Hundreds of Applications in Hong Kong’s IPO Pipeline

After Hong Kong led the world as the top IPO venue in the first six months of 2025, momentum could continue in the second half with hundreds of applications in the pipeline, according to a local official.

Hong Kong’s initial public offering (IPO) market could maintain momentum in the second half of 2025 with 210 listing applications currently being processed, according to a blog post (in Chinese only) by Christopher Hui, secretary for financial services and the treasury.

«[W]e look forward to more new developments and breakthroughs in Hong Kong's capital market in the second half of the year,» Hui said.

Diversified Issuers and Investors

Hui noted that Hong Kong’s IPO market year-to-date boasted both a diversified set of issuers and investors.

On issuers, there was a mix of sectors such as industrials, finance, consumer goods, healthcare, technology, media and telecommunications (TMT), and new energy. Some came from foreign markets, including an F&B firm rooted in Thailand and a disease screening company originating in Singapore. On investors, there was participation from long-term funds, private equity, hedge funds and sovereign wealth funds from North America, Europe, the Middle East and more.

In the first seven months of the year, Hong Kong saw 53 new listings raising around HK$127 billion ($16 billion), up sixfold year-on-year.