114 new shares and over HKD 280 billion in financing! Hong Kong stocks top the global IPO crown in 2025

As the end of the year approaches, the annual boom in the Hong Kong stock initial public offering (IPO) market continues to heat up. On December 18, 2025, six companies planning to go public in Hong Kong will simultaneously launch their IPOs, all of which are scheduled to be officially listed on December 30, 2025. The Hong Kong stock market will celebrate its peak as the world's number one IPO market with a lively scene of "six gongs ringing together".

On the same day, Deloitte stated in its report "Review of the IPO Market in Mainland China and Hong Kong in 2025 and Outlook for 2026" that the Hong Kong Stock Exchange continued to see the landing of super large new stocks in the fourth quarter, and maintained its position as the world's top new stock financing provider throughout the year. The specific ranking shows that Nasdaq ranks second, the National Stock Exchange of India surpasses the New York Stock Exchange to enter the top three with more new shares, and the Shanghai Stock Exchange and Shenzhen Stock Exchange rank fifth and eighth respectively.

Ren Shaowen, the managing partner of Deloitte China Capital Market Services' listing business in North and West China, pointed out that the Hong Kong market will achieve brilliant results in 2025 and successfully regain the crown of the global new stock market. However, he also mentioned that although the total amount of new stock financing rebounded significantly in the second quarter of this year, it has not yet exceeded the high level of 2020 and 2021, both of which had total new stock financing exceeding HKD 330 billion. Looking ahead to 2026, the Hong Kong new stock market is expected to set a new financing record, with a target of at least HKD 300 billion.

Deloitte China Capital Market Services predicts that by 2025, the Hong Kong market will complete the listing of 114 new stocks, with a year-on-year increase of 63%; The total financing scale is about HKD 286.3 billion, a year-on-year increase of more than twice. Among them, the financing amount of 19 A+H stock listed projects will account for half of the total new stock financing for the year.

In Ren Shaowen's view, the outstanding performance of the Hong Kong IPO market is mainly due to a series of reform measures implemented by the Hong Kong Stock Exchange and the Securities and Futures Commission, including simplifying the listing approval process, shortening the settlement cycle of new shares, and optimizing the pricing mechanism of the initial public offering market. These measures have effectively activated market vitality.

For the market outlook in 2026, Deloitte predicts that with the current reserve of over 300 listing applications, Hong Kong is expected to welcome about 160 new stock listings next year, with a financing scale of no less than HKD 300 billion. Among them, it is expected that there will be 7 "billion level financing new stocks", including the presence of leading enterprises in mainland China. It is worth noting that in addition to a large number of applicants for A+H stock listings, technology, media and telecommunications (TMT), medical and pharmaceutical, consumer sector enterprises, as well as international companies and Chinese concept stocks listed in the United States, will become the focus of the market for listing in Hong Kong.

Ren Shaowen added that the prospects of Hong Kong's new stock market will still be influenced by macroeconomic and geopolitical factors, such as the direction of US monetary policy, global capital allocation trends, and the policy orientation of Chinese companies going global and expanding domestic demand. However, at the same time, the continuous reform and institutional optimization of the capital market will play a key role in enhancing the overall competitiveness, liquidity, and valuation level of the Hong Kong market, gradually improving the ecology and performance of the new stock market.

Recently, the market has been discussing reforms such as revising the listing requirements for companies with different rights and adjusting the buying and selling units of new shares. We also look forward to regulatory authorities further examining the dual primary listing and secondary listing systems, deepening cooperation between the Hong Kong Stock Exchange and Southeast Asian stock exchanges, and establishing more targeted mechanisms to facilitate overseas companies to list in Hong Kong. Ren Shaowen said that these reform measures will help Hong Kong better play its role as an international financial center and inject more sustainable growth momentum into the market.