Hong Kong led the global IPO market in the first half of 2025, raising HK$107.1 billion from 42 listings, a 700% increase in proceeds and a 40% rise in deal volume, according to a KPMG mid-year review released Thursday.

The surge was driven by a record seven A+H listings, which accounted for 72% of total funds raised.

The largest deal came from the world's biggest EV battery maker, Contemporary Amperex Technology (SHE:300750, HKG:3750), which raised HK$41.0 billion in its A+H listing, KPMG data showed. It was the largest global IPO so far this year and the biggest Hong Kong float since 2021.

Hong Kong had 219 IPO applicants as of June 30, including 210 for the Main Board. Of these, 44 were A+H candidates, with 43 valued at over 10 billion yuan.

Globally, IPO proceeds rose 5% to $60.9 billion across 544 deals, while volumes dipped 6%. The US market ranked second and third but saw an 8% drop in proceeds. The Shanghai Stock Exchange and National Stock Exchange of India followed in fourth and fifth, respectively.

Mainland China's A-share market raised 53.7 billion yuan in 61 deals, with REITs contributing 30% of total proceeds. New listing reforms in Hong Kong and the mainland aim to sustain the momentum into the second half.