16 Companies Submit IPO Applications in One Day; Hong Kong IPO Fundraising Hits Three-Year High

Recently, the Hong Kong Stock Exchange received IPO applications from 16 Mainland Chinese companies in a single day, including five already listed on the A-share market, such as Roborock and Yonyou Network, indicating a continued surge in equity financing activity.

Since the beginning of 2025, equity financing in the Hong Kong market has exceeded USD 44 billion, with IPO fundraising approaching USD 14 billion, placing it first globally by exchange. As of the end of June, IPO fundraising in Hong Kong for the first half of the year had already surpassed the full-year totals of 2022, 2023, and 2024.

On June 27, all 16 companies applying to list on the main board of the Hong Kong Stock Exchange were from Mainland China. Apart from GenePharm-B, Health 160, and Lexin Outdoor, the remaining 13 companies submitted their listing applications for the first time. Among them, five companies are pursuing dual listings on both A-shares and H-shares, including Roborock, Yonyou Network, Longcheer Technology, Estun Automation, and OmniVision Technologies, one of the world’s top ten fabless semiconductor companies.

In terms of industry sectors, ten of the applicants come from the technology sector, four from healthcare, one from the food industry, and one from the consumer sector (outdoor products).
According to Wind data, as of June 29, after excluding invalid and withdrawn applications, 188 companies had filed IPO applications with the Hong Kong Stock Exchange, with 11 having passed hearings but not yet listed.

The trend of dual A+H listings has been a major driver of the current IPO surge in Hong Kong. More than 30 A-share listed companies have already submitted applications for H-share listings, while over 20 others have announced their intention to list H-shares.

According to the Hong Kong Stock Exchange, since the beginning of 2025, more than 40 companies have completed IPOs, raising close to USD 14 billion. Based on exchange rankings, Hong Kong currently holds the top position globally in equity fundraising.

Wind data further shows that the scale of equity fundraising in Hong Kong this year has surpassed the total of the previous year, with significant growth not only in IPO fundraising but also in secondary placements.

As of June 29, the Hong Kong market has seen 40 companies complete IPOs, with total fundraising of approximately HKD 104.7 billion. A total of 171 companies conducted secondary placements, raising HKD 137.9 billion, both figures exceeding those of the full year 2024.

Although the number of IPOs has not surpassed that of 2024, the scale of individual fundraisings has been higher, led by projects such as Contemporary Amperex Technology (CATL) and Jiangsu Hengrui. As a result, the total IPO fundraising amount in the first half of 2025 has not only exceeded the entirety of 2024, but also surpassed full-year totals for 2023 and 2022, setting a new high.
So far this year, five IPOs have raised more than HKD 10 billion each, including CATL, Jiangsu Hengrui, and Foshan Haitian. Another seven IPOs have raised between HKD 2 billion and HKD 10 billion, including Zhejiang Sanhua, Mixue Group, FWD Group, Chifeng Gold, Anjoy Foods, Nanshan Aluminium International, and Guming.