Hong Kong raises nearly $35.4b from 106 IPOs, tops global listings

Hong Kong raised nearly US$35.4 billion from 106 IPOs as of December 12, making it the top global fundraising venue in 2025, according to Hong Kong Exchanges and Clearing (HKEX), citing Dealogic data.

The New York Stock Exchange followed with US$21.4 billion raised, while India’s main exchanges collected US$21.4 billion.

Four Hong Kong-listed companies, including Chinese battery maker CATL, ranked among the world’s top 10 IPOs this year.

Nasdaq and Shanghai’s Star Market completed the top five with US$20 billion and US$13.9 billion raised, respectively.

Average daily turnover on the Hong Kong stock exchange rose 43% year-on-year to HK$230.7 billion in the first 11 months of 2025.

New listings this year came from companies based in Kazakhstan, Singapore, Thailand, and the United Arab Emirates.

HKEX expanded its technology and biotech listings, and opened an office in Riyadh to strengthen links with Middle Eastern markets.

🔗 Source: South China Morning Post

🧠 Food for thought

Implications, context, and why it matters.

Aftermarket performance reveals market quality beyond headline numbers

Funds raised jumped about 210% to HKD 272.1 billion 1, and average aftermarket gains looked healthy 2, though market-wide comparisons with offer prices did not appear.
Short and medium-term gains in Q3 2025 2 hint at quality. H-shares are mainland Chinese companies listed in Hong Kong, and A-shares are the same firms’ onshore listings in Shanghai or Shenzhen. Discounts between the two narrowed 3, so global buyers paid closer to mainland valuations.
Some new shares drew heavy oversubscription 3, but long-run success depends on whether these deals created durable value or rode a liquidity wave. The Hang Seng Tech Index rose 44.7% 2, which made it hard to separate momentum from offer quality.

SaaS providers can target HKEX’s climate disclosure rollout

On January 1, 2025, LargeCap Hong Kong issuers, HKEX’s largest companies by market value, must disclose scope 1 and 2 greenhouse gas emissions. Most other Main Board firms, the exchange’s primary market for established listings, move from “comply or explain” in 2025 to mandatory reporting in 2026. Growth Enterprise Market issuers stay voluntary 4.
HKEX urges early use of the International Sustainability Standards Board Standards 5, which require complex value chain emissions data 5. Foreign companies now listing in Hong Kong 3 also need bilingual environmental, social, and governance tools for Chinese and global investors.
The staged rollout sets a clear sales clock. Sell to LargeCaps, prepare for non-LargeCap Main Board issuers in 2026, then expect first-batch adoption from 2028 4.