Hong Kong has made a strong comeback as the global leader in Initial Public Offerings (IPOs) for the first time since 2019. This resurgence comes on the heels of a record number of A+H listings and a robust pipeline of over 300 applicants. This return to form positions Hong Kong to maintain its momentum in the capital markets through 2026, according to the most recent market review by KPMG.
According to KPMG, global IPO markets garnered $158.4 billion across 1,227 deals in 2025, which is an 18 percent increase in total funds raised. Interestingly, this was achieved despite a four percent decrease in the volume of deals made.
Hong Kong managed to outperform all other markets, surpassing the US exchanges and reclaiming its traditionally held leadership position in the global fundraising arena. Paul Lau, partner and head of capital markets and professional practice at KPMG in China, emphasizes that it was the threefold rise in funds raised by Hong Kong that played a significant role in the global market’s recovery.
A remarkable 17 A+H listings were completed in Hong Kong in 2025, the highest ever recorded, accounting for half of the city’s total IPO proceeds. This even included the largest global IPO of the year, in which the world’s top EV battery manufacturer raised HK$41.0 billion.
KPMG credits this momentum to supportive government policies and recent mega-listings that bolstered market confidence. This surge underlines Hong Kong’s strategic role in linking domestic and international capital.
Several reforms in the city’s listing regulations, including the Technology Enterprises Channel and confidential filing for biotech and specialist technology issuers, have played a key role in stimulating market activity. The number of pre-revenue biotech firms listed under Chapter 18A increased from four to 14 in 2025. There were also three specialist technology companies listed under Chapter 18C. These easier pathways for listing reinforce Hong Kong’s determination to establish itself as an international hub for high-growth industries.
As of December 7, 2025, the IPO pipeline in Hong Kong had reached an unprecedented 316 active applications. This represents a 267 percent increase from the end of 2024. KPMG suggests that the broad and deep pipeline provides a solid foundation for a strong start to 2026.
Regulators in Hong Kong are contemplating updates to the weighted voting rights system. Proposed changes include lower market capitalization thresholds, revised eligibility definitions, and adjusted voting power limits. These policy revisions aim to broaden access to WVR structures while maintaining investor protections.
KPMG suggests that the resurgence of Hong Kong is a testament to the resilience of its capital markets and the city’s renewed attractiveness to technology, biotech, and foreign issuers. Louis Lau, head of Hong Kong capital markets group at KPMG in China, notes that the growing participation of global investors and the expansion of new-economy listings reinforce Hong Kong’s status as a preferred gateway to Chinese assets.
With strong policy support, demand from issuers, and investor interest, the year 2026 is anticipated to mark a significant milestone in the evolution of the market.
What has contributed to Hong Kong’s return to the top of global IPO rankings?
Hong Kong’s return to the top of global IPO rankings has been primarily driven by a record number of A+H listings and a robust pipeline of over 300 applicants.
What are some key regulatory enhancements considered by Hong Kong regulators?
Hong Kong regulators are contemplating updates to the weighted voting rights system that include lower market capitalization thresholds, revised eligibility definitions, and adjusted voting power limits.
What role is Hong Kong expected to play in 2026?
With strong policy support, demand from issuers, and investor interest, Hong Kong is anticipated to continue its leadership in the global capital markets, positioning it as a preferred gateway to Chinese assets.
