"Hong Kong has reclaimed its spot at the top of global IPO charts for total funds raised-a position it last held in 2019. (This figure reflects the capital injected by investors during an IPO, and represents the difference in a company's valuation pre- and post-IPO.) In 2025, global IPO markets raised $158.4 billion across 1,227 deals, reflecting an 18% rise in funds raised, according to an outlook report by consulting firm KPMG."
""Key global IPO markets have trended upwards in 2025 with Hong Kong's threefold increase in funds raised, making it the largest single contributor to the global IPO market's recovery, and reaffirming its status as a leading international financial center," wrote Paul Lau, a partner and the head of capital markets and professional practice at KPMG China, in their outlook report."
Global IPO markets raised $158.4 billion across 1,227 deals in 2025, an 18% increase year-on-year. The Hong Kong Stock Exchange topped global fundraising with HKD272.1 billion ($34.3 billion), a 210% rise from 2024's HKD88 billion. New York and NASDAQ ranked second and third with $20.3 billion and $19.2 billion respectively. Hong Kong's surge was driven by a record number of A+H dual listings that let companies list on mainland Chinese exchanges and HKEX, popular among Chinese firms starting global expansion. As of Dec. 7, Hong Kong had over 300 active IPO applications, led by TMT (39%) and healthcare/life sciences (21%).
Read at Fortune
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