Hong Kong IPOs raise HK$355.8B in 2025, up 156%

The sharp rise in Hong Kong IPO proceeds underscores a structural shift toward dual-listed 'A+H' issuers and tech-heavy companies, which likely reflects mainland firms seeking offshore capital amid tighter domestic listing conditions. The deeper involvement of cornerstone investors suggests these deals are being underwritten by strategic backers rather than broad retail demand, pointing to a more institutionally driven market. What matters next is whether this momentum persists into the second half, particularly as global liquidity conditions and cross-border listing policies evolve. The composition of future listings—whether tech dominance continues or diversifies—will signal the durability of this fundraising wave.