Hong Kong topped Asia’s share sale markets in 2025, raising over US$73 billion through IPOs, placements and block trades.

This pushed Hong Kong to second place globally, behind only the US, and marked its first time leading Asia since 2013.

Chinese firms drove much of the activity, with big deals from CATL, BYD and Xiaomi, each raising more than US$5 billion.

India also had a record year, with IPO proceeds exceeding US$20 billion, backed by domestic funds and retail investors.

Four of the world’s five largest share-sale venues in 2025 were in Asia, including Hong Kong and India.

However, high valuations and recent market volatility have made some investors more cautious, even as around 300 companies wait to list in Hong Kong.

🔗 Source: Bloomberg