Back at No 1: Hong Kong’s first-half IPOs soar eightfold to US$13.5 billion

Funds from Hong Kong’s initial public offerings (IPOs) soared eightfold in the first six months of 2025, propelling the city’s exchange to the top of the global rankings for the first time since 2019.

A total of 42 companies raised US$13.5 billion on the main board of the Hong Kong stock exchange during the first half, according to data released on Monday by the London Stock Exchange Group (LSEG). Nasdaq was second with US$8.85 billion, while the New York Stock Exchange ranked third with US$7.52 billion, according to LSEG data.

“The IPO market in Hong Kong has continued its upwards trajectory since January, driven in part by DeepSeek’s influence,” which caused worldwide investors to re-evaluate and re-rate Asian stocks, said Haitong International’s head of equity capital markets Kenneth Ho Shiu-pong.

“This resurgence has been supported by a substantial increase in active participation from international investors and significant Southbound inflows, further enhancing the market’s overall appeal,” Ho said. “A key factor sustaining this high level of activity is the robust post-listing performance, [where] the average IPO investors could enjoy a return exceeding 30 per cent.”

Hong Kong jumped 12 spots in the first six months from a year earlier, capping the best first half since 2021, when proceeds surpassed US$30.28 billion, before the city’s stock market went into a deep freeze in a post-pandemic economic slump.