Hong Kong Reclaims Global IPO Crown
Hong Kong has surged back to the top of global IPO rankings for the first time since 2019, fuelled by a record wave of A+H listings and a pipeline exceeding 300 applicants – a resurgence that positions the city for sustained capital markets momentum into 2026, according to KPMG’s latest market review.
Global consultancy KPMG reports that global IPO markets raised $158.4 billion across 1,227 deals in 2025, an 18 percent rise in total funds despite a four percent decline in deal volume.
Hong Kong led all markets, outpacing US exchanges and reclaiming its long-held leadership position in global fundraising.
Paul Lau, partner and head of capital markets and professional practice at KPMG in China, states that «Hong Kong’s threefold increase in funds raised» made it the strongest contributor to the global market’s rebound.
A+H Listings Drive Record Performance
A historic 17 A+H listings were completed in 2025 – the most ever recorded – accounting for half of Hong Kong’s total IPO proceeds. This included the year’s largest global IPO, in which the world’s biggest EV battery manufacturer raised HK$41.0 billion.
KPMG attributes the momentum to supportive government policies and recent mega listings that boosted market confidence. The surge underscores Hong Kong’s strategic role in bridging domestic and international capital.
Biotech and Technology Pipelines Expand
The city’s listing reforms, including the Technology Enterprises Channel and confidential filing for biotech and specialist technology issuers, have accelerated market activity. 14 pre-revenue biotech firms listed under Chapter 18A in 2025, up from four the previous year, alongside three specialist technology companies under Chapter 18C.
These streamlined pathways reinforce Hong Kong’s ambition to position itself as a global hub for high-growth industries.
Unprecedented IPO Pipeline Points to Strong 2026
As of 7 December 2025, Hong Kong’s IPO pipeline reached a record 316 active applications – a 267 percent surge from end-2024.
Of these, 92 are A+H candidates, and KPMG notes that over 100 such applications may materialise soon as more A-share companies signal dual-listing intentions. This deep pipeline provides what the firm describes as a «robust start to 2026».
Regulatory Enhancements Target Market Attractiveness
Hong Kong regulators are considering updates to the weighted voting rights regime, including lower market capitalisation thresholds, modified eligibility definitions and recalibrated voting power limits.
These proposals aim to expand access to WVR structures while maintaining investor protections. KPMG notes that balancing issuer flexibility with market safeguards will be central to sustaining competitiveness.
Hong Kong Reinforces Its Role as a Global Capital Gateway
KPMG concludes that Hong Kong’s resurgence demonstrates the resilience of its capital markets and the city’s renewed appeal to technology, biotech and foreign issuers.
Louis Lau, head of Hong Kong capital markets group at KPMG in China, notes that rising global investor participation and expanding new-economy listings underscore Hong Kong’s position as a preferred gateway to Chinese assets.
With a powerful convergence of policy support, issuer demand and investor appetite, 2026 is set to be a defining year for the market’s evolution.
