Hong Kong IPO Market to Thrive with 40 Listings In 2025

As many as 40 Initial Public Offerings (IPOs) are expected to be listed in the Hong Kong market this year raising proceeds of $13.85 billion. This represents significant increments of 33% in the number of IPO deals and an impressive 711% surge in proceeds raised.

The proceeds from first half of 2025 are expected to exceed the total amount raised in 2024, propelled by several mega IPO deals, according to multidisciplinary professional services organisation EY Greater China.

In the first six months of 2025, the Hong Kong IPOs of several A-share listed companies or their spin-offs boosted the average proceeds by over fivefold y-o-y. The average IPO proceeds during the period ranked second among all first-half periods in the past decade, trailing behind only the exceptional performance seen in 2021.

Jacky Lai, EY Hong Kong Capital Market Services Spokesperson, said that the Hong Kong IPO boom in 2025 was the aggregated result of multiple driving factors such as policy changes, market dynamics and increased corporate supply.

He said that the Chinese mainland corporates were expanding their international footholds through A+H dual listing, unlocking a new growth curve.

Lai also said that the Hong Kong IPO market is expected to gain further momentum, driven by A-share companies seeking listings in Hong Kong, the launch of the Technology Enterprises Channel (TECH) last month and a renewed interest in the return of Chinese concept stocks.

Most of the companies in the current A+H dual listing pipeline are leaders in niche industries, presenting a scarcity value in both Hong Kong and global capital markets. This trend is expected to accelerate the influx of long-term international capital and support a virtuous market cycle. Looking forward, large-size corporations and industry leaders are expected to go public in Hong Kong, with an increasing prevalence of new consumption and hard technology enterprises, he added.

EY report also said that “New Consumption along with Hard Technology” has emerged as a key catalyst for the Hong Kong IPO market. The biotechnology and health sector, along with the retail and consumer products sector, jointly led in the number of IPO deals.

The listings of large A+H companies hiked IPO proceeds in the industrials sector (including advanced manufacturing), positioning it at the forefront among sectors in terms of proceeds raised, the report said.

TECH Draws Tech Firms

TECH was launched to provide tailored and early-stage guidance for Specialist Technology Companies and Biotech Companies. It also introduced a new confidential filing option and simplifies the listing requirements for such companies seeking to go public with a weighted voting rights structure.

The launch of TECH shows that the Hong Kong stock market has further inclined towards the field of technology innovation.

EY Hong Kong Health Sciences and Wellness Sector Assurance Leader Cary Wu said that TECH further facilitates the filing of listing applications of Specialist Technology Companies and Biotech Companies, especially those high-potential technology companies characterised by technology intensity, lengthy R&D cycles and a high sensitivity to disclosure.

On the other hand, as many as 36 Chinese companies are expected to be listed in the US market In the first half of 2025, generating proceeds of $841 million. This represents a 44% increase in the number of IPO deals and a 62% decrease in proceeds.

Despite the uncertainties, some Chinese companies continue to pursue the US listings as a strategic move to position themselves early for future growth and global market expansion, EY said.