Hong Kong Securities and Futures Commission: Hong Kong stock IPO fundraising to exceed HKD 280 billion in 2025, with explosive growth in technology companies and digital assets.

The Quarterly Report released by the Securities and Futures Commission of Hong Kong today (March 19) shows that the Hong Kong capital market ended 2025 strongly, with the listing and digital asset markets showing new breakthroughs driven by strategic innovation initiatives. In terms of initial public offerings, Hong Kong ranked first globally last year, with a total fundraising amount exceeding HK$280 billion. Of note is the newly established Tech Company Track for listing tech companies, since its introduction in May last year, a total of 119 applications have been received from pre-profit biotech companies and specialized tech companies by December, bringing in new growth momentum. Among them, 73 applications were from pre-profit biotech companies, and 46 were from specialized tech companies. In the last quarter alone, ten companies from these two industries conducted their initial public offerings, raising over HK$9 billion, an 800% increase year-on-year. To ensure a thorough review of listing applications and to further consolidate Hong Kong's position as a reputable fundraising center, the Securities and Futures Commission of Hong Kong issued a circular to the sponsors of initial public offerings in January, regarding missing information in listing documents and improper conduct by sponsors. The Commission is currently reviewing the documents submitted by the sponsors in response to this circular, and will conduct thematic inspections of sponsors in the near future. The report mentions that in the digital asset sector, Hong Kong's emerging ecosystem continues to flourish. Since the launch of the tokenized retail currency market fund approved by the Securities and Futures Commission of Hong Kong in 2025, the total assets under management have steadily increased to HK$8.66 billion by December, a 14% increase month-on-month. Furthermore, since the launch of the first batch of Asia's virtual asset ETFs in 2024, eleven such ETFs have been listed in Hong Kong, with a total market value surging by 142% to over HK$5.4 billion. Benefiting from the rapid expansion of the ETF sector including leveraged and inverse products, the asset and wealth management market continued to grow vigorously in 2025. By December, the total market value of approved ETFs and leveraged and inverse products recognized by the Securities and Futures Commission of Hong Kong had jumped by 33.7% year-on-year to HK$618.7 billion. In the last quarter alone, these products recorded a net capital inflow of HK$9.2 billion, accounting for 14% of the total trading volume in the Hong Kong market. Furthermore, the net capital inflow of funds registered in Hong Kong surged by 118.5% to HK$356.7 billion in 2025. By December, the assets under management of these funds had increased by 38.3% year-on-year to HK$2.28 trillion, while the total number of funds had increased by 9.1% year-on-year to 1,041. Ms. Ashley Alder, Chief Executive Officer of the Securities and Futures Commission of Hong Kong, said, "2025 was a year when Hong Kong achieved high-quality development as a leading international financial center; various strategic innovations have driven strong fundraising activities, accelerated development of the digital ecosystem, and vigorous asset management industry. Looking ahead, the Securities and Futures Commission of Hong Kong will continue to promote responsible innovation, enhance resilience, and strengthen investor confidence to pave the way for the future development of the Hong Kong market." Other key points in the report include: a) Regarding the mainland China-Hong Kong Stock Connect mechanism, the average daily turnover of the Hong Kong Stock Connect increased by 151% to HK$121.1 billion in 2025, accounting for 24.2% of the total market turnover in Hong Kong, up from 18.3% in 2024. Since its launch in 2014, the net capital inflow of the Stock Connect has exceeded HK$5.1 trillion by the end of December. b) In 2025, the Securities and Futures Commission received 9,637 license applications, including 9,338 individuals and 299 institutions, an increase of 17% from 2024. Within the quarter, the Commission received 2,488 license applications, up 27% from the previous year. c) In terms of investor protection, the Securities and Futures Commission obtained the first court ruling against financial influencers offering paid investment advice on social media without a license. d) To further enhance public awareness of scams, the Securities and Futures Commission expanded the scope of community outreach activities, organizing seminars for university students and seniors, and promoting through its "Don't be a Fish Out of Water" campaign at public housing estate markets and the police's "Crimefighter Games 2025". In addition, the Securities and Futures Commission also placed advertisements at busy locations such as MTR stations.