In 2025, the Hong Kong stock market's IPO activity witnessed a powerful resurgence, with a total of 114 companies completing listings (excluding introduction listings and de-SPAC transactions), raising a combined HKD 285.3 billion. This figure represents a staggering 224% increase compared to the HKD 88.1 billion raised in 2024, propelling Hong Kong to become the world's top exchange for IPO fundraising. From a market performance perspective, this explosive rebound benefited from both the external environment of global liquidity easing and the concentrated release of financing demand from mainland Chinese companies seeking listings in Hong Kong. However, a structural shift in the fundraising landscape emerged as a defining characteristic of the 2025 Hong Kong IPO market.
A detailed look at the specific structure of fundraising types reveals a distinct "familiar faces dominate" characteristic in Hong Kong's 2025 fundraising map. Established types such as A-to-H listings, spin-offs, U.S.-listed Chinese concept stocks returning to Hong Kong, and listings of companies affiliated with already-listed entities collectively contributed over 70% of the total funds raised, serving as the core driver behind the annual record.
As the absolute main force of 2025 fundraising, the A-to-H model played a particularly prominent leading role. Throughout the year, 19 A-share companies successfully listed in Hong Kong. Although they accounted for only 17% of the total number of IPOs, their combined fundraising scale reached a massive HKD 140 billion, seizing 49% of the year's total Hong Kong IPO proceeds—nearly half of the entire pie. The "ballast" effect of leading enterprises was especially notable: Contemporary Amperex Technology Ltd. (CATL) topped the annual Hong Kong IPO fundraising chart with a HKD 41 billion offering. Furthermore, five other A-to-H IPOs—Sany Heavy Industry (HKD 15.3 billion), Seres (HKD 14.3 billion), Hengrui Pharmaceuticals (HKD 11.4 billion), Sanhua Intelligent Controls (HKD 10.7 billion), and Haitian Flavouring & Food Company (HKD 10.6 billion)—each individually raised over HKD 10 billion, collectively forming the core strength of this year's Hong Kong fundraising drive.
Spin-off listings and listings of affiliated companies constituted a significant supplement to the familiar faces camp. In 2025, four companies completed spin-off listings, raising a combined HKD 34.9 billion. Among them, Zijin Gold International emerged as the fundraising champion in the spin-off sector with HKD 28.7 billion, while JD Industrials, Nanshan Aluminium International, and Xuanzhu Biotech also completed their spin-off listings. In the affiliated companies segment, Chuangxin Industrial and Conch Materials Technology raised a total of HKD 6.8 billion, leveraging their parent companies' resources to achieve listing. Together, these two categories raised HKD 41.7 billion, establishing themselves as the key force second only to A-to-H listings.
The return of U.S.-listed Chinese concept stocks to Hong Kong focused on cutting-edge sectors, forming a distinctive supplementary force. During the year, three concept stocks—Pony.ai, Hesai, and WeRide—completed secondary listings in Hong Kong, all concentrated in the smart driving and lidar fields, raising a combined HKD 13.9 billion. Shi Qi, Managing Director and Head of Execution for the Capital Markets Department at China International Capital Corporation (CICC), previously indicated that the subsequent positive performance of U.S. stock prices for some of these companies after their Hong Kong listings could encourage more U.S.-listed Chinese firms to actively consider dual primary listings in Hong Kong.
A vertical comparison with recent data makes the trajectory of this structural change particularly clear. Between 2021 and 2022, the landscape of new versus familiar listings in the Hong Kong IPO market was relatively balanced, with familiar faces accounting for close to 50% of fundraising, a trend primarily driven by a wave of U.S.-listed Chinese concept stock returns and property management company spin-offs. Subsequently, as the pool of concept stocks available for return gradually diminished, coupled with the downturn in the real estate market, the proportion of fundraising from familiar faces plummeted to 16% in 2023. In 2024, the push from A-to-H listings helped drive the share of familiar faces back up. Entering 2025, the market structure officially reversed, with the fundraising scale of familiar faces significantly surpassing that of "new faces" for the first time, directly propelling the annual Hong Kong stock fundraising total to a near five-year high.
As a core bridge connecting mainland China with global capital, the value of the Hong Kong stock market has never been one-dimensional. It requires both the "familiar faces"—such as A-to-H enterprises and spin-off entities—to play a ballast role in stabilizing the market. These entities typically possess mature business models and stable profitability, providing the market with fundamental liquidity and valuation anchors. Simultaneously, the market eagerly anticipates welcoming more high-quality, previously unlisted entities like Chery Automobile. The entry of such "new friends" can further invigorate the market's diverse vitality, as these "new faces" often represent the development direction of emerging industries, bringing innovative momentum and growth potential to the market.