KPMG – Chinese Mainland and Hong Kong IPO Markets, 2Q 2025

The main theme of the report is the analysis of IPO markets in Chinese Mainland and Hong Kong for the second quarter of 2025.

Key findings include: The global IPO market remained weak in the first half of 2025 amid ongoing uncertainties. Four out of the ten largest IPOs by funds raised in the first half of 2025 are from Hong Kong. Key industries driving the market include AI and high technology. The total amount of funds raised was USD 60.9 billion, up 10% from the first half of 2024. The number of completed IPOs decreased by 5% compared to the first half of 2024.