PwC: Hong Kong Projected to be 2025 IPO Leader
Year-to-date, Hong Kong is leading in initial public offerings globally and it is expected to maintain momentum for the rest of 2025.
According to a PwC report, Hong Kong is forecasted to deliver 90 to 100 initial public offerings (IPO) in 2025 with fundraising projected to reach HK$200 billion ($25 billion) to HK$250 billion, rebounding to become the global leader. The IT & telecommunications, healthcare and retail, consumer goods and services sectors are expected to be key market drivers.
In the first half of 2025, the city was the top IPO venue globally, with 44 listings raising HK$107.1 billion – a seven-fold year-on-year increase. On the main board, retail, consumer goods, and services accounted for 34 percent of listings, followed by industrials and materials (23 percent) and healthcare (23 percent).
Market Drivers
PwC cites drivers such as the growing popularity of dual A+H listings, continuous policy support from the Chinese government and initiatives introduced by the Hong Kong exchange, such as the Technology Enterprises Channel (TECH) which provides pre-listing guidance for specialist technology companies and biotech companies.
The report notes that the second half of the year is traditionally a peak period for IPOs in Hong Kong with more than 200 companies having already submitted listing applications. They come from various industries including manufacturing, retail, consumer goods and services, biotech, healthcare, AI, IT and telecommunications.
«Despite ongoing uncertainties, such as geopolitical tensions and trade tariffs, the high level of liquidity in Hong Kong’s banking system is creating favorable conditions for corporate listings and fundraising,» commented Diamantina Leong, PwC Hong Kong capital markets services partner. «With supportive policies and ample liquidity, we expect 2025 to be the most active fundraising year for IPOs in the past four years.»