Hong Kong has reclaimed its spot at the top of global IPO charts for total funds raised—a position it last held in 2019. (This figure reflects the capital injected by investors during an IPO, and represents the difference in a company’s valuation pre- and post-IPO.)
In 2025, global IPO markets raised $158.4 billion across 1,227 deals, reflecting an 18% rise in funds raised, according to an outlook report by consulting firm KPMG.
The Hong Kong stock exchange (HKEX) led the way, raising a total of HKD272.1 billion ($34.3 billion) in funds. This was a 210% increase from 2024, when it raised HKD88 billion ($11.3 billion).
The New York and NASDAQ stock exchanges ranked 2nd and 3rd, raising a total of $20.3 billion and $19.2 billion respectively, the KPMG report found.
According to the firm’s analysts, Hong Kong’s surge in IPO fundraising was driven by a record number of A+H listings—dual listings allowing companies to trade shares on both mainland Chinese stock exchanges (A-shares) and the HKEX (H-shares). They are especially popular among Chinese companies looking to Hong Kong’s market for the first leg of their global expansion.
As of Dec. 7, Hong Kong achieved an all-time high of more than 300 active IPO applications—including 92 active A+H listing applicants—and KPMG’s analysts believe that this upward trend will continue into 2026.
“Key global IPO markets have trended upwards in 2025 with Hong Kong’s threefold increase in funds raised, making it the largest single contributor to the global IPO market’s recovery, and reaffirming its status as a leading international financial center,” wrote Paul Lau, a partner and the head of capital markets and professional practice at KPMG China, in their outlook report.
Among Hong Kong’s active IPO applications, the lion’s share is from companies in the technology, media, and telecommunications sector—which made up 39% of applications.
The healthcare and life sciences sector came in second, constituting 21% of IPO applications. The industrial sector was a close third, with 18% of active applications.
A few blockbuster IPOs debuted on the HKEX this year, including China’s largest bubble-tea chain, Mixue, which raised $444 million, and AI firm Pony AI, which raised $860 million.
Chinese battery giant CATL also boasted a strong Hong Kong debut, raising $4.6 billion from investors—one of the world’s largest listings in 2025.
KPMG’s Lau adds that in the next year he expects the pace of AI-related listings in the HKEX to accelerate, as the technology matures and is adopted more widely across different industries.
High-performing IPO markets
After the Hong Kong and U.S. stock exchanges was the National stock exchange of India, which came in fourth place, after raising $18.5 billion in funds. This was a drop from the $20.3 billion it accrued in 2024, which previously earned it the first place spot.
The Shanghai stock exchange maintained its position as the fifth most lucrative IPO market globally, raising $13.2 billion in 2025—up from $10.6 billion in 2024.
Additionally, the A-share market—mainland China’s stock market—posted steady gains in 2025, KPMG’s market watchers added, with positive growth projected to continue in the coming year.
“The 15th five-year plan (China’s national roadmap) deepens the reform for China’s capital markets, with inclusiveness and coordinated investment and financing at the core of market reforms,” wrote Irene Chu, a partner at KPMG, who also oversees the new economy and life sciences sector for the Hong Kong market.
“As these strategic priorities take hold, we expect the authorities to prioritize and sustain their efforts to foster steady, high-quality growth in the A-share market for years to come,” she added.
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