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Hong Kong’s momentum as an initial public offering (IPO) venue is set to hurtle onwards in 2026 after funds raised from share sales more than tripled in 2025, placing the city’s exchange atop the global rankings for the first time since 2019.
A total of 114 companies raised US$37.22 billion on the Hong Kong stock exchange’s main board in 2025, according to data released on Friday by the London Stock Exchange Group (LSEG). That translates to a 229 per cent increase from US$11.3 billion in 2024.
That put the city’s bourse, which finished fifth in 2024, well ahead of the Nasdaq, which ranked second with US$27.53 billion. The two major markets in India ranked third and fourth with US$21.09 billion and US$20.97 billion, respectively. The New York Stock Exchange closed out the top five with US$20 billion.
The blockbuster performance represents the best year for the Hong Kong exchange since 2021, when proceeds surpassed US$42.97 billion, before a deep freeze amid a post-pandemic economic slump. The exchange, run by Hong Kong Exchanges and Clearing (HKEX), was the world’s largest IPO market seven times between 2009 and 2019.
“Hong Kong’s IPO market is set to continue to be bullish in 2026 and could raise up to HK$300 billion [US$38.5 billion],” according to John Lee Chen-kwok, vice-chairman and co-head of Asia coverage at UBS in Hong Kong, one of the leading sponsors for IPOs in the city.
“Over 300 candidates have filed for listings, which is a strong pipeline. In addition, the Hang Seng Index is expected to perform well and has room to go further up in 2026, which would support IPO market sentiment.”
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