This report reviews the IPO markets in the Chinese Mainland and Hong Kong for 2025 and provides an outlook for 2026.
It highlights a resurgence in the IPO market driven by improvements in Hong Kong, with global IPO funds raised reaching USD 158.4 billion in 2025, an 18% increase from 2024. The Hong Kong Stock Exchange ranked first globally in IPO funds raised, and trends such as easing trade tensions and growth in AI and high-tech sectors are influencing the market.