Hong Kong took the global IPO crown in 2025 – with blockbuster listings from batterymakers, to bubble tea chains. Emily Tan takes a look at what's driving that momentum.

Kowloon

In 2025, Hong Kong's IPO market outperformed global competitors, including Nasdaq and the New York Stock Exchange, by raising over $34 billion through more than 100 new company listings. The strong performance was largely fueled by Chinese firms, particularly those pursuing dual A-H share listings, as well as supportive regulatory policies from mainland China.

The Hong Kong exchange is managing a robust pipeline of over 300 companies awaiting listing, with expectations that this momentum will continue for the next two to three years. Efforts are also underway to attract companies from Southeast Asia and the Middle East, with high-profile listings such as Saudi Arabia's Aramco being anticipated.

Hong Kong's thriving IPO scene: What's driving momentum?

From battery makers to bubble tea and even autonomous vehicles, Hong Kong's IPO market came roaring to life in 2025 to claim the top spot on the global ladder, overtaking both the Nasdaq and New York Stock Exchange, as well as last year's IPO darling, India. With more than $34 billion raised, over 100 new companies struck the gong on listing day at the Hong Kong exchange. And spirits are high. If you look at the IPO returns on a weighted average basis, the returns are close to 50%. So overall, there has been a happy meal for everyone in this market. That momentum is set to continue. We're sitting on a pipeline of more than 300 companies right now, and that pipeline is still building. And so at our current pace of reviews and listings, you know, that's going to take two to three years to digest. Fueled by a rush of Chinese companies looking to raise capital, dual A-H share listings have been the mainstay of debuts in Hong Kong this year, as China continues to promote the Hong Kong exchange. I think the regulator, in mainland China, is more incentivized to encourage good companies to be publicly listed here in Hong Kong. Long the gold standard market due to its deep pool of capital, the United States has recently been losing its luster for Chinese listings. Geopolitical tensions between Washington and Beijing, as well as China's own self-sufficiency drive have been prompting many Chinese firms to look closer to home when going public. While an increasingly polarized world is seeing Chinese ambitions to challenge the U.S. when it comes to capital markets. We probably are entering into a phase of a G2 world where you have China and U.S. I think China aspires to become an equal or closer counterpart to U.S. Hong Kong X sits in the middle of this. For the Hong Kong exchange, while it says it is a connector between China and the rest of the world, it also is trying to diversify its listings, targeting Southeast Asia and Middle Eastern companies. A listing of Saudi Arabia's Aramco has been highly anticipated ever since dual Saudi listings were given the tick of approval back in 2023. And even Hong Kong X CEO Bonnie Chan says they're working on it. For the IPOs that we've been talking about since the beginning of the year, Middle Eastern investors have been prominently featured as cornerstone investors or otherwise. We've yet to do a dual listing of an issuer. We're working on it. But for now, investors appear content as the surge of Chinese companies boosting Hong Kong's markets shows no sign of slowing in the new year. Emily Tan, CNBC, Hong Kong.

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