In the first three quarters, Hong Kong IPO fundraising increased by 228%, reaching 556 billion, ranking first in global fundraising.

Since the beginning of this year, the subscription frenzy in the Hong Kong IPO market has reached unprecedented levels, with records being broken for "oversubscription champions". Among them, Da Heng Keji led with a subscription ratio of 7558 times, followed closely by Bruck and Yinuo Medicine with subscription ratios of 6000 times and 5342 times respectively. On September 23, Deloitte's Capital Market Services in China released a report titled "Review and Outlook of the Mainland China and Hong Kong New Stock Markets in the First Three Quarters of 2025", which indicated that in terms of fundraising, the Hong Kong Stock Exchange is expected to remain the world's top in terms of new stock fundraising. Deloitte forecasts that in the first three quarters of this year, Hong Kong will see 66 new listings, with a total fundraising amount of 182.3 billion Hong Kong dollars. The number of new listings is up 47% from the same period last year, and the fundraising amount has increased significantly by 228% from 55.6 billion Hong Kong dollars in the same period last year. Deloitte pointed out in the report that the strong momentum in the Hong Kong new stock market is expected to continue in the final quarter of this year. In 2025, Hong Kong is expected to see over 80 new listings, with a total fundraising amount ranging between 250 billion and 280 billion Hong Kong dollars for the whole year.