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HKEX CEO: Hong Kong IPO boom is broadening beyond tech as fundraising tops $40 billion
At a glance
- Over 100 companies have listed in Hong Kong this year, raising more than $40 billion surpassing 2025s full-year total of $37 billion.
- HKEXs pipeline is diversified: AI and tech are prominent, but biotech, mining and consumer companies are also preparing IPOs.
- HKEX reported a 24% year-on-year rise in net profit to HK$10.57 billion ($1.35 billion) in the half-year results.
- Follow-on offerings stand at over $50 billion year-to-date, compared with $66 billion for the whole of last year.
- Average daily turnover in Hong Kong has risen to HK$280 billion so far this year, up from HK$250 billion in 2025.
- Investor interest is coming from multiple sources mainland flows, international institutions, sovereign wealth funds and retail participants.
Market Pulse
Hong Kongs initial public offering (IPO) market is enjoying a broader-than-expected resurgence, with listings and trading activity driven by a wider mix of sectors beyond the recent wave of AI and technology deals, Hong Kong Exchanges and Clearing Ltd. (HKEX) chief executive Bonnie Chan told CNBC.
More than 100 companies have listed on the exchange so far this year, raising in excess of $40 billion already surpassing the $37 billion raised across all of 2025. While the tech and AI cohort has been prominent, Chan stressed the pipeline is well diversified, with biotechnology, mining and consumer companies lining up to go public.
We still have a lot of pretty good high quality companies in the pipeline trying to get their IPOs done before the end of the year, Chan said. Her comments came as HKEX reported record half-year results: net profit rose 24% year-on-year to 10.57 billion Hong Kong dollars ($1.35 billion), beating analysts estimates and underpinning the exchanges stronger outlook.
Fundraising and trading dynamics
The exchanges strength extends beyond primary listings. Follow-on offerings have topped $50 billion year to date, against $66 billion for the whole of last year, reflecting continued capital raising by already-listed issuers. Average daily turnover (ADT) in Hong Kong has also picked up: ADT has averaged HK$280 billion since the start of the year versus HK$250 billion for the entirety of 2025.
Chan said the uplift in activity reflects renewed interest from a range of investor types. Cornerstone allocation lists for recent IPOs have included sovereign wealth funds from across the globe, and she described the investors returning to Hong Kong as high quality. When asked what is driving liquidity mainland Chinese money, international institutions, IPOs or AI Chan said the answer was all of the above.
On southbound flows from mainland China into Hong Kong, Chan said turnover has been largely stable. But because overall ADT has risen, she noted this signals that the rest of the world is trading more in our market. She also highlighted growing participation from institutional investors globally and meaningful volumes from regional retail investors.
Taken together, the numbers and Chans remarks portray an IPO and secondary-market revival in Hong Kong that looks broader and deeper than a simple rebound in tech listings. With a pipeline spanning multiple industries and sizeable follow-on issuance still unfolding, the exchange appears positioned to sustain heightened market activity through year-end.
