Hong Kong’s IPO landscape is roaring back in 2025, posting the strongest first-half performance since 2021. Equity issuance reached US $12.8 billion—triple last year’s level—and the Hang Seng Index surged about 21% year-to-date.

Driving this momentum has been a wave of A‑to‑H listings, where tech and EV firms like CATL, Xiaomi, and BYD collectively raised over $11 billion, boosting investor confidence. The excitement is now centered on Shein, which is preparing a confidential IPO filing in Hong Kong—a rare move that could become one of the city’s biggest listings this year.

Hong Kong has also attracted more overseas listings: its pipeline has grown from around 80 to over 160 companies, with emerging entrants from Southeast Asia and the Middle East leveraging new dual-listing frameworks. Alongside this surge, the Hang Seng remains an attractive alternative to U.S. exchanges amid global market volatility.

As analysts forecast continued momentum into the second half—driven by technology, healthcare, and consumer deals—Hong Kong’s resurgence signals its reclaiming of global fundraising prominence.