Hong Kong's IPO market has shown strong recovery this year, with at least 114 listings—a 63% increase from last year's 70—raising approximately HKD 286.3 billion, up 227% year-on-year. This surpasses the New York Stock Exchange and India's National Stock Exchange and Bombay Stock Exchange, reclaiming Hong Kong's position as the world's top IPO fundraising market. It also marks the highest number of listings and fundraising volume since 2020, when 146 IPOs raised HKD 397.275 billion.
Industry leaders, including Deloitte China's South China Managing Partner Ou Zhenxing, EY Hong Kong Capital Markets Spokesperson Lai Yunfeng, and KPMG China's Hong Kong Capital Markets Group Head Partner Liu Dachang, anticipate Hong Kong will remain among the top three global IPO markets next year. The primary competition is expected from the NYSE and Nasdaq in the U.S.
Lai Yunfeng noted that with over 300 companies having submitted listing applications to the Hong Kong Exchange (HKEX), the IPO market is likely to remain robust in 2025, projecting 180 listings raising HKD 320 billion. Liu Dachang forecasts a higher range of 180–200 listings, with fundraising reaching HKD 350 billion, while Ou Zhenxing estimates around 160 listings raising at least HKD 300 billion.
Liu highlighted that large tech listings in the U.S. could significantly boost fundraising there, though Hong Kong retains an edge over India's NSE, which ranked fourth this year. Lai expects more mid-sized IPOs (HKD 5–10 billion) but did not speculate on mega-deals exceeding HKD 10 billion.
Notably, Elon Musk's SpaceX, valued at USD 800 billion, may go public as early as next year, while AI giant OpenAI (reportedly valued at USD 780 billion) and the potential privatization-turned-IPO of Fannie Mae and Freddie Mac could further inflate U.S. figures.
Despite this, UBS Global Investment Banking Vice Chairman and Asia Corporate Client Co-Head Li Zhenguo and CPA Australia Greater China Deputy President and Financial Affairs Committee Vice Chairman Liang Youting predict HKEX will retain its global IPO crown in 2025. Li did not rule out blockbuster listings like CATL's HKD 40 billion+ IPO, anticipating several HKD 10 billion+ deals in Q1 alone. He also noted increasing interest from Middle Eastern firms and a gradual return of U.S. fund participation, though not to previous levels.
Regarding recent regulatory scrutiny on IPO sponsor disclosures, Liu emphasized Hong Kong's stringent standards, viewing the oversight as beneficial for long-term quality. Li characterized it as a reminder to maintain standards amid high volumes, ensuring sufficient resources for processing applications.