The Hong Kong IPO market witnessed a powerful resurgence in 2025, with 114 companies completing listings (excluding introductions and de-SPAC transactions), raising a combined HKD 285.3 billion. This represents a staggering 224% year-on-year surge compared to the HKD 88.1 billion raised in 2024, catapulting Hong Kong to become the world's largest exchange by IPO fundraising. Behind this "explosive rebound" lies distinct structural characteristics in industry-level fundraising distribution, where varying financing vitality and capital preferences across different sectors serve as a critical lens for interpreting the year's market dynamics.
From a full-scope perspective, Hong Kong's IPO fundraising exhibited a clear pattern of "top-heavy concentration with diversified synergy." In terms of total funds raised, five sectors—Industrials, Information Technology, Consumer Discretionary, Materials, and Healthcare—emerged as the dominant forces, collectively raising HKD 260.2 billion. This accounted for 90% of the annual total, underscoring the powerful appeal of these core sectors to capital.
Notably, the largest IPO project in each of these five sectors originated from "familiar faces," including A-to-H listings, spin-offs, and U.S.-listed Chinese companies returning to Hong Kong. The concentrated efforts of these established leaders directly shaped the full-scope industry fundraising landscape. Specifically, Contemporary Amperex Technology Co. Limited (CATL) from the Industrials sector became the year's largest Hong Kong IPO, raising HKD 41 billion, while Sany Heavy Industry also raised HKD 15.3 billion via an A-to-H listing. The fundraising leaders in the Information Technology, Consumer Discretionary, Materials, and Healthcare sectors were similarly familiar enterprises, further solidifying the scale advantage of their respective industries.
After excluding these familiar enterprises, the industry fundraising map of Hong Kong IPOs reveals entirely different characteristics, with the financing vitality of the new economy sectors becoming fully apparent. Data shows that after the exclusion, the top three fundraising sectors were Consumer Discretionary, Information Technology, and Healthcare. These three sectors collectively raised HKD 72.5 billion, constituting 81% of the total funds raised by new entrants, directly reflecting the Hong Kong market's clear preference and strong support for new economy fields.
As the top fundraising sector among new entrants, the Consumer Discretionary industry performed exceptionally well, raising a total of HKD 30.2 billion. The leading role of major players was prominent, with Chery Automobile leading the pack with a HKD 10.4 billion fundraising. Concurrently, multiple sub-sectors within the industry flourished; companies such as Aux in home appliances, Mixue Group and Guming in the tea beverage segment, and Saturday Gold in gold and jewelry successfully listed, forming a diverse and synergistic fundraising landscape that collectively supported the sector's scale advantage.
The Information Technology sector also delivered a strong performance, buoyed by the rise of hot segments like robotics and artificial intelligence. A total of 20 new entrants completed listings during the year, raising a combined HKD 21.8 billion. Among them, Geek+, a leader in the AMR market, raised nearly HKD 3 billion, becoming a benchmark for the sector. Empowered by the ongoing Specialist Technology Company regime, innovative firms such as Idriverplus, 51World, and DeepTech also successfully listed in Hong Kong. The synergy between policy tailwinds and industry fervor created a resonance effect, steadily driving the sector's financing scale upward.
The Healthcare sector raised a total of HKD 20.5 billion, a feat underpinned by the continuous empowerment of Chapter 18A rules. In 2025, 16 pre-revenue biotech companies completed IPOs, collectively raising HKD 13.8 billion, which accounted for 65% of the Healthcare sector's total fundraising. This fully ignited the financing vitality of innovative biotech companies, further highlighting Hong Kong's function as a fundraising platform for innovative healthcare enterprises.
It is noteworthy that the differences in industry distribution also correspond with market capital preferences. Under the full scope, mature industries dominated by established players attract long-term capital allocation with their stable profitability. In contrast, the new consumer, IT, and healthcare sectors—after excluding the established players—garnered significant market enthusiasm due to their high growth potential. Numerous related new stocks saw their share prices double on their debut days, demonstrating a pronounced profitable effect for new subscriptions. This stratified capital preference not only supported the rapid expansion of Hong Kong's IPO scale but also enriched the market's investment spectrum.