Hong Kong is on track to regain its position as the world’s top fundraising venue for initial public offerings in 2025, according to consulting and accounting firm PwC.

An estimated 90 to 100 companies are forecast to raise between HK$200 billion ($25.5 billion) to HK$220 billion in the city this year, PricewaterhouseCoopers LLP said at a presentation on Wednesday.

The city’s IPO market is red-hot so far this year, boosted by a string of blockbuster deals as Chinese firms seek capital to expand. 

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In the first half of the year, total proceeds raised in Hong Kong jumped 701 percent 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 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 NYSE and Nasdaq, is overall bigger this year with HK$127.2 billion in listings, according to PwC.

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For the rest of the year, two to three big IPOs of more than HK$10 billion each are expected, Wong told reporters Wednesday. These mega-deal hopefuls could come from traditional sectors and some of them haven’t applied officially to list yet, he said.