HKEX: IPO Rebound Fuels Record Profits
Hong Kong's stock exchange registered record profits in the first half of 2025, driven in no small part by a major rebound in initial public offerings that led the city to regain its throne as the world’s top listing venue.
The Hong Exchanges and Clearing (HKEX) saw profit attributable to shareholders in the first half of 2025 rise 39 percent year-on-year to a record HK$8.5 billion ($1.1 billion), according to its financial results.
This follows a resurgence in initial public offerings (IPO) with 44 deals raising HK$109.4 billion, up 716 percent, leading Hong Kong to regain its position as the top listing venue globally. This includes the $5.2 billion IPO of Chinese battery manufacturer CATL, marking the largest listing since 2023. Aside from IPOs, HKEX also saw record volumes in cash market, derivatives market and its cross-border Stock Connect scheme with mainland China.
«After receiving a record number of listing applications over a six-month period, we enter the second half of 2025 with new initiatives that are underway to further enhance the competitiveness and attractiveness of our markets,» commented HKEX CEO Bonnie Chan.
«[This includes] preparations for a shorter cash market settlement cycle, the expansion of our paperless listing regime, as well as implementing enhanced IPO price discovery requirements and the first phase of reduced minimum spreads.»
