Hong Kong's capital markets are experiencing a strong resurgence in IPO activity, driven by increased international fund inflows and regional integration efforts. China has recently allowed Hong Kong-listed firms registered in the Greater Bay Area to also list in Shenzhen, aiming to further integrate the region's capital markets. Haitian Flavouring, a leading Chinese sauce and condiment manufacturer, has announced a $1.2 billion H-share IPO in Hong Kong, reflecting strong demand. Zhejiang Sanhua is also pursuing a Hong Kong listing to raise up to HK$8.12 billion ($1 billion), contributing to the city's recovery in share sales. The first half of 2025 saw a 711% surge in IPO fundraising in Hong Kong, fueled by sectors such as new consumption and hard technology, positioning the city to maintain its global leadership in IPOs through the end of the year. Additionally, major mainland Chinese companies like battery giant CATL are increasingly using Hong Kong as an offshore fundraising hub. Shein's planned Hong Kong listing is expected to benefit from this broader capital pool. Overall, 2025 is shaping up to be a blockbuster year for Hong Kong's bourse with numerous IPOs in the pipeline.