Hong Kong on Track to Secure 2025 IPO Crown
There is sustained momentum in Hong Kong's IPO revival with the city expected to return to the top as the world’s leading listing venue this year.
In the first nine months of 2025, Hong Kong saw 66 companies list and raise $23.37 billion, according to data released by the London Stock Exchange Group (LSEG), up 220 percent year-on-year. This was followed by the New York Stock Exchange ($16.53 billion) in second place and Nasdaq in third ($15.32 billion).
The last time Hong Kong was ranked as the top initial public offerings (IPO) center globally in the first three quarters of the year was 2018.
Momentum remains strong in the city with continued major IPOs, including Chinese metals miner Zijin Gold International in late September, which saw $3.2 billion raised – the world’s second largest listing this year behind Chinese battery giant CATL’s $5.3 billion debut in May.
Strong Pipeline
And this momentum is expected to continue. At the end of September, more than 230 IPO applications were active in Hong Kong with 11 Chinese healthcare and biotechnology companies filing to list in the last two days of the month.
According to a Deloitte report, Hong Kong is projected to see a total of more than 80 listings for the whole of 2025, including potentially over five mega IPOs, raising between HK$250 billion ($32 billion) and HK$280 billion. Notable sectors include healthcare and pharmaceuticals, specialist technology and consumer.
«With the US Federal Reserve entering an interest rate cut cycle, we expect more overseas capital to seek high-growth investment opportunities across Asia, including Chinese mainland and Hong Kong markets,» said Edward Au, Southern region managing partner, Deloitte China. «This will provide ample market funding, liquidity support, and a more favorable valuation environment for a number of mega-sized IPOs expected to debut in Hong Kong in the fourth quarter of this year.»
