Hong Kong tops global IPO market in H1 2025

It raised $107.1b across 42 listings

Hong Kong recorded 42 listings raising $107.1b in the first half (H1) of 2025, a 700% surge year-on-year and the strongest performance since 2021, said a KPMG report.

This was driven by a robust A+H listing, which means listing in both Hong Kong and Mainland exchanges.

A record of seven A+H listings were completed in H1, accounting for 72% of total initial public offering (IPO) funds raised. This includes Contemporary Amperex Technology Co. Limited, which was the largest IPO since 2021, raising $41.0b.

The strong momentum is further reflected in the IPO pipeline, which now has 219 applicants, more than double the 86 applications in 2024.

KPMG expects the A+H listing trend to continue with 47 applications during the first six months of 2025 from only five the entirety of 2024. Of the 44 applicants, 43 are sizable A-share companies with market capitalisations exceeding $10.95b (RMB10b).

"In the midst of global tensions stoked by US trade policies, Hong Kong’s role as the bridge between the East and the West is more important than ever," said Louis Lau, partner, head of Hong Kong Capital Markets Group, KPMG China. "We remain highly optimistic about the outlook for Hong Kong’s IPO market for this year and beyond."

$1 = RMB 0.91