KPMG: Hong Kong Poised to Reclaim IPO Title in 2025
KPMG predicts the city will top global IPO rankings again by year-end, as nearly 300 companies line up to list and capital markets regain strong momentum.
Hong Kong is on track to regain its title as the world’s leading IPO hub by the end of 2025, fuelled by a record surge in listing applications.
According to KPMG’s Chinese Mainland and Hong Kong IPO Markets Q3 2025 Review, the city counted almost 300 active IPO filings as of 30 September – the highest number in its history.
Global IPO Momentum Led by Asia
Worldwide, IPOs raised $111.6 billion across 930 deals during the first three quarters of 2025, marking a 32 percent increase in total funds and a three percent rise in deal count year-on-year.
The US ranked just behind Hong Kong, while India’s National Stock Exchange and the Shanghai Stock Exchange secured fourth and fifth positions, respectively.
AI and Crypto Firms Drive New Listings
«Uncertainties surrounding US trade policy are gradually diminishing, and companies are once again eyeing public markets to finance their next phase of development,» said Paul Lau, Partner and Head of Capital Markets and Professional Practice at KPMG China.
He added that IPOs in emerging sectors such as artificial intelligence and crypto continue to capture investor attention, reflecting a shift toward forward-looking investments.
A-Share Market Gains from Reforms
China’s A-share market also gained ground, raising RMB 113.2 billion across 95 deals in the first nine months of 2025 – up 30 percent in funds and 12 percent in volume year-on-year.
Recent regulatory reforms, including the «1 + 6» policy framework on Shanghai’s STAR Market, aim to help pre-profit technology firms secure long-term growth capital.
Institutional Investors Power Mainland Listings
«Chinese Mainland’s technological innovations and targeted reforms have invigorated IPO activity,» said Irene Chu, Partner and Head of New Economy and Life Sciences, Hong Kong SAR, KPMG China.
She noted that the rise of institutional participation and growing foreign investor interest are expanding access to high-quality capital for innovative mainland firms.
Hong Kong’s A + H Listings Drive Surge
Hong Kong’s IPO market raised HK$182.9 billion across 67 listings in the first three quarters of 2025 – a 229 percent increase in funds raised and a 49 percent rise in deal volume compared to last year.
Half of those proceeds came from A + H listings, including the largest spin-off since 2021, a mining company that raised HK$25 billion – the second-largest IPO globally in 2025 so far.
Policy Moves Encourage Homecoming Listings
Hong Kong recorded its first homecoming listing in over two years, with a NASDAQ-listed tech firm debuting via dual primary listing.
The city’s latest Policy Address also pledges to attract more Chinese companies back from overseas exchanges, a move expected to further strengthen Hong Kong’s listing pipeline.
Reforms Aim to Enhance Flexibility and Quality
The Hong Kong Stock Exchange recently completed consultations on IPO price discovery and public float requirements, reflecting efforts to balance market quality with issuer flexibility.
The government is also considering improvements to Main Board listing rules and weighted-voting rights structures to attract a wider range of innovative companies.
Reclaim Global Leadership
«Improved valuation and liquidity are driving the Hong Kong IPO market, with A + H and Chapter 18C listings thriving amidst strong momentum,» said Louis Lau, Partner and Head of Hong Kong Capital Markets Group at KPMG China.
«With a record-breaking active pipeline, we are confident that Hong Kong will rise to the top of global stock exchanges once again in 2025,» he added.
