**Q3 2025 Summary**

The global IPO market has gradually improved, with IPO issuance volume showing growth.

- Total fundraising: $111.6 billion, approximately 30% increase compared to the first three quarters of 2024 - 930 IPOs, approximately 5% increase compared to the first three quarters of 2024 - Top 10 IPO fundraising accounts for 21% of total fundraising, approximately 5% decrease compared to the first three quarters of 2024

**Factors Affecting Global IPO Market in Q3 2025:** - Intensified market volatility - Ongoing trade tensions - Artificial intelligence and other high-tech industries driving growth

In the first three quarters of 2025, the two largest IPOs by fundraising amount both came from Hong Kong.

**Chart 1: Global IPO Activity (2023 – Q3 2025)** Note: Analysis based on actual data as of September 30, 2025. Source: Bloomberg and KPMG analysis, including Real Estate Investment Trusts ("REITs") but excluding Special Purpose Acquisition Companies ("SPACs" or "blank check companies").

**Chart 2: Global IPO Rankings for First Three Quarters of 2025** Note 1: Analysis based on actual data as of September 30, 2025. Note 2: USD to HKD exchange rate of 7.75. Source: Bloomberg and KPMG analysis, including Real Estate Investment Trusts ("REITs") but excluding Special Purpose Acquisition Companies ("SPACs" or "blank check companies").

**Q4 2025 Global IPO Market Outlook**

Paul Lau, Partner in Charge, Capital Markets & Professional Practice, KPMG China: "As uncertainty around US trade policies gradually decreases, companies are once again turning their attention to public markets to raise funds needed for their next stage of development. IPOs in emerging sectors such as artificial intelligence and cryptocurrency continue to attract significant attention, reflecting investors' strong interest in forward-looking investments."

**II. A-Share IPO Market Overview**

**Q3 2025 Summary** The A-share listing market has developed steadily, with a prominent green energy company successfully listing during the quarter.

- Total fundraising: RMB 113.2 billion, approximately 30% increase compared to the first three quarters of 2024 - 95 IPOs, approximately 10% increase compared to the first three quarters of 2024 - Top 10 IPO fundraising accounts for 44% of total fundraising, compared to 32% in the first three quarters of 2024

**Factors Affecting A-Share IPO Market in First Three Quarters of 2025:** - Infrastructure/real estate accounts for one-third of total fundraising, once again becoming a driver of A-share IPOs - The Science and Technology Innovation Board (STAR Market) established a growth tier, with "1+6" reform policies enabling unprofitable technology companies to receive funding support and promote long-term development

**Chart 3: A-Share IPO Distribution by Stock Exchange** Note: Unless otherwise stated, the above analysis is based on WIND data as of September 30, 2025 (including Real Estate Investment Trusts ("REITs")). Source: Wind and KPMG analysis

**Chart 4: A-Share IPO Industry Distribution (by Fundraising Amount)** Note: Unless otherwise stated, the above analysis is based on WIND data as of September 30, 2025 (including Real Estate Investment Trusts ("REITs")). Source: Wind and KPMG analysis

**Table 1: Top 10 A-Share IPO Projects** * Refers to Real Estate Investment Trust listings ("REITs") Note: Unless otherwise stated, the above analysis is based on WIND data as of September 30, 2025 (including Real Estate Investment Trusts ("REITs"))

**Chart 5: Number of A-Share IPO Applications Under Review** Note: The above analysis is based on WIND data as of September 30, 2025 (including REITs). Applications under review include those suspended due to expired financial information (suspended review). Based on past experience, such listing applications will resume review after applicants submit updated financial information. Source: Wind and KPMG analysis

**Chart 6: Top Three Most Active Industries for A-Share IPO Applications** Note: The above analysis is based on WIND data as of September 30, 2025 (including REITs). Applications under review include those suspended due to expired financial information (suspended review). Based on past experience, such listing applications will resume review after applicants submit updated financial information. Source: Wind and KPMG analysis

**Q4 2025 A-Share IPO Market Outlook**

Irene Chu, Partner in Charge, New Economy Markets & Life Sciences, Hong Kong SAR, KPMG China: "The A-share market has grown in 2025, benefiting from technological innovation in key areas in mainland China and targeted regulatory reforms. Increased participation by institutional investors in IPOs, along with overseas institutional investors' strong interest in mainland technological innovation, is expected to facilitate more high-quality foreign capital entry into mainland China's capital markets. The increased institutional participation, combined with innovation-oriented listing projects, creates a favorable environment for mainland's most promising technology companies to effectively access capital while maintaining long-term innovation and growth objectives."

**III. Hong Kong IPO Market Overview**

**Q3 2025 Summary** Hong Kong ranks first globally in terms of fundraising amount.

- Total fundraising: HK$182.9 billion, approximately 230% increase compared to the first three quarters of 2024 - 67 IPOs, approximately 50% increase compared to the first three quarters of 2024 - Top 10 IPO fundraising accounts for 69% of total fundraising, compared to 73% in 2024

**Chart 7: Hong Kong IPO Activity (2023 – First Half of 2025)** Note: Based on information as of September 30, 2025, including companies listed by way of introduction, excluding SPAC listings, De-SPAC projects, and companies transferring from GEM to Main Board Source: Hong Kong Exchanges and Clearing Limited and KPMG analysis

Hong Kong IPO market's outstanding performance was mainly driven by a surge in A+H listings and a spin-off listing of an energy and natural resources company.

- A+H IPO fundraising accounts for 50% of total fundraising in the first half of 2025 - As of September 30, 2025, IPO applications under review reached a record high of 289, not including dozens of confidential applications

**Table 2: Top 10 Hong Kong IPO Projects** Note: Based on information as of September 30, 2025, including companies listed by way of introduction, excluding SPAC listings, De-SPAC projects, and companies transferring from GEM to Main Board Source: Hong Kong Exchanges and Clearing Limited and KPMG analysis

The number of A+H share listings in Hong Kong will reach a historical high in 2025.

- Total fundraising: HK$91.7 billion, approximately 120% increase compared to 2024 - 11 IPOs, an increase of 8 compared to 2024 - A+H listing speed has accelerated, with average A+H listing time of 4-6 months, with the fastest taking approximately 3 months

**Chart 8: Number of A+H New Listing Applications** Note: Based on information as of September 30, 2025, including companies listed by way of introduction, excluding SPAC listings, De-SPAC projects, and companies transferring from GEM to Main Board Source: Hong Kong Exchanges and Clearing Limited and KPMG analysis

**Table 3: Listing Applications Under Review as of September 30, 2025** Note: Based on information as of September 30, 2025, including companies listed by way of introduction, excluding SPAC listings, De-SPAC projects, and companies transferring from GEM to Main Board Source: Hong Kong Exchanges and Clearing Limited and KPMG analysis

IPO applications showed significant growth in the first three quarters of 2025, indicating enhanced market confidence and increased investor interest. As of September 30, 2025, without considering confidential applications, the number of listing applications under review reached 289, setting a new record for applications under review.

**Chart 9: Hong Kong IPO Applications Under Review (2023 – Q3 2025)** Note: Based on information as of September 30, 2025, including companies listed by way of introduction, excluding SPAC listings, De-SPAC projects, and companies transferring from GEM to Main Board Source: Hong Kong Exchanges and Clearing Limited and KPMG analysis

**Chart 10: Hong Kong IPO Application Numbers (2023 – Q3 2025)** Note: Based on information as of September 30, 2025, including companies listed by way of introduction, excluding SPAC listings, De-SPAC projects, and companies transferring from GEM to Main Board Source: Hong Kong Exchanges and Clearing Limited and KPMG analysis

**Q4 2025 Hong Kong IPO Market Outlook**

Louis Lau, Partner in Charge, Capital Markets, Hong Kong, KPMG China: "Improvements in valuation and liquidity are driving Hong Kong's IPO market to flourish, with A+H and Chapter 18C listings being particularly active. This trend is expected to continue, driving recent IPO activity enhancement. With record-breaking listing applications, we are confident that Hong Kong will once again top global stock exchanges in 2025."

**Contact Information:**

Paul Lau Partner in Charge, Capital Markets & Professional Practice KPMG China +852 2826 8010 paul.k.lau@kpmg.com

Irene Chu Partner in Charge, New Economy Markets & Life Sciences, Hong Kong SAR KPMG China +852 2978 8151 irene.chu@kpmg.com

Louis Lau Partner in Charge, Capital Markets, Hong Kong KPMG China +852 2143 8876 louis.lau@kpmg.com

Terence Man Partner, Capital Markets KPMG China +86 (10) 8508 5548 terence.man@kpmg.com

Mike Tang Partner, Capital Markets KPMG China +852 2833 1636 mike.tang@kpmg.com

Elton Tam Partner, Capital Markets KPMG China +852 2978 8188 elton.tam@kpmg.com

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