Hong Kong's IPO pipeline swelled in January with applications tripling year-on-year to 96 and proceeds hitting the second-highest level on record at US$4.2 billion. Twelve companies listed, raising funds up 447 per cent from a year earlier. This strong performance follows Hong Kong reclaiming the world's top IPO spot in 2025.
Hong Kong Exchanges and Clearing (HKEX) reported on Friday that 95 companies applied to list on the main board in January, with one seeking a spot on the Growth Enterprise Market (GEM), which caters to smaller and growth-stage firms, for a total of 96 applications. This more than tripled the 29 recorded a year earlier and equalled roughly one-fifth of the 466 total in 2025, already one of the strongest years for new listings.
In 2025, Hong Kong reclaimed the world's top spot for IPOs after a slump since its 2021 peak, with 114 companies raising US$37.22 billion on the main board. January saw 12 companies list in the city, raising US$4.2 billion, a 447 per cent increase from a year earlier, according to data from the London Stock Exchange Group (LSEG) released on Friday. The 2025 Lunar New Year falling in January meant fewer trading days, amplifying the year-on-year contrast in fundraising.
The surge underscores renewed confidence in Hong Kong as a global fundraising hub, bolstered by supportive policies amid economic uncertainties. Firms like Deloitte China anticipate sustained IPO activity in 2026.