Hong Kong Stock Exchange: The amount of funds raised through IPOs in Hong Kong is expected to reach $37.4 billion by 2025, once again returning to the top of the global rankings. The sector's structure is becoming more diverse.

HKEX Securities Product Development Director Roben Luo said that by 2025, the Hong Kong capital market will once again lead the global IPO fundraising amount, with a total fundraising amount of US$37.4 billion for the year, setting a new high since 2021 and surpassing the total for the previous three years. This achievement is not dependent on sporadic large-scale IPOs, but rather driven by eight listings of over US$1 billion and many new economy companies, signaling that the market structure is moving towards greater diversification. Of particular note is the overall strong performance of new listings - with an average first day increase of 23.8% and a cumulative increase of 30.7% in the first month, with the biotechnology and medical sectors performing particularly well. Hong Kong IPOs typically maintain their popularity with the launch of surrounding products, such as structured products, single stock options, and ETFs. Additionally, the rapid inclusion mechanism for indices and the subsequent implementation of southbound trading qualifications for Hong Kong Stock Connect have brought continued liquidity and attention to new listings. The biotechnology sector has become an undeniable force in the Hong Kong capital market. Since the listing system reform in 2018, this sector has formed a complete ecosystem covering stocks, ETFs, structured products, and futures. By the end of 2025, there were 8 ETFs tracking the Hang Seng Biotechnology Index (6 from mainland China and 2 from Hong Kong), with a total size of HK$11.1 billion. The number of related structured products also increased from 132 to 507 within a year. The launch of the Hang Seng Biotechnology Index futures in November of the same year further satisfied the market's demand for medical-themed investments and risk management. Meanwhile, A+H listings have also been a major highlight. In 2025, a total of 19 A-share companies completed H-share listings, raising US$17.7 billion, helping companies expand their international investor base and injecting new vitality into the Hong Kong market. By the end of 2025, 96 A-share companies had submitted applications, with over 70 expressing interest in listing in Hong Kong. It is expected that A+H listings may continue to be a focus in 2026. The derivatives market continues to expand in tandem with new listings. For example, Contemporary Amperex Technology introduced stock options on the day of its listing to provide investors with instant risk management tools. On January 19, 2026, six more stock options were added, including three biotech companies (WuXi AppTec, BEONE MEDICINES, AKESO), two gold concept stocks (ZIJIN GOLD INTL, LAOPU GOLD), and one robotics company (HORIZON ROBOTICS). The total number of stock options under HKEX increased to 139. Looking ahead to 2026, with the strong momentum of IPOs driving the Hong Kong capital market, the variety of products is increasing, and the sector structure is becoming more diversified, providing investors with a wider range of choices and strategies.