Preface
On February 2, 2026, SULLIVAN TELE-TREND CLOUD TECHNOLOGY (the big data operation entity of LiveReport) collaborated with TradeGo, Frost & Sullivan (referred to as "Frost & Sullivan"), and LeadLeo International to release''2025 Hong Kong IPO Market and Secondary Market White Paper''(hereinafter referred to as "the white paper") was officially released!
This is the fourth year in a row that we have carefully prepared this essential guide for Hong Kong stock market participants. It has accompanied the market's fluctuations—experiencing both the downturn period of the Hong Kong stock market and the reopening of Hong Kong's golden era. We feel honored to contribute our observations and insights during this process.
In 2025, the Hong Kong financial market showed remarkable recovery momentum and strategic resilience. In terms of the IPO market, the Hong Kong Stock Exchange ranked first globally in IPO financing scale. Thanks to the deepening of the A+H dual-listing mechanism, and the 18A and 18C sections that attracted emerging technology companies to list in Hong Kong, there were 114 IPOs in Hong Kong in 2025, a 63% increase year-on-year. The total raised amount reached HK$286.7 billion, a 225% increase compared to the previous year.
The secondary market also performed strongly. The Hang Seng Index rose by 27.77% throughout the year, outperforming major global stock market indices. Market trading activity increased significantly, with both annual total turnover and average daily turnover reaching record highs. Meanwhile, refinancing activities were active, with the total refinancing amount reaching HK$358.6 billion, a 244% increase from the previous year.
Entering 2026, the popularity of the Hong Kong stock market continued, with a number of internationally competitive technology companies joining the IPO process. Funds from the south and international capital merged here, and Hong Kong is consolidating its role as a bridge connecting the Chinese mainland and global capital with greater resilience.
We always believe that data is the light that helps us navigate the market fog. It provides us with confidence to stay firm during times of pessimism and reminds us of the value of rationality during periods of frenzy. This white paper attempts to provide participants with a reference that combines empirical evidence and foresight through an analysis of market dynamics, objective data, and outlook on future trends.
Introduction to the White Paper
The white paper continues the structure of "upper, middle, and lower" sections, systematically reviewing the key dynamics and underlying logic of the Hong Kong stock market in 2025.
The upper section, "Hong Kong IPO Market in 2025", comprehensively analyzes data throughout the IPO process, including pre-listing valuation, issuance structure, subscription enthusiasm, listing performance, and other multi-dimensional indicators. It deeply explores the strategies of cornerstone investors and pre-listing investors, and details the overseas listing standards and filing trends, providing guidance for enterprises' overseas issuance.
The middle section, "Hong Kong Secondary Market in 2025", focuses on trading data and capital flows. It analyzes structural changes in the market from an overview of the Hong Kong stock market, data from Hong Kong Stock Connect, index adjustment data, short selling and repurchase data, as well as delisting and refinancing activities and shareholder return data, providing intuitive references for market participants.
The lower section, "Hong Kong Rankings in 2025", includes three lists: IPO intermediary agencies, new IPOs, and listed companies. It recognizes those institutions and enterprises that have contributed to Hong Kong's "golden era" based on objective data rankings.
