Hong Kong has regained its position as the leader in global IPO rankings by total funds raised—something it last achieved back in 2019. (This number accounts for the capital investors inject during an IPO and represents the difference in a company’s valuation before and after going public.)
For 2025, global IPO markets generated $158.4 billion across 1,227 deals, marking an 18% rise in funds raised, according to .
The Hong Kong Exchanges and Clearing (HKEX) took the top spot, securing a total of HKD272.1 billion ($34.3 billion) in funds. This represented a 210% jump from 2024, when it raised HKD88 billion ($11.3 billion).
The New York and stock exchanges ranked second and third, raising $20.3 billion and $19.2 billion respectively, per the report.
Analysts from the firm noted that Hong Kong’s surge in IPO fundraising was driven by a record number of A+H listings—dual listings allowing companies to trade shares on both mainland Chinese stock exchanges (A-shares) and the HKEX (H-shares). These are especially popular among Chinese firms using Hong Kong’s market as the first step in their global expansion.
As of December 7, Hong Kong hit an all-time high of over 300 active IPO applications—including 92 active A+H listing applicants—and KPMG’s analysts believe that .
“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 center,” wrote Paul Lau, a partner and the head of capital markets and professional practice at KPMG China, in their outlook report.
Of Hong Kong’s active IPO applications, the largest share comes from technology, media, and telecommunications (TMT) companies—making up 39% of all applications.
The healthcare and life sciences sector came in second, accounting for 21% of applications. The industrial sector followed closely in third place, with 18% of active applications.
Several blockbuster IPOs debuted on the HKEX this year, including China’s largest bubble-tea chain Mixue, which , and AI firm Pony AI, which .
Chinese battery giant CATL also saw a from investors—one of the world’s largest listings in 2025.
KPMG’s Lau added that over the next year, he expects the pace of AI-related listings on the HKEX to accelerate as the technology matures and is adopted more widely across industries.
High-performing IPO markets
After Hong Kong and U.S. exchanges, India’s National Stock Exchange ranked fourth, raising $18.5 billion. This was a drop from the $20.3 billion it accrued in 2024, when it held the top spot.
The Shanghai Stock Exchange maintained its position as the fifth most lucrative global IPO market, raising $13.2 billion in 2025—up from $10.6 billion in 2024.
Additionally, the —mainland China’s stock market—posted steady gains in 2025, KPMG’s market watchers noted, with positive growth projected to continue next year.
“The (China’s national roadmap) deepens the reform for China’s capital markets, with inclusiveness and coordinated investment and financing at the core of market reforms,” wrote Irene Chu, a partner at KPMG who also oversees the new economy and life sciences sector for the Hong Kong market.
“As these strategic priorities take hold, we expect the authorities to prioritize and sustain their efforts to foster steady, high-quality growth in the A-share market for years to come,” she added.