Hong Kong's initial public offering market is on track to raise more than HK$200 billion this year, potentially ranking first globally, accounting firm PricewaterhouseCoopers said on Wednesday.
Eddie Wong, PwC Hong Kong capital markets leader, stated their projection for this year's Hong Kong IPO fundraising is already "quite conservative.” However, returning to the previous peak of over HK$300 billion would need supportive factors such as falling US interest rates, improved market sentiment and better valuations.
Wong noted that approximately 200 companies have already submitted listing applications. He forecasts two to three large IPOs raising over HK$10 billion each, totaling HK$30 billion, and three to four mid-sized IPOs raising between HK$5 billion and HK$10 billion each, totaling HK$20 billion. The remaining 35 to 40 new listings, averaging HK$1 billion to HK$1.5 billion each, are expected to raise HK$35 billion.
PwC reported a significant rebound in Hong Kong’s IPO market in the first half of 2025. Some 44 new listings raised HK$107.1 billion – a sevenfold increase year-on-year – propelling Hong Kong to the top global ranking. This represents the second-highest first-half total in nearly a decade and already surpasses the full-year 2024 fundraising total.
According to PwC, by sector, retail, consumer goods and services dominated the main board listings at 34 percent, followed by industrials and health care at 23 percent each.
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