In the first half of 2025, Hong Kong Exchanges and Clearing (HKEX) welcomed 43 new listings with total proceeds of HK$106.71 billion—more than seven times last year’s level, setting a three-year record and propelling Hong Kong back to No. 1 worldwide for IPO fundraising. More importantly, the boom is no “one-man show”: a historic HK$700 billion of southbound inflows and a wave of international capital returning amid a weaker U.S. dollar have jointly fueled a virtuous cycle of rising volume and prices.

Funding and Sector Double Peaks: 43 New Listings Raise over HK$100 Billion, Hard Tech and Healthcare Take the Lead

Official data show HKEX completed 42–44 IPOs (including one De-SPAC) in H1, raising about HK$106.7 billion—more than double the full-year total for 2024. As a single exchange, Hong Kong now clearly surpasses the combined scale of the NYSE and Nasdaq.

By industry slice, advanced manufacturing and NEVs remain the “fundraising magnets.” CATL’s secondary listing in May raised HK$40 billion, rewriting the single-deal record of the past three years. Next came biotech and healthcare, where the twin regimes of Chapter 18C (Specialist Technology) and Chapter 18A (Biotech) helped the sector attract more than HK$15 billion, the second-largest share of proceeds. A PwC report notes that retail and new-consumer companies accounted for 34 percent of Main Board IPOs, highlighting offshore investors’ confidence in China’s domestic-demand resilience.

Scale aside, the pace is quickening: by end-June, IPO applications under review exceeded 200—including Middle-Eastern and Southeast-Asian firms—double the total at the year’s start. The Hang Seng Index gained 20 percent in the first six months, its best H1 on record, laying a valuation cushion for the next window.

Two-Engine Drive: HK$730 Billion of Southbound Funds Plus Offshore Re-Entry

If HK$100 billion in IPOs is the “spring,” southbound capital is the “engine” that keeps it flowing. Net southbound purchases via Stock Connect reached HK$731.2 billion in H1—about 90 percent of the 2024 full-year record—favoring discretionary consumption, internet platforms and pharma.

Meanwhile, global hedge funds and pension money have been “adding China exposure” to hunt for value. Deloitte and Hang Seng Bank tracking shows foreign holdings of Hong Kong equities rose from US$366 billion to US$605 billion in 18 months, the highest since 2000. Besides RMB-appreciation bets, the U.S. dollar index has slipped nearly 5 percent since March, lifting the appeal of HKD-denominated assets.

The twin inflows drove average daily turnover above HK$150 billion for three straight months, while the A/H premium index fell to a five-year low—sending a bullish signal of “earnings + multiple expansion.”

Second-Half Spotlight: Shein and Other Mega IPOs, Policy and Valuations in Sync

Looking ahead, “super IPOs” of greater scale are taking shape. Sources say Shein plans to file confidentially with HKEX, with proceeds estimated at HK$50–80 billion; SF Airlines & Logistics is also seen as a possible HK$10-billion-plus deal. Should two or three such names list around Q4, full-year fundraising could top HK$200 billion, a ten-year high.

On the rules side, the TECH channel launched in May offers a “green-light express” for deep-tech firms; combined with the Chapter 18C guidance lowering profit and market-cap thresholds, more AI, chip and smart-manufacturing players are queuing up. Coupled with monetary easing and fiscal support, analysts widely forecast the Hang Seng to end 2025 in the 26,000–27,000 range, maintaining an upward beta.

A HK$100 billion half-year haul is no “flash in the pan,” but a phased result of policy tailwinds, north-south capital flows and global funds resonating together. As valuations rebound and fundraising channels stay clear, Hong Kong is poised to reclaim the “world’s top listing venue” crown for all of 2025 and inject greater momentum into the global expansion of China’s new-quality productivity.

uSMART launches “HK IPO Fee-Waiver Offer” – subscribe to new shares at zero cost

Margin subscription: 0 % interest, leverage up to 10×

Cash subscription: HK$0 handling fee

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* 0 % interest applies to margin subscription amounts of HK$10 million or below.

^ All handling fees are waived for cash subscriptions.

This promotion is effective from 20 May 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for Hong Kong IPOs via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks. After logging in, tap “Trade” at the bottom‑right, choose “IPO Subscription,” select the target IPO, tap “Public Offer,” enter the share quantity and submit your order.