The main theme of the report is the analysis of IPO markets in mainland China 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 uncertainty. Four out of the ten largest IPOs by funds raised in the first half of 2025 were from Hong Kong. The main industries driving growth are AI and high technology. The total funds raised amounted to USD 60.9 billion, which is a 10% increase compared to the first half of 2024.