Hong Kong IPOs have made a stunning comeback in 2025. “A to H listings” are making up the bulk of Hong Kong’s initial public offering pipeline this year.

Such listings could help lift Hong Kong’s initial public offering volumes to about $15 billion in 2025, according to a forecast by KPMG LLP, compared to $10.5 billion so far this year.

Contemporary Amperex Technology Co. Ltd. climbed as much as 16.43% in its Hong Kong trading debut after the Chinese battery giant wrapped up the world’s biggest listing this year by raising HK$35.7 billion ($4.6 billion).

The success of the stock offering, which may increase to $5.3 billion if CATL exercises an option to do so, single-handedly doubled Hong Kong’s proceeds from listings this year and could embolden other companies to go public.

Jiangsu Hengrui Pharmaceuticals Co., China’s largest drugmaker by market value, surged in its trading debut in Hong Kong after raising HK$9.9 billion ($1.3 billion) as listings pick up in the Asian financial hub.

The stock jumped 25% to HK$55.15 on Friday. Ahead of the debut, the company had sold its stock at the top end of the marketed range amid strong demand for the shares.

Several other Chinese companies that trade on mainland exchanges are considering second listings in Hong Kong as activity in the city picks up again. They include Huawei Technologies Co. partner Seres Group Co., Eastroc Beverage Group Co., and condiment maker Foshan Haitian Flavouring & Food Co..

“We expect Hong Kong listings by A-share companies to account for a big portion of Hong Kong’s IPO volume in 2025,” said Kenneth Chow, Citigroup Inc.’s Asia head of equity capital markets origination and products. He said it was easier for investors to buy the shares of these companies, since they were already familiar with them from the onshore listings.

Hong Kong’s IPO market is seeing a nascent recovery, helped by the Chinese government’s stimulus measures that have fueled a stock rally and pledges to encourage the nation’s companies to list in the city. A roughly 15% gain in the benchmark Hang Seng Index this year is also raising hopes of better valuations for firms.