Overview

• Data from HKEX show 44 IPOs raised HK$107.1 billion in the first half, marking a 701% increase from a year earlier.
• Mainland China’s three stock exchanges raised just a third of that amount as regulatory crackdowns since August 2023 continue to limit onshore listings.
• Southbound inflows hit a record HK$731.2 billion in H1, with mainland investors snapping up Hong Kong equities and boosting its fundraising appeal.
• Hong Kong’s streamlined listing framework, including the new Technology Enterprises Channel, has accelerated dual A-share companies pursuing offshore listings.
• PwC and Deloitte forecast 90 to 100 IPOs in 2025, with total proceeds projected at HK$200–220 billion as issuers steer clear of U.S. regulatory risks.