In 2025, Hong Kong reclaimed the top global position in terms of initial public offering ( IPO ) funds raised, reaching nearly HK$285.8 billion ( US$36.65 billion ), a total that has attracted worldwide market attention, underscoring Hong Kong’s leadership as an international financial centre, according to a recent report.

In 2026, despite ongoing geopolitical uncertainties, the overall trend of falling interest rates, complemented by favourable government policies, will boost investor confidence, the report by Big Four accounting firm PwC anticipates, making Hong Kong’s IPO market likely to continue its robust performance.

In 2025, Hong Kong saw 119 IPOs, the report notes, marking a 68% increase from 2024, and the HK$285.8 billion raised represents a more than twofold rise ( 225% ), positioning it at the forefront globally.

Hong Kong IPOs in 2025 included, 113 main board companies, two growth enterprise market ( GEM )-to-main board transfers ( without fundraising ), one listing by introduction, two de-Spacs ( special purpose acquisition companies ) and one on GEM.

Industry distribution on the main board was dominated by retail, consumer goods and services ( 28% ), followed by information technology and telecommunications services ( 26% ), with healthcare and pharmaceuticals making up 25%.

In terms of funds raised, industrials and materials led ( 41% ), followed by retail, consumer goods and services ( 27% ), and information technology and telecommunications services ( 18% ). Notably, 55 companies raised HK$1 billion or more, demonstrating strong market enthusiasm for large IPOs.

Currently, over 300 companies have filed applications to list on the Hong Kong Stock Exchange, including some large enterprises. Approximately 150 companies will successfully list in Hong Kong in 2026, PwC predicts, raising between HK$320 billion and HK$350 billion.

More than 10 companies will raise over HK$5 billion and A-share companies will continue the trend of using Hong Kong’s capital markets for international fundraising.

The number of H-share listings on the main board surged from 30 in 2024 to 76 in 2025, an increase of 153%. New economy companies, particularly 18C innovative companies and 18A biotech companies, will remain the focus of listings in 2026.

Furthermore, retail, consumer goods and services companies are expected, according to the report, to benefit from the Chinese government’s push for domestic demand, with more of these companies projected to raise funds by listing in Hong Kong.

In 2025, the A-share IPO market was driven by the strategy of deepening reform of the Star and ChiNext markets, exhibited distinct characteristics of “quality first, structural optimization and technology leadership”.

Investment and financing developed, according to the accounting firm, in a coordinated manner throughout 2025, with a total of 116 new stocks listed, raising 131.8 billion yuan ( US$18.85 billion ). Compared to 2024, the number of new stocks increased by 16%, and the total amount of funds raised grew by 96%.

The industry distribution focused on sectors like industrials, IT, materials and energy, with technological innovation becoming the core driver for companies going public. This underscores, the report states, the significant role of the A-share capital market in supporting the development of new quality productive forces, national industrial upgrades and the strategy for scientific and technological self-reliance.

The institutional environment of the A-share market continued to improve in 2025, with IPO valuations becoming more rational and investor confidence remaining strong, says PwC, adding that patient, long-term and strategic capital steadily expanded.

With the deepening of a multi-tier capital market system, the Beijing Stock Exchange’s activity increased, the report notes, becoming an important listing platform for small and medium-sized enterprises in sectors like artificial intelligence, robotics, semiconductors, new energy and biomedicine.

The A-share capital market entered a new phase of high-quality development characterised by quality-first, innovation-driven and institutionally inclusive growth.

“Hong Kong’s capital market performed exceptionally well in 2025, enhancing company valuations and boosting market confidence, significantly increasing Hong Kong’s attractiveness as a listing destination,” notes Diamantina Leong, PwC Hong Kong capital markets services partner. “We expect more overseas and innovative companies to opt for Hong Kong listings, reflecting the resilience and strength of Hong Kong’s financial market, as well as its vital position in Asia-Pacific and global markets.

“Looking ahead, Hong Kong will continue to play a unique and important role in global capital markets, providing diverse opportunities for various companies to raise funds through listings."

Eddie Wong, PwC Hong Kong capital markets leader, adds: “In 2025, Hong Kong's capital market saw a strong recovery. Looking ahead to 2026, the Hong Kong IPO market is expected to maintain its promising performance and exhibit a trend toward diversified development. This diversity will enable companies from various sectors to obtain funding related to innovation and technology, driving the market to deeper levels of development.

“The Hong Kong IPO market will remain vibrant, with IPO funds raised anticipated to reach HK$350 billion in 2026, supported by listings of high-end manufacturing and tech companies. Despite uncertainties in the global geopolitical landscape, the demand for international financing by Chinese enterprises and investors’ interest in high-quality Chinese companies remain strong.”

“PwC looks forward to witnessing Hong Kong maintain its leadership in global capital markets, making it the preferred listing destination for international and Chinese companies, thereby creating a more prosperous economic environment for all stakeholders involved.”