Hong Kong takes the lead in global IPO race

Hong Kong led the world in initial public offering fundraising in the first half of 2025, with full-year proceeds conservatively estimated at around HK$160 billion, according to accounting firm Ernst & Young.

EY said global IPO activity remained subdued in the first six months, but Hong Kong saw a surge driven by several large listings. Fundraising in the city jumped more than sevenfold year-on-year to HK$108.7 billion, accounting for 24 percent of global IPO proceeds – ranking first worldwide and far ahead of Nasdaq and the New York Stock Exchange, which placed second and third respectively, according to data from EY.

The number of listings in the city during the period rose 33 percent year-on-year to about 40 deals, making it the third busiest market globally by deal count, it added.

Looking ahead, EY expects Hong Kong’s new share market to continue its broad recovery in the second half of the year. The firm anticipates smoother listing processes for large companies, with more major companies and industry leaders from key sectors set to come to market.

EY also forecasts a rising proportion of tech-related IPOs in Hong Kong, with firms in artificial intelligence, biotechnology and healthcare, as well as the automotive supply chain, expected to list in the city.

However, it cautioned that rising uncertainty in the US economy, which may dampen the global economic recovery, coupled with US policy decisions affecting interest rate cuts, could weigh on the market in the second half.

STAFF REPORTER