After raising over HK$285 billion (US$36.6 billion), a 225 percent rise year over year, Hong Kong recaptured its top spot in the globe for initial public offerings in 2025, according to accounting behemoth PwC on Monday.
With 119 new listings last year, the Chinese financial center surpassed the New York Stock Exchange, Nasdaq, and the National Stock Exchange of India because to high-profile deals like Chinese battery giant CATL and miner Zijin Gold.
“Despite uncertainties in the global geopolitical landscape, the demand for international financing by Chinese enterprises and investors’ interest in high-quality Chinese companies remain strong,” PricewaterhouseCoopers’ (PwC) Hong Kong capital markets leader Eddie Wong said.
PwC estimated around 150 companies would list in Hong Kong this year, potentially raising up to HK$350 billion.
More than 10 companies are expected to raise more than HK$5 billion, while other firms already listed in mainland China will continue the trend of using Hong Kong as a fundraising venue for overseas expansions, according to PwC.
The accounting firm is now expecting two to three interest rate cuts this year, Wong said.
Beijing’s regulatory crackdown beginning in 2020 caused some Chinese mega-companies to postpone their intentions to list, and a national security statute increased the uncertainty for those wishing to list, which resulted in a continuous fall in new offerings in Hong Kong.
However, data from the Hong Kong stock market revealed that it is now handling over 300 applications.
According to PwC’s database, an additional 50 businesses, primarily in the biotech and artificial intelligence sectors, have filed confidential listings in Hong Kong.
Accounting giants KPMG and Deloitte also marked 2025 as one of the hottest IPO years for Hong Kong.
The city’s IPO wave has benefited from policy support by the Chinese government and streamlined approval listing processes for large Chinese market-listed firms, Deloitte said in its annual review.
If Beijing continues subsidising Chinese companies to boost domestic demand, it could lead to more Hong Kong listings, PwC’s Wong said.
But global stock exchanges are also streamlining their listing rules, which would put Hong Kong in a competitive environment, he added.
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