Hong Kong Exchanges and Clearing (0388) said last year’s initial public offerings of US$100 million (HK$780 million) or more saw strong aftermarket performance, with average share prices up 23.8 percent on the first day and 30.7 percent within a month — the best in nearly two decades, according to Dealogic and Bloomberg.
The bourse wrote on its website that the city finished 2025 as the world’s top IPO fundraising venue, raising US$37.4 billion across 119 listings, including two of the five largest IPOs globally. This was the city’s highest total since 2021 and exceeded the combined volume of the three previous years.
HKEX highlighted that 19 A-share companies listed in Hong Kong raised a combined US$17.7 billion.
The dual-listing pathway has become a conduit for eligible companies listed on Chinese Mainland bourses to broaden their shareholder base and increase liquidity, with the one-month average turnover of A-shares for companies that completed A-to-H listings in 2025 increasing 9 percent on average, Bloomberg data shows.
HKEX noted that this year's equity capital market issuance had reached US$15.8 billion as of the end of January, roughly six times the US$2.5 billion raised during the same period last year.
The exchange also said more than 400 companies are currently in the listing queue as of last month, including over 50 applying under the 18A, 18C and 8A listing chapters.
