Fundraising activity at the Hong Kong Stock Exchange is returning to peak levels. In June 2025, the number of IPOs in Hong Kong reached 15, marking the highest monthly total for the first half of the year and setting a new record since the end of 2022. In the first half of 2025, IPO fundraising on the Hong Kong market exceeded HK$100 billion, surging nearly sevenfold year-on-year and reclaiming the top global spot after four years. This new wave of listings has been led by leading A-share companies seeking a secondary listing in Hong Kong.
This boom is inseparable from strong policy support from the Chinese government. At a press conference held on May 7, 2025, China Securities Regulatory Commission Chairman Wu Qing emphasised the continued deepening of market openness, strengthening Hong Kong’s status as an international financial centre.
As IPO activity heats up, Hong Kong stocks have also become the main battleground for the revaluation of Chinese assets. The Hang Seng Index rose by 20%, ranking third among major global markets, and a virtuous cycle has formed between the primary and secondary markets.
