Hong Kong reclaims top global IPO ranking after 2025 fundraising surge

Funds raised surged 210% as A+H listings dominate issuance.

Hong Kong raised $272.1b across 100 listings in 2025, an increase of 210% from 2024, placing it first in global IPO fundraising, according to KPMG. 

Active IPO applications reached 316 as at 7 December 2025, including 92 A+H applicants, indicating continued activity into 2026.

Global IPO markets raised $1.23t (US$158.4b) across 1,227 deals, up 18% in proceeds and down 4% in volume year on year (YoY). A+H listings contributed half of Hong Kong’s fundraising, including a $41.0b deal by the world’s largest EV battery manufacturer, the largest IPO globally in 2025.

KPMG also reports that A-share markets are expected to raise $310.9b (RMB163.7b) across 130 deals this year, supported by $77.9b (RMB41.0b) from 20 REIT listings. Reforms on Shanghai’s STAR Market, including a new growth tier launched in July, enabled three pre-profit semiconductor and biotechnology listings.

Proposed amendments to the weighted-voting-rights regime, including lower market-capitalisation thresholds and revised voting-power limits, are under review, with policymakers seeking to broaden issuer eligibility while maintaining investor protections.

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