Hong Kong’s initial public offering (IPO) market staged a strong rebound in 2025, with 114 listings raising about HK$286.3 billion ($36.78 billion) — a 63 percent jump in deals and over a twofold increase in proceeds from the previous year, according to Deloitte China.

Boosted by eight mega IPOs, each of over HK$10 billion — accounting for 50 percent for the total funds — and 19 A+H listings, Hong Kong marks the top spot by proceeds. Nasdaq ranked second with HK$205.2 billion, and the National Stock Exchange of India, the New York Stock Exchange and the Shanghai Stock Exchange followed in third, fourth and fifth.

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Deloitte forecast that Hong Kong will embrace 160 IPOs in 2026 with at least HK$300 billion, backed by over 300 applicants. US rate cuts, China’s global expansion policies, and Hong Kong’s market reforms will attract more jumbo deals in biotech, artificial intelligence, and more.

According to Deloitte, companies from the technology, media and telecommunications, healthcare and pharmaceutical and consumer sectors, along with international companies and US-listed China concept stocks, will be the market spotlights.

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“Hong Kong’s IPO market will continue to face the influence of broader macroeconomic and geopolitical developments,” said Edward Au, southern region managing partner of Deloitte China.

He highlighted potential reforms, such as further reviews of dual primary and secondary listings, stronger ties with Southeast Asian exchanges, and target pathways for overseas companies.

These measures, he said, will solidify Hong Kong’s position as an international financial center and its role as a superconnector and super value-adder between the Chinese mainland and global markets, fostering more sustainable long-term growth.