The Zhitong Finance App learned that on January 6, Wind released the 2025 Hong Kong Stock Underwriting Ranking. The deep restoration of liquidity in the secondary market and the significant recovery in risk appetite have provided an ideal “issuance window” for the primary equity financing market, and Hong Kong stock equity financing has shown an explosive growth trend. According to statistics, in 2025, the total amount raised in the Hong Kong equity financing market reached HK$612.2 billion, which is a marked double of HK$174.5 billion in the same period last year. The growth rate reached 250.91%, achieving a shift in scale. This surge is due to the return of large Chinese securities companies and the normalization of special technology companies (18C). It not only reshaped Hong Kong's position as a global IPO capital raising center, but also completed the core transformation from a “valuation depression” to an “asset pricing hub” in the context of increased pricing power for capital going south.

The Zhitong Finance App learned that on January 6, Wind released the 2025 Hong Kong Stock Underwriting Ranking. The deep restoration of liquidity in the secondary market and the significant recovery in risk appetite have provided an ideal “issuance window” for the primary equity financing market, and Hong Kong stock equity financing has shown an explosive growth trend. According to statistics, in 2025, the total amount raised in the Hong Kong equity financing market reached HK$612.2 billion, which is a marked double of HK$174.5 billion in the same period last year. The growth rate reached 250.91%, achieving a shift in scale. This surge is due to the return of large Chinese securities companies and the normalization of special technology companies (18C). It not only reshaped Hong Kong's position as a global IPO capital raising center, but also completed the core transformation from a “valuation depression” to an “asset pricing hub” in the context of increased pricing power for capital going south.