings. On the global stage, Deloitte’s data show that four Hong Kong IPOs ranked among the world’s top ten in 2025; Contemporary Amperex Technology raised HKD 40.606 billion, ranking second worldwide, while Zijin Mining International, Sany Heavy Industry and Seres placed fourth, eighth and ninth respectively. Institutional cornerstone participation was notable: in Contemporary Amperex Technology’s offering, Hillhouse Capital, Kuwait Investment Authority and UBS together subscribed to 66% of the issue, a pattern repeated across several leading issuers and indicative of renewed international appetite for patient capital into China’s growth story.

Technology Innovation Became The Core Incremental Segment.
The sectoral mix of 2025 listings showed a pronounced technology orientation. Wind data indicate that the leading industries by listing count were pharmaceuticals and biotechnology (20), software services (19), medical equipment and services (8), non‑ferrous metals (7) and hardware equipment (7), reflecting strong investor interest in frontier fields. This shift was supported by HKEX’s Chapter 18A and Chapter 18C frameworks; by the end of 2025, 88 biotech and specialized technology companies had listed through these channels, underscoring the market’s role in financing innovation.

Dual Listings Facilitate Two‑Way Financing And Value Realization - A‑share companies have been drawn to Hong Kong by its international investor base and broader financing capacity, which are particularly valuable for capital‑intensive sectors such as new energy and advanced manufacturing. Hong Kong’s greater tolerance for U.S. dollar funds and VIE structures enables A‑share issuers to attract global institutional investors, enhance governance and raise international recognition—factors that support overseas expansion and cross‑border M&A. The Hong Kong dollar’s peg to the U.S. dollar also aids cross‑border treasury management and risk control. In practice, A‑share companies have pursued H‑share full circulation or A+H dual‑listing structures to improve liquidity, narrow valuation gaps and maximize access to both markets; for large leaders, dual listings have become a preferred route to optimize capital allocation and realize value. The listing wave has benefited both markets: Hong Kong’s industry structure has been diversified away from a heavy reliance on finance and property, while A‑share parent companies have generally retained access to onshore capital and in many cases seen improved profitability and valuation metrics following cross‑border financing. Interconnectivity between the two markets has allowed investors to share in the growth of high‑quality issuers and has promoted coordinated development across the mainland and Hong Kong capital markets.

IPO Fundraising Leaders Since 2025 (As Of January 25, 2026) - Contemporary Amperex Technology closed at HKD 474.2 with an issue price of HKD 263, raising HKD 40.637 billion; Zijin Mining International closed at HKD 204.2 with an issue price of HKD 71.59, raising HKD 28.172 billion; Sany Heavy Industry closed at HKD 25.56 with an issue price of HKD 21.3, raising HKD 15.19 billion; Seres closed at HKD 105.3 with an issue price of HKD 131.5, raising HKD 14.016 billion; Jiangsu Hengrui Medicine closed at HKD 73 with an issue price of HKD 44.05, raising HKD 11.219 billion; Sanhua Intelligent Controls closed at HKD 36.38 with an issue price of HKD 22.53, raising HKD 10.567 billion; Haitian Flavouring & Food closed at HKD 32.36 with an issue price of HKD 36.3, raising HKD 10.446 billion; Chery Automobile closed at HKD 30.52 with an issue price of HKD 30.75, raising HKD 10.129 billion; Pony.ai‑W closed at HKD 130.9 with an issue price of HKD 139, raising HKD 6.454 billion; Innovation Industries closed at HKD 26.8 with an issue price of HKD 10.99, raising HKD 6.125 billion.

IPOs With Largest First‑Day Declines Since 2025 (As Of January 25, 2026) - Mingji Hospital listed on December 22, 2025 and fell 49.46% from an issue price of HKD 9.34; Conch Materials Technology listed on January 9, 2025 and fell 47.67% from an issue price of HKD 3; Hansoh Aitai‑B listed on December 23, 2025 and fell 46.25% from an issue price of HKD 32; Bokang Vision Cloud‑B listed on July 3, 2025 and fell 38.61% from an issue price of HKD 10.1; Impression Dahongpao listed on December 22, 2025 and fell 35.28% from an issue price of HKD 3.6; Yuanguang Technology listed on June 10, 2025 and fell 30.26% from an issue price of HKD 9.75; Tianyu Semiconductor listed on December 5, 2025 and fell 30.17% from an issue price of HKD 58; Huaren Biotech‑B listed on December 22, 2025 and fell 29.32% from an issue price of HKD 38.2; Meet Xiaomian listed on December 5, 2025 and fell 27.84% from an issue price of HKD 7.04; Paige Biomed‑B listed on May 27, 2025 and fell 25.9% from an issue price of HKD 15.6.

IPOs With Largest First‑Day Gains Since 2025 (As Of January 25, 2026) - Nobikan listed on December 23, 2025 and rose 363.75% from an issue price of HKD 80; Golden Leaf International Group listed on October 10, 2025 and rose 330% from an issue price of HKD 0.5; Sipuni listed on September 30, 2025 and rose 258.11% from an issue price of HKD 29.6; Yinno Pharma‑B listed on August 15, 2025 and rose 206.48% from an issue price of HKD 18.68; Zhida Technology listed on October 10, 2025 and rose 192.14% from an issue price of HKD 66.92; Jiaxin International Resources listed on August 28, 2025 and rose 177.84% from an issue price of HKD 10.92; Changfeng Pharmaceuticals listed on October 8, 2025 and rose 161.02% from an issue price of HKD 14.75; Easy Health listed on December 23, 2025 and rose 158.82% from an issue price of HKD 22.68; Zhonghui Biotech‑B listed on August 11, 2025 and rose 157.98% from an issue price of HKD 12.9; Dipp Technology listed on October 28, 2025 and rose 150.56% from an issue price of HKD 26.66.

Ample deal flow, targeted regulatory reforms and renewed international investor interest combined to restore Hong Kong’s prominence in the global IPO landscape in 2025. The market’s renewed capacity to attract large, high‑quality issuers and patient capital suggests that Hong Kong is well positioned to sustain a high level of IPO activity in 2026, even as market participants and regulators remain attentive to quality and compliance considerations.