Hong Kong is on track to reclaim its position as the world's leading venue for initial public offerings (IPOs) in 2025, driven primarily by Chinese companies. In the first half of the year, the city raised over HKD 107 billion (approximately USD 13.6 billion) through 42 IPOs, marking a 22% increase compared to the full year of 2024. This performance has surpassed major global exchanges such as NASDAQ and the New York Stock Exchange. The Hong Kong Stock Exchange (HKEX) also saw a record pipeline with around 208 companies applying for primary or secondary listings in the first six months, exceeding the previous record of 189 in 2021. Market capitalization at HKEX reached USD 42.7 trillion by the end of June 2025, a 33% year-on-year growth, while average daily turnover rose by over 100% year-on-year, reflecting heightened investor activity. The surge in IPO activity and market liquidity is attributed to favorable policies and renewed investor enthusiasm, especially for Chinese mainland technology firms, reinforcing Hong Kong's status as a major international financial center. Consulting firm PwC projects that up to 100 companies could raise more than USD 25 billion in IPO funds in Hong Kong by the end of 2025.