Hong Kong to reclaim top spot in global IPOs, PwC says
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In the first half of 2025, total proceeds raised in Hong Kong jumped 701 per cent to HK$107.1 billion (S$17.4 billion) on 44 IPOs.
PHOTO: BLOOMBERG
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HONG KONG – Hong Kong is on track to regain its position as the world’s top fund-raising venue for initial public offerings (IPOs) in 2025, according to consulting and accounting firm PwC.
An estimated 90 to 100 companies are forecast to raise between HK$200 billion (S$32.5 billion) and HK$220 billion in the Chinese territory in 2025, PricewaterhouseCoopers said on July 2.
The city’s IPO market is red-hot so far in 2025, boosted by a string of blockbuster deals as Chinese firms seek capital to expand after a years-long lull.
Hong Kong is also benefiting from increased geopolitical tension, picking up listings that in previous years might have gone to New York while investors have been shifting cash away from the United States.
In the first half of 2025, total proceeds raised in Hong Kong jumped 701 per cent to HK$107.1 billion, on 44 IPOs, according to PwC.
Listings in June reached their highest monthly total since December 2022, and the pace is expected to be hectic the rest of the year.
“The second half of the year is traditionally the peak period for Hong Kong IPOs,” said Mr Eddie Wong, PwC Hong Kong capital markets leader. “With more than 200 listing applications already submitted, we expect strong momentum to continue, supported by several mega deals.”
New York, including the New York Stock Exchange and Nasdaq, is overall bigger in 2025, with HK$127.2 billion in listings, according to PwC.
For the rest of 2025, two to three big IPOs of more than HK$10 billion each are expected, Mr Wong told reporters on July 2.
These mega-deal hopefuls could come from traditional sectors, and some of them have not applied officially to list yet, he said.
Clothing retailer Shein Group is said to plan switching to a Hong Kong IPO as its blockbuster London deal faces challenges from Chinese regulators, Bloomberg News reported earlier.
“Many large-cap companies listed on the A-share market, as well as those planning to spin off their China operations, are looking to list in Hong Kong,” said PwC Hong Kong capital markets services partner Diamantina Leong. BLOOMBERG
