Funds raised in Hong Kong reached nearly HK$275 billion (US$35.4 billion) from 106 initial public offerings (IPO) as of December 12, helping the city become the world’s top listing venue, the stock exchange operator said in a year-end review.
“2025 has been a year of momentum – global investors returned with conviction, and innovation from the Chinese mainland and across Asia kept our markets vibrant,” said Bonnie Chan Yiting, CEO of Hong Kong Exchanges and Clearing (HKEX).
Four of these companies featured in the world’s top 10 IPOs this year, according to HKEX, citing data from Dealogic.
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The HK$41 billion IPO of Chinese battery giant Contemporary Amperex Technology or CATL in May, the world’s largest this year until last week, was eclipsed by US biotech firm Medline, which raised US$6.26 billion on the Nasdaq last Wednesday.
The average daily turnover on the Hong Kong stock exchange in the year’s first 11 months expanded 43 per cent from a year earlier to HK$230.7 billion. Photo: Dickson Lee alt=The average daily turnover on the Hong Kong stock exchange in the year’s first 11 months expanded 43 per cent from a year earlier to HK$230.7 billion. Photo: Dickson Lee>
New York Stock Exchange ranked second with fundraising reaching US$21.4 billion, followed by India’s two main exchanges at US$21.39 billion, according to Dealogic. Nasdaq and Shanghai’s Star Market came in fourth and fifth, with fundraisings of US$20 billion and US$13.9 billion, respectively.
HKEX said the tech trends, sparked by Chinese artificial intelligence start-up DeepSeek, brought back global capital to Hong Kong, with new initiatives and sweeping market reforms accelerating the market’s momentum.
Since the implementation of the Chapter 18A and 18C listing rules for unprofitable start-ups, 88 biotech and specialist technology companies had gone public in the city, which the HKEX said reflected robust investor interest in cutting-edge sectors.
The bourse operator also launched the Technology Enterprises Channel in May, allowing specialist technology and biotech firms to list in the city more efficiently and to make confidential applications to avoid early disclosure of commercial data.
The channel has attracted many Chinese firms from the emerging industries, including graphics processing unit maker Shanghai Biren Technology and AI firms Zhipu AI and Minimax Group.
To further capture mainland investors’ optimism in China’s tech sector, the exchange operator earlier this month launched the HKEX Tech Index tracking 100 prominent large and mid-cap companies spanning six innovative industries.
The Hang Seng Tech Index has jumped more than 47 per cent this year, with the benchmark Hang Seng Index gaining 31.5 per cent. In comparison, the tech-savvy Nasdaq Composite in the US has advanced 20.7 per cent.
The exchange’s average daily turnover in the year’s first 11 months expanded 43 per cent from a year earlier to HK$230.7 billion, according to the HKEX.
Hong Kong’s strong market also attracted issuers from diverse regions, welcoming new listings from markets including Kazakhstan, Singapore, Thailand and the United Arab Emirates, the HKEX said.
The HKEX added the Stock Exchange of Thailand as a recognised bourse and signed a memorandum of understanding with the Abu Dhabi Securities Exchange to foster a vibrant and interconnected marketplace for issuers.
To deepen its presence in the Middle East, the HKEX opened an office in Riyadh this year with the aim of acting as a bridge between the Gulf and mainland China.
Beside the Middle East, the HKEX saw strong engagement from Asian, European and North American funds in IPOs and follow-on offerings.
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