Hong Kong has reclaimed its spot at the top of global IPO charts for total funds raised—a position it last held in 2019.
In 2025, global IPO markets raised $158.4 billion across 1,227 deals, reflecting an 18% rise in funds raised, according to an outlook report by consulting firm KPMG.
The Hong Kong stock exchange (HKEX) led the way, raising a total of HKD272.1 billion ($34.3 billion) in funds. This was a 210% increase from 2024, when it raised HKD88 billion ($11.3 billion).
The New York and NASDAQ stock exchanges ranked 2nd and 3rd, raising a total of $20.3 billion and $19.2 billion respectively, the KPMG report found.
According to the firm’s analysts, Hong Kong’s surge in IPO fundraising was driven by a record number of A+H listings—dual listings allowing companies to trade shares on both mainland Chinese stock exchanges (A-shares) and the HKEX (H-shares). They are especially popular among Chinese companies looking to Hong Kong’s market for the first leg of their global expansion.
