Hong Kong ranked as the world’s top IPO (initial public offering) venue in 2025, with fundraising levels increasing sharply from a year earlier, the Hong Kong Exchanges and Clearing (HKEX) said in its annual report on Monday.

As of Dec 19, the Hong Kong Stock Exchange had raised a total of HK$274.6 billion ($35.3 billion) from 106 new listings (including transfers from the Growth Enterprise Market to the main board), with four companies in the world's top 10 IPOs this year. Companies listed on the HKEX raised $66 billion in follow-on offerings.

IPO issuers are also increasingly diversified as the bourse welcomed listings from companies domiciled in Kazakhstan, Singapore, Thailand and the United Arab Emirates this year.

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Since the HKEX implemented Chapter 18A and 18C of the listing Rule, and launched the Technology Enterprises Channel with the Securities and Futures Commission, 88 biotech and specialist technology companies have issued on the Hong Kong Stock Exchange.

For the cash market, average daily turnover in the first 11 months of 2025 reached HK$230.7 billion, an increase of 43 percent year-on-year.

The HKEX's derivatives market also had a record year, with average daily volumes (ADV) of futures and options reaching a record 1.69 million contracts as of Nov 30, up 8 percent year-on-year. Stock options were among the most actively traded products, with ADV of 895,548 contracts, up 23 percent from the same period a year earlier.

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Looking forward to 2026, HKEX Chief Executive Officer Bonnie Chan Yi-ting said the HKEX is committed to build a comprehensive financial ecosystem with more products and connectivity powered by technology and partnerships.

“We are proactively expanding our product ecosystem to create a marketplace where investors can find what they need: cash equities and ETFs (exchange-traded funds), dynamic derivatives, and an increasingly robust fixed-income and currencies offering, alongside solutions that help manage risk and unlock returns,” Chan said in the annual report.

“We made a strategic investment in CMU OmniClear Holdings, advanced plans for our permanent headquarters, and launched consultations to further enhance market efficiency and vibrancy. Listing reforms and our TECH Channel are bringing breakthrough companies to Hong Kong, while various connect schemes continue to deliver unprecedented connectivity between the Chinese mainland and international capital,” Chan added.

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The HKEX said it will leverage its experience in the cash trading market to develop a robust fixed-income and currency (FIC) market ecosystem in Hong Kong. Building on the success of creating the depth and liquidity of the equities market, the HKEX is now focused on developing a robust FIC ecosystem that will strengthen Hong Kong’s position as a global hub for bond fundraising, risk management and the offshore renminbi business.

The HKEX’s subsidiary, London Metal Exchange, intends to introduce auto expiry for options early in the second half of 2026, with electronic options planned for the end of the year, with the aim of increasing liquidity and transparency in commodities trading.

Upcoming initiatives for enhancing market liquidity include proposals to standardize board lots for securities trading with eight options, the launch of the Uncertificated Securities Market (allowing investors to hold and manage securities electronically without the need for physical certificates), and other key reforms.