HKEX: IPO Fundraising Exceeds HK$340 Billion in First 8 Months, Already Surpassing Full-Year 2024
nashnova research
Hong Kong's exchange has listed 104 companies in the first eight months of the year, raising over HK$340 billion — already exceeding all of 2025. This means Hong Kong's pull as a global listing hub is accelerating.
How big is HK$340 billion?
Through August, HKEX IPO proceeds topped HK$340 billion, surpassing the full-year 2025 total.
This means → with four months still to go, the final number can only grow. Hong Kong's IPO market has clearly rebounded from its multi-year trough.
Of the world's five largest IPOs this year, three listed in Hong Kong — big deals are voting with their feet.
Who is choosing Hong Kong?
Issuers from Southeast Asia and the Middle East are increasingly picking Hong Kong, broadening the pipeline beyond its traditional China-centric mix.
Cornerstone investors — large institutions that commit to buy and hold shares at IPO — are participating at the highest rate in recent years.
These cornerstone funds come from the Middle East, Europe, North America, and Asia-Pacific. In plain terms = it is not just Asian money; global long-only funds are stepping up.
Is the secondary market keeping pace?
Average daily turnover for the first eight months exceeded HK$280 billion, up 14% year-on-year, holding near record levels.
This means → primary-market fundraising is strong, and secondary-market liquidity is matching it. Newly listed stocks have active trading behind them — investors need not worry about post-IPO illiquidity.
Can the momentum last?
HKEX CEO Bonnie Chan said the exchange will keep investing in market infrastructure to deliver a more efficient and resilient trading environment.
Whether the full-year total pulls further ahead of 2025 depends on how quickly the second-half IPO pipeline converts.
In plain terms = the HK$340 billion already banked is locked in, but the final full-year figure hinges on whether companies still in the queue can list on schedule.
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