Hong Kong led global IPOs in 2025, raising $35.4 billion with strong tech demand and new listing rules.

Hong Kong became the world’s top IPO market in 2025, raising $35.4 billion across 106 listings, surpassing New York and India. Strong investor demand, especially in tech and biotech, drove the surge, supported by new listing rules that enabled 88 unprofitable firms to go public. Key listings included CATL and AI firms like Zhipu AI. The Hang Seng Tech Index rose 47%, and daily trading volume jumped 43%. HKEX expanded globally, welcoming listings from the UAE, Thailand, and Kazakhstan, and opened offices in Riyadh and Dubai.