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Hong Kong is poised to regain the top spot in global IPO market rankings by the end of 2025, fuelled by an unprecedented wave of IPO applications. At the end of the third quarter, the Hong Kong market is setting new benchmarks, with historic number of almost 300 active IPO applications in the pipeline as of 30 September 2025, according to KPMG's latest Chinese Mainland and Hong Kong IPO markets 2025 Q3 review.
The Hong Kong IPO market maintained its momentum in Q3, with funds raised reaching HK$182.9 billion across 67 listings in the first nine months of the year, representing a 229% rise in funds raised and a 49% increase in deal volume as compared to the same period last year. The overall growth in Hong Kong's IPO market is mainly driven by A+H listings. A total of 11 A+H listings were completed in the first three quarters, accounting for 50% of total IPO funds raised.
Chinese Mainland and Hong Kong IPO Markets 2025 Q3 Review
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