Hong Kong’s IPO surge in early 2025 stems from deliberate policy moves and regulatory reform. HKEX has introduced enhancements like improved T+1 settlement, tech-focused listing channels (Tech board), and streamlined red tape—all aimed at attracting A‑to‑H, Southeast Asian, and global issuers.
Additionally, Chinese government support for private-sector fundraising and improved investor sentiment—driven by offshore equity gains of $3.3B—have created favorable conditions. Coupled with renewed mainland liquidity flows and stock connect measures ($90B inflow) , the IPO environment flourished.
Fueled by regulatory reforms and improved liquidity, Hong Kong surged ahead in global IPO deal volume during H1, prompting firms like Shein to pursue confidential filings. With 90–100 transactions expected in full-year 2025, regulators appear to be steering Hong Kong toward sustained capital market innovation.
