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Hong Kong poised to reclaim top global IPO ranking in 2025

Geopolitical tensions and regulatory backlash in the US against Chinese stocks are working in the city’s favour

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    • HKEX has raised US$24 billion in the year to October, nearly trebling the amount recorded in the same period last year.
    • HKEX has raised US$24 billion in the year to October, nearly trebling the amount recorded in the same period last year. PHOTO: AFP

    Shu-Ching Jean Chen

    Published Mon, Nov 10, 2025 · 07:00 AM

    [HONG KONG] Hong Kong is well on track to finish 2025 as the world’s top initial public offering (IPO) market, leaving the New York Stock Exchange in the dust.

    The catalysts behind this unexpected rebound from a prolonged lull are not lost on Cheah Cheng Hye, a prominent investor in Chinese stocks and, for the past eight years, an independent board member of Hong Kong Exchanges and Clearing, the parent company of the Hong Kong Stock Exchange (HKEX).

    Cheah, who is also a co-founder of Hong Kong-based investment firm Value Partners, traced the resurgence to the first week of November last year, when Donald Trump secured his second term as US president.

    Hong KongIPOFundraising

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