Source: Media Outreach
Record A+H listings drive historic year, pipeline of over 300 signals sustained momentum into 2026
In 2025, global IPO markets raised USD158.4 billion across 1,227 deals, reflecting a 18% rise in funds raised and a 4% drop in deal volume compared to 2024. Hong Kong led the way, followed by the US stock exchanges in second and third place, which saw their combined fundraising grow by 18% year-on-year. Rounding out the top five were the National Stock Exchange of India and the Shanghai Stock Exchange, securing the fourth and fifth places, respectively.
Paul Lau, Partner, Head of Capital Markets and Professional Practice, KPMG in China, says, “Key global IPO markets have trended upwards in 2025 with Hong Kong’s threefold increase in funds raised making it the largest single contributor to the global IPO market’s recovery and reaffirming its status as a leading international financial centre. Buoyed by this momentum and a backlog of potential IPO candidates, we expect this upward trend to continue into 2026. In particular, the pace of AI-related listings is poised to accelerate as the technology matures and is adopted more widely across various industries.”
The A-share market continues its steady development, expected to raise RMB163.7 billion across 130 deals, representing a 23% growth in funds raised while deal volume remained stable compared to 2024. The listing of 20 Real Estate Investment Trusts (REITs) remains a significant driver, securing RMB41.0 billion in funding, which accounts for 25% of the total A-share proceeds in 2025.
The Shanghai Stock Exchange STAR Market saw substantial reforms during the year, including the launch of a science and technology innovation growth tier in July. Since then, 3 pre-profit companies – primarily from the semiconductor and biotechnology sectors – have been listed in the growth tier. These reforms aim to help early-stage, high-quality companies utilise capital to accelerate the commercialisation of technology and enhance overall industrial capabilities.
Irene Chu, Partner, Head of New Economy and Life Sciences, Hong Kong SAR, KPMG in China, says: “The A-share IPO market posted steady gains in 2025. The 15th Five-Year Plan deepens the reform for China’s capital markets, with inclusiveness and coordinated investment and financing at the core of market reforms. As these strategic priorities take hold, we expect the authorities to prioritise and sustain their efforts to foster steady, high-quality growth in the A-share market for years to come.”
The Hong Kong IPO market delivered a standout performance in 2025, with funds raised expected to reach HK$272.1 billion across 100 listings. This would represent increases of 210% and 43% respectively compared to 2024, marking the strongest year in terms of funds raised since 2022. The growth was driven by the rise of A+H listings, which accounted for half of total IPO funds raised.
A record 17 A+H listings were completed in 2025, the highest number on record, highlighting Hong Kong’s strength as a bridge between domestic and global capital pools. The surge was fueled by strong government policy support and the momentum established by successful mega-sized A+H listings recently. Among them, the world’s largest EV battery manufacturer raised HK$41.0 billion through its A+H listing, making it the largest IPO globally in 2025.
The city hosted 14 pre-revenue biotech listings (Ch.18A) in 2025, up from 4 in 2024, along with 3 specialist technology listings (Ch.18C), on par with the previous year. The launch of the Technology Enterprises Channel (TECH) and the option for confidential submissions for Ch.18A and Ch.18C companies, has streamlined and improved the listing process. These improvements underscore the city’s dedication to fortifying its status as a leading global listing platform.
Active IPO applications in Hong Kong reached a record 316 as at 7 December 2025, a 267% increase from the end of 2024. Within this pipeline, 92 are A+H applications. When combined with A-share companies that have announced their intention to list in Hong Kong, we may be seeing over a hundred A+H listings applications in the near future, providing an anticipated robust start to 2026.
Amendments to the eligibility requirements for companies with weighted voting rights (WVR) structures are currently being considered, with potential enhancements including: lowering market capitalisation requirements, revising the Innovative Company definition, and adjusting voting power restrictions. These changes aim to enable more companies to utilise the regime and afford greater flexibility for founders. A crucial aspect will be striking the right balance between offering flexibility to potential issuers and safeguarding investor interests.
Louis Lau, Partner, Head of Hong Kong Capital Markets Group, KPMG in China, says: “Hong Kong’s return to the top of global IPO rankings has demonstrated the resilience of its capital market and its role as an international financial centre. We are witnessing a steady influx of tech and biotech firms opting to list in Hong Kong, drawn by the city’s supportive policies and stable regulatory environment. Rising participation from foreign investors further emphasises Hong Kong’s growing appeal as a gateway to Chinese assets and high-tech investment opportunities. As policies continue to promote innovation and new economy sectors, aside from the continued momentum from A+H listings, we also expect 2026 to be a pivotal year for high-tech listings, further solidifying Hong Kong’s position as a global capital markets leader.”
Remark: All figures and data referenced in this press release and the related report are as at 7 December 2025, adjusted for confirmed listings up to 31 December 2025.
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