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Hong Kong IPOs Explode In H1-25 As China Inc. Abandons New York

Hong Kong listings by 44 companies raised $13.6 billion in the first six months of 2025, accounting for a quarter of the world's total IPO fundraising

Key Takeaways:

Hong Kong led the world in IPOs in the first half of the year with $13.6 billion in new fundraising, as New York IPOs by Chinese companies raised just $841 million

Hong Kong has taken steps to lure Chinese companies to the city, as they avoid New York over U.S.-China frictions and face difficulties listing in Shanghai and Shenzhen

Hong Kong became the world's leading IPO market in the first half of 2025, accounting for a quarter of global fundraising from new listings, as money-hungry Chinese firms raced to list in the city after a quiet period over the previous three years. Second listings in Hong Kong by Shanghai- and Shenzhen-listed Chinese firms were a major factor behind Hong Kong's boom, as such companies sought to raise both cash and their global profiles.

At the same time, many Chinese firms that might have previously chosen to list in New York largely abandoned that route this year amid heightened geopolitical tensions between the U.S. and China. Only one Chinese company made a major new U.S. listing in the first half of 2025, as milk tea chain Chagee (CHA.US) raised more than $400 million in its April IPO. And even that was offset by announcement of a privatization bid for electric vehicle (EV) maker Zeekr (ZK.US), which raised a similar $441 million with a New York listing just a year ago.

If those trends continue, which looks likely, 2025 would mark the best year for Hong Kong IPOs since 2021, and would be the second-highest year for IPO fundraising year in the last decade.

Forty-four IPOs by companies in Hong Kong raised a combined HK$107.1 billion ($13.6 billion) in the first half of the year, equal to seven times the amount raised in the first half of 2024, PwC said ...