Hong Kong stocks concluded 2025 with a long-awaited "structural bull market," as the city's major indices ranked among the world's top performers. Overall, the Hang Seng Index surged 27.77% for the year, marking its best annual performance since 2017, while the Hang Seng Tech Index climbed 23.45% and the Hang Seng China Enterprises Index advanced 22.27%.

By December 31, a total of 117 new listings had debuted on the Hong Kong market this year, an increase of 47 compared to the same period last year. The combined fundraising scale reached HK$285.693 billion, surpassing the total IPO proceeds from both 2023 (HK$46.3 billion) and 2024 (HK$88.147 billion) and representing a staggering 224.11% growth year-on-year. Contemporary Amperex Technology Co., Ltd. (CATL) led the pack with the largest fundraising amount, contributing HK$41 billion.

Looking ahead to 2026, Deloitte forecasts that, supported by a pipeline of over 300 listing applications, the Hong Kong IPO market will see approximately 160 new listings raising no less than HK$300 billion for the full year. Among these, seven major IPOs are expected, each raising at least HK$10 billion, including leading mainland Chinese companies. Beyond a substantial number of "A+H" share listing applicants, market attention will also focus on listings from sectors such as technology, media, and telecommunications; healthcare and pharmaceuticals; consumer goods; international corporations; and U.S.-listed Chinese concept stocks.