Select Language:
The Hong Kong stock exchange led global IPO fundraising in the first quarter, fueled by several large listings and a surge in secondary listings by companies from mainland China. Meanwhile, the country’s three major exchanges also experienced growth in both the number of listings and total capital raised, according to a recent report from a leading professional services firm.
Hong Kong completed 40 IPOs during the first quarter, raising a combined HKD109.9 billion (approximately USD14.1 billion). This outpaced notable global markets such as the Nasdaq Stock Market, which hosted 21 IPOs raising USD5.7 billion, and the New York Stock Exchange, which listed 15 companies raising USD4.3 billion. In the same period last year, Hong Kong saw 15 IPOs yielding HKD18.2 billion (around USD2.3 billion).
The dominance of a few large listings was a key factor in Hong Kong’s leading position globally. Notable IPOs included pork producer Muyuan Foods, functional drink brand Dongpeng Beverage, and chip design company Montage Technology. These three raised a total of HKD31.3 billion, representing nearly 30% of the city’s IPO proceeds. Collectively, they ranked third through fifth worldwide in IPO fundraising, with amounts of HKD12.1 billion, HKD11.1 billion, and HKD8.1 billion (about USD1 billion), respectively.
Among the companies listed in Hong Kong during this period, 15 were already listed on mainland exchanges. These firms contributed over 60% of the total IPO funding, including four of the five largest deals: Muyuan Foods, Dongpeng Beverage, Montage Technology, and laser equipment manufacturer Han’s Laser Technology Industry Group. The report also highlighted that technology firms made up a significant share of the overall fundraising.
Mainland China’s stock exchanges also saw increased IPO activity. The Shanghai, Shenzhen, and Beijing exchanges combined to host 30 IPOs in the first quarter, raising CNY25.9 billion (roughly USD3.6 billion). This marked an 11% rise compared to the previous year’s 27 IPOs raising CNY16.3 billion. The Shanghai Stock Exchange accounted for 10 IPOs raising CNY15.4 billion; the Shenzhen Stock Exchange hosted four IPOs with CNY5.6 billion; and the Beijing Stock Exchange listed 16 IPOs raising CNY4.9 billion (about USD716.8 million).
Looking forward, the analysts anticipate around 160 companies will go public in Hong Kong this year, collectively raising at least HKD300 billion. It’s expected that approximately seven of these firms will raise USD1 billion or more each. Priority sectors for IPOs include technology, media, telecommunications—particularly artificial intelligence—along with life sciences and pharmaceuticals.
The report suggests Hong Kong is likely to remain among the top three global venues for IPO fundraising throughout the year, supported by ongoing reforms in capital markets, strong international investor interest, and the long-term trend of global capital flow shifting toward Asian markets.
ChatGPT
Perplexity
Gemini AI
Grok AI
