IPO fundraising in Hong Kong dropped dramatically by 59% to HKD41.3bn (USD5.3m), marking a 20-year low and relegating the city to sixth globally in listing venues, trailing behind India. This decline came as Hong Kong Exchanges and Clearing (HKEX) revised policies to enable major pre-IPO and cornerstone investors to buy additional shares during IPOs, aiming to attract more independent investors and align offer prices with market values. The number of IPO debuts in Hong Kong decreased by 19% to 61. Globally, Shanghai, Shenzhen, and Nasdaq led in new stock fundraising, followed by NYSE and Bombay Stock Exchange. No overseas IPOs occurred in Hong Kong this year, except J&T Express, a Chinese company with Southeast Asian roots.