In 2025, Hong Kong Stock market's equity financing scale increased by 251% year-on-year, and the IPO boom continues.

Summarizing the performance of the Hong Kong stock market in 2025 can be described as thriving, while looking ahead to 2026 is that the momentum remains strong. On January 15th, Wang Yajun, head of equity capital markets at Goldman Sachs Asia, told Securities Times and other media that the market has been exceptionally busy since the beginning of the year. He also mentioned that international capital has flowed back significantly, with the participation rate of top international long-term funds in Hong Kong IPO projects currently jumping to 85%-90%. In 2025, the equity financing market in the Hong Kong stock market experienced explosive growth. According to Wind data, the total financing amount reached 612.2 billion Hong Kong dollars, with a year-on-year increase of 250.91%. The IPO market reclaimed its top position globally, with 117 companies raising a total of 285.8 billion Hong Kong dollars, a year-on-year increase of 224.24%. After experiencing a 251% increase in equity financing scale in 2025, the Hong Kong stock market remains hot, with over 300 companies currently in line for IPOs. Currently, most institutions believe that the active trend of equity financing in the Hong Kong stock market will continue. As for the impact of IPOs on the liquidity of the Hong Kong stock market, interviewees pointed out that structural issues should be distinguished from temporary phenomena. Good IPOs will not only drain liquidity but will attract more international capital inflows.