Overview of IPOs in Hong Kong in 2025
In 2025, Hong Kong's IPO market on the Hong Kong Stock Exchange (HKEX) has experienced a remarkable resurgence, reclaiming its position as the world's leading fundraising venue. Year-to-date through September 30, 2025, there have been 95 IPOs raising HKD 182.9 billion (approximately US$23.5 billion), a 50% increase in deal volume and 230% surge in proceeds compared to the same period in 2024. This performance is driven by a wave of A+H dual listings (mainland A-share companies listing H-shares in Hong Kong), policy support from Beijing and HKEX reforms (e.g., streamlined A+H processes, flexible price discovery, and reduced public float requirements), and high liquidity amid global interest rate cuts. Hong Kong captured 24% of global IPO proceeds in H1 alone, surpassing the US and ranking second-highest half-year total in a decade. Sectors leading include industrials (33%), infrastructure/real estate (33%), energy/resources (18%), and TMT (22% of pipeline). With nearly 300 active applications as of September 30, 2025 (76 A+H with RMB 4,650.7 billion market cap), the market is on track for 100+ IPOs raising HKD 250-280 billion (US$32-36 billion) by year-end, potentially the most active since 2021. Q4 momentum is strong, with mega-deals in biotech and telecom expected, though US-China tensions could introduce volatility.
Recent IPOs in Hong Kong
Recent IPOs have delivered strong performances, with average first-day gains of 20-50% and oversubscription rates up to 5,000x, particularly for A+H and biotech deals. Below is a table of notable recent IPOs from September-October 2025 (top 10 by size/impact), including listing date, company name, ticker, offer price (HKD), proceeds (HKD billion), % change on debut, and accumulated return (% as of October 27). Data reflects HKEX filings; performance current as of late October.
| Listing Date | Company Name | Ticker | Offer Price (HKD) | Proceeds (HKD Bn) | % Change on Debut | Accumulated Return (%) | Sector/Notes |
|---|---|---|---|---|---|---|---|
| Oct 16, 2025 | YUNJI | 02670.HK | 95.60 | N/A | +26.05 | +11.93 | Tech (AI robotics); Oversubscribed 5,656x; Retail focus. |
| Oct 15, 2025 | XUANZHUBIO-B | 02575.HK | 11.60 | N/A | +126.72 | +192.24 | Biotech; 4,907x oversubscription; Neurological focus. |
| Oct 10, 2025 | ZHIDA TECH | 02650.HK | 66.92 | N/A | +192.14 | +171.22 | Tech; 5,440x; AI/semicon. |
| Oct 10, 2025 | GOLDEN LEAF INT | 08549.HK | 0.50 | N/A | +330.00 | +66.00 | Consumer; 11,464x; Tobacco/gold. |
| Oct 8, 2025 | CF PHARMTECH | 02652.HK | 14.75 | N/A | +161.02 | +99.73 | Pharma; 6,697x; Drug development. |
| Sep 30, 2025 | ZIJIN GOLD INTL | 02259.HK | 71.59 | 25.0 | +68.46 | +106.45 | Mining (ENR); Largest YTD; Spin-off; Contributed to HK's top ranking. |
| Sep 30, 2025 | HIPINE | 02583.HK | 29.60 | N/A | +258.11 | +454.39 | TMT; 2,505x; Tech unspecified. |
| Sep 30, 2025 | PATEO | 02889.HK | 102.23 | N/A | +53.58 | +66.29 | Auto Tech; 529x; Connected cars. |
| Sep 25, 2025 | CHERY AUTO | 09973.HK | 30.75 | 9.1 | +3.80 | -0.62 | Automotive; 307x; EV exporter; Slight dip post-debut. |
| Sep 23, 2025 | BUTONG GROUP | 06090.HK | 71.20 | N/A | +43.96 | +30.90 | Industrials; 3,317x; Logistics. |
Upcoming IPOs in Hong Kong
The Q4 pipeline is robust, with 40+ expected listings raising HKD 108.7 billion, dominated by A+H (11 completed YTD, 50% of proceeds) and high-tech. Below is a table of key upcoming IPOs for late October-November 2025 and beyond, including expected date, company name, ticker, underwriters, shares (M est.), price range (HKD), offering size (HKD Bn est.), and sector/notes.
| Expected Date | Company Name | Ticker | Underwriters/Managers | Shares (M est.) | Price Range (HKD) | Offering Size (HKD Bn est.) | Sector/Notes |
|---|---|---|---|---|---|---|---|
| Oct 21, 2025 | JST Group | 6687.HK | TBD | 68.17 | 30.60 | 2.09 | E-commerce SaaS; Primary shares; A+H potential. |
| Oct 22, 2025 | Fibocom Wireless | 00638.HK | ABCI, CLSA, CMB Intl, etc. | 135.08 | 19.88-21.50 | 2.90 | Telecom; Primary; Optics/photonics. |
| Oct 28, 2025 | Sany Heavy Industry Co Ltd | 6031.HK | TBD | 580.42 | 20.30-21.30 | 12.36 | Industrials (Machinery); Primary; Construction equipment. |
| Oct 28, 2025 | Bama Technology | N/A | ABCI, Avict, CLSA, etc. | 9.00 | 45.00-50.00 | 0.45 | Consumer (Tea); Premium tea chain; 3,585 stores. |
| Oct 28, 2025 | Deepexi Technology Co Ltd | 1384.HK | TBD | 26.63 | 26.66 | 0.71 | Tech (AI Solutions); Enterprise AI; Market cap est. US$91M. |
| Nov 2025 | MapLight Therapeutics, Inc. | MPLT/Nasdaq (potential HK dual) | Morgan Stanley, Jefferies, etc. | 14.8 | 17.00 | 0.25 (USD) | Biotech; Neurological; Nasdaq primary, HK secondary possible. |
| Q4 2025 | Various Biotechs (e.g., Nanjing Leads Biolabs) | N/A | TBD | TBD | TBD | 1.42 (aggregate USD) | Biotech; 34 mainland biotechs filed H1; Immunology focus. |
Notable New and Upcoming IPOs in 2025
- Contemporary Amperex Technology Co., Limited (CATL)
- Raised: HKD 41.0 billion (largest global YTD).
- Description: EV battery leader; A+H dual. May 20 listing; +10% post-debut. Valuation ~US$100Bn; Policy-supported green energy; H1's top deal.
- Zijin Gold International Company Limited
- Raised: HKD 25.0 billion.
- Description: Mining giant; Spin-off A+H. Sep 30 +68% debut; +106% YTD. Valuation ~US$20Bn; ENR sector leader.
- Chery Automobile Co., Ltd.
- Raised: HKD 9.1 billion.
- Description: Largest Chinese auto exporter; EV focus. Sep 25 +3.8% debut; -0.62% YTD. Valuation ~US$15Bn; Global expansion funds.
- Sany Heavy Industry Co Ltd
- Expected Raise: HKD 12.36 billion.
- Description: Construction machinery; Primary IPO. Oct 28; Valuation ~US$1.59Bn; Concrete pumps/rollers.
- Dubizzle Group Holdings
- Expected Raise: US$500M-1Bn.
- Description: MENA classifieds platform. Nov 6 DFM (HK secondary possible); Valuation US$3-5Bn; Prosus anchor.
This covers Hong Kong's 2025 IPO landscape. For real-time updates, check HKEX (hkex.com.hk). If you need specifics on a company or sector, let me know!