HKEX IPO Pipeline 2025 Expands to 300 as Fundraising Doubles

HKEX IPO pipeline 2025 has grown sharply, with Hong Kong Exchanges and Clearing CEO Bonnie Chan reporting about 300 listing applications, up 36.4% from 220 at end-July. IPO fundraising reached HKD182.9bn (USD23.5bn) as of September, more than double the previous year’s total. Chan said international long-term funds from Europe, the US, the Middle East, and emerging markets are actively subscribing to Hong Kong IPOs, particularly in technology and innovation. Post-listing refinancing totalled HKD456.1bn in the first nine months—more than twice the amount raised in new listings—underscoring Hong Kong’s appeal as a top-tier capital-raising venue.