Hong Kong raised between HK$105 billion and HK$107 billion (US$13.4 billion) through 42–44 initial public offerings in the first half of 2025, surpassing every other exchange worldwide, according to data from Dealogic, Wind Information and the city’s bourse operator. The haul already exceeds the HK$87.6 billion total for all of 2024 and marks the strongest first-half showing since 2021. The rebound has been powered largely by Chinese issuers seeking capital outside the mainland amid Beijing’s easing of offshore listing approvals and tensions with the United States that have made Hong Kong an attractive venue for secondary share sales. Deloitte estimates Nasdaq and the New York Stock Exchange raised HK$71.3 billion and HK$55.3 billion respectively over the same period, leaving Hong Kong firmly in the lead. Recent deals include Contemporary Amperex Technology’s US$5 billion secondary float and a pipeline of gold producers looking to tap record bullion prices. Accountancy firms PwC and Deloitte expect the momentum to continue. PwC projects 90–100 IPOs this year, raising as much as HK$220 billion, while other forecasters see the total approaching HK$250 billion. HKEX is processing more than 170 listing applications, with bankers anticipating several transactions above HK$10 billion apiece in the second half. If the pipeline materialises, the city is poised to reclaim its long-held crown as the world’s top IPO market in 2025.