Hong Kong has secured its position as the world's top destination for initial public offerings during the first half of 2025, with 42 listings raising over HKD 107 billion—surpassing last year's full-year total by approximately 22%. Acting Secretary for Financial Services and the Treasury Joseph Chan revealed the milestone during a Legislative Council session while outlining further reforms to enhance the city's listing regime.

As a global financial hub, Hong Kong continues to drive capital market development through regulatory innovation. Recent years have seen the Securities and Futures Commission (SFC) and Hong Kong Exchanges and Clearing Limited (HKEX) implement tailored listing mechanisms for weighted voting rights (WVR) technology firms and establish dual-primary listing frameworks for overseas-listed companies.

This regulatory evolution has catalyzed remarkable market activity: By late June, HKEX was processing over 200 listing applications—the highest volume since 2021. Building on this momentum, both regulators are advancing further reforms to boost the competitiveness of Hong Kong's listing platform.

Key initiatives include: - Continuously reviewing WVR thresholds and innovation sector requirements - Implementing tiered minimum public float requirements based on market capitalization - Operating the "Tech Company Connect" service since May to provide pre-application guidance - Expanding the recognized exchange list to include 20 bourses worldwide, most recently adding Thailand's stock exchange - Streamlining approval timelines to within 40 business days for standard applications

HKEX has also simplified compliance for international issuers by establishing core shareholder protection standards. Dual-primary listed companies now qualify for Southbound Stock Connect inclusion, enhancing liquidity access.

Looking ahead, the government will intensify global promotion of Hong Kong's financial services ecosystem while exploring further expansion of recognized exchanges and simplification of listing procedures for overseas enterprises. "We're committed to maintaining Hong Kong's dynamism as a premier fundraising hub," Chan emphasized, noting that proposed rule adjustments will follow HKEX's "implement when ready" principle with public consultation.