Hong Kong tops global IPO charts with $280b haul in 2025

Fuelled by the new TECH channel, HK processed 119 pre-profit biotech and tech IPO applications.

Hong Kong raised more than $280b from initial public offerings (IPOs) in 2025, ranking as the world’s top listing venue, according to the latest quarterly report from the Securities and Futures Commission (SFC).

The regulator said activity was supported by the Technology Enterprises Channel (TECH), launched in May 2025 to facilitate listings by technology companies.

From its launch through December, the channel received 119 IPO applications from pre-profit biotech and specialist technology firms, including 73 from biotech companies and 46 from specialist technology companies.

In the fourth quarter alone, 10 IPOs from the two sectors raised more than $9b, an increase of about 800% year on year (YoY).

The SFC said it has also tightened oversight of listing sponsors.

The regulator issued a circular highlighting deficiencies in listing documents and potential sponsor misconduct in January and said it is reviewing sponsor submissions and will begin thematic inspections.

Digital asset markets also expanded during the year.

SFC-authorised tokenised retail money market funds introduced in 2025 recorded $8.66b in assets under management as of December, up 14% from the previous quarter.

Hong Kong’s virtual asset spot exchange-traded funds (ETFs), introduced in 2024 as Asia’s first, also continued to grow.

Eleven such ETFs are now listed, with combined market capitalisation exceeding $5.4b, up 142% since launch.

The broader ETF segment also recorded growth.

Market capitalisation of SFC-authorised ETFs and leveraged and inverse products rose 33.7% year on year to $618.7b as of December with the segment recording $9.2b in net inflows in the fourth quarter and accounted for 14% of Hong Kong market turnover.

Hong Kong-domiciled funds also posted strong inflows.

Net inflows reached $356.7b in 2025, up 118.5% YoY, whilst assets under management rose 38.3% to $2.28t with the total number of funds increasing 9.1% to 1,041.

Cross-border trading also increased.

Under the Mainland-Hong Kong Stock Connect programme, average daily southbound trading rose 151% YoY to $121.1b in 2025, accounting for 24.2% of Hong Kong market turnover.

Since the programme launched in 2014, cumulative southbound net inflows have exceeded $5.1t.

The SFC also reported a rise in regulatory activity with 9,637 licence applications received in 2025, including 9,338 from individuals and 299 from corporations, up 17% from 2024.

In the fourth quarter alone, the regulator received 2,488 applications, up 27% YoY.

The regulator also secured its first custodial sentence against an unlicensed financial influencer for providing paid investment advice on social media.