KPMG: In the first half of 2025, Hong Kong ranked first in the global IPO fund-raising rankings, the total amount raised increased 7 times over the same period last year

The Zhitong Finance App learned that according to KPMG's latest “Mid-Term Review of the Mainland China and Hong Kong IPO Markets 2025”, the Hong Kong IPO market recorded the strongest performance since 2021 in the first half of 2025, and the total amount raised increased 7 times over the same period in 2024. The Hong Kong IPO market topped the global IPO fund-raising rankings in the first half of 2025. In addition to the fact that the number of listing applications on the Hong Kong Main Board has now reached a record high of over 200, it is expected that the strong momentum of the Hong Kong IPO market will continue until the second half of 2025.

In the first half of 2025, the global IPO market raised a total of 60.9 billion US dollars, and the number of listings reached 544. Compared with the same period last year, the scale of capital raised increased by 5%, but the number of listings decreased by 6%, and the overall situation is quite stable. The two major US stock exchanges followed Hong Kong and ranked second and third respectively. Total capital raised fell 8% from the same period last year, while the Shanghai Stock Exchange and the National Stock Exchange of India ranked fourth and fifth respectively.

Liu Guoxian, KPMG's head partner for capital markets and practice technology in China, said, “Although artificial intelligence and other high-tech industries continue to be favored by investors, the uncertainty of US trade policy has had a series of negative effects on capital markets and corporate operations, and the long-term consequences of these effects are still gradually showing.”

In the first half of 2025, A-share market listing activity remained stable. The number of listings was 61, and the total amount raised was RMB 53.7 billion. Although the amount of capital raised decreased by 5% compared to the same period in 2024, the number of transactions increased 15%. A total of 10 real estate investment trusts (REITs) were listed during the period, raising RMB 16.3 billion, accounting for 30% of the total capital raised in the A-share market in the first half of 2025.

Last month, mainland China's regulators announced a new reform to support the simultaneous listing of Greater Bay Area companies listed in Hong Kong on the Shenzhen Stock Exchange and promote the development of the H+A listing model. Subsequently, the Shanghai Stock Exchange also announced the addition of a science and innovation growth layer on the Science and Technology Innovation Board to support the listing of technology companies with high growth potential but not yet profitable.

Liu Dachang, managing partner of KPMG's Hong Kong Capital Markets Group, said, “The new reforms have brought another important milestone to the A-share IPO market. By establishing a science and innovation growth layer on the Science and Technology Innovation Board, regulators will be able to implement innovation reforms more flexibly, not only providing real financing support for technology startups, but also helping investors better identify and manage risks in related industries.”