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Hong Kong regained its title as the leading destination for initial public offerings in 2025, having raised over HK$285 billion (US$36.6 billion), marking a 225 per cent surge from the previous year, according to a report from accounting firm PwC on Monday.
The financial hub recorded 119 new listings last year, including notable offerings such as Chinese battery manufacturer CATL and Zijin Gold, positioning it ahead of the New York Stock Exchange, Nasdaq, and the National Stock Exchange of India.
“Despite uncertainties in the global geopolitical landscape, the demand for international financing by Chinese enterprises and investors’ interest in high-quality Chinese companies remain strong,” PricewaterhouseCoopers’ (PwC) Hong Kong capital markets leader Eddie Wong said.
PwC anticipates that approximately 150 companies will list in Hong Kong this year, potentially generating up to HK$350 billion.
More than ten firms are expected to secure over HK$5 billion each, while other companies already listed on mainland China are likely to maintain the trend of utilising Hong Kong as a platform for fundraising to support their overseas growth, as indicated by PwC.
The accounting firm is now projecting two to three interest rate reductions this year, according to Wong.
Following Beijing’s regulatory crackdown beginning in 2020, which caused several major Chinese companies to delay their listing intentions, Hong Kong experienced a sustained decline in new offerings, compounded by the national security law, which added uncertainty for those seeking to go public.
However, data from the Hong Kong Stock Exchange shows that over 300 applications are currently being processed.
An additional 50 companies—primarily in biotech and artificial intelligence—have filed confidential documentation to seek listings in Hong Kong, according to PwC’s database.
Accounting firms KPMG and Deloitte have also identified 2025 as a potentially prominent year for IPOs in Hong Kong.
The surge in the city’s IPO activity has been supported by Chinese government policies and streamlined approval processes for large firms already listed on the Chinese market, according to Deloitte’s annual analysis.
If Beijing continues to subsidise Chinese companies to stimulate domestic consumption, this could lead to more listings in Hong Kong, Wong from PwC noted.
