1. The company firmly holds the global crown with 285.8 billion yuan for the whole year, with 'A+H' accounting for half of the business.
Throughout 2025, a total of 114 new shares were listed on the Hong Kong stock market, a year-on-year increase of 62.9%; the total raised funds amounted to HK$2858 billion, a year-on-year increase of 224.9%. Overall, the fundraising scale of Hong Kong IPOs in 2025 firmly ranked first globally, 'A+H'.18AListing activities such as 18C, Chinese concept stocks returning to Hong Kong, and others continue to be hot.
FroostFrost & Sullivan (hereinafter referred to as 'Frost & Sullivan') has assisted a total of 82 companies in listing on the Hong Kong Stock Exchange. In terms of project volume, Frost & Sullivan accounts for 72% of the Hong Kong IPO market share in 2025 (excluding conversions, reverse acquisitions, and listings under an introduction scheme), making it a leader in assisting companies with listing on the Hong Kong Stock Exchange. Among them, there were a total of 20 'A + H' listed companies on the Hong Kong Stock Exchange in 2025, and Frost & Sullivan served 1There are 8; a total of 16 listed companies on the 18A segment, with Frost & Sullivan serving 13 of them. From 2014 to 2025, Frost & Sullivan has maintained its leading position in the market share of industry research consultants for Chinese companies listing in Hong Kong.
During the same period, 215 new stocks went public on the US stock market, a year-on-year increase of 21.5%; the total fundraising amounted to $45 billion, a year-on-year increase of 42.5%. US IPOs in 2025 will continue to recover, and with the preparation for listing by super-large unicorns such as SpaceX, OpenAI, and Anthropic, 2026 may see a historic period of intense activity from giants.
Frost & Sullivan has assisted a total of 24 companies in going public in the US, covering both the NASDAQ and the New York Stock Exchange. The listing forms include traditional IPOs.SPAC.
The A-share market saw the listing of 116 new shares on IPO, a year-on-year increase of 16%; the total fundraising amounted to 1318 billion RMB, a year-on-year increase of 95.6%. The IPO market in the A-share sector is gradually warming up and has significantly concentrated towards strategic emerging industries. Many semiconductor star companies have made their debut one after another, and enterprises in the commercial aerospace field are also expected to see an IPO boom in 2026.
In 2025, Frost & Sullivan's research reports were used in the prospectuses of more than a dozen listed companies including Moore Thread.
In December 2025, 25 new stocks were listed intensively on the Hong Kong stock market, setting a new high for the number of IPOs in a single month since 2019. Throughout the year, a total of 19 'A+H' stocks were listed in Hong Kong, raising approximately HK$141.9 billion, accounting for nearly 50%, becoming the main force in the Hong Kong IPO market in 2025. In addition, there were also 16 18A and 518CThree Chinese concept stocks returned to the Hong Kong market.
In terms of fundraising amounts, Hong Kong-listed IPOs worth tens of billions are almost exclusively taken up by large 'A+H' companies in 2025. CATL, Sany Heavy Industry, Sailis, Hengrui Medicine, Sanhua Intelligent Control, and Haitian Flavor Group all rank among the top seven in terms of fundraising amounts. In addition, Zijin Gold International, Chery Automobile, and Pony.ai rank second, eighth, and ninth respectively.
II.Cornerstone InvestmentThe cumulative turnover has exceeded 100 billion yuan, with over 14 million people participating in new share subscriptions
Throughout 2025, a total of 89 new stocks on the Hong Kong stock market introduced cornerstone investors, accounting for 78%, a significant increase compared to 2024. The cumulative number of cornerstone investors participating in subscriptions reached 582 (without double counting), with a total cornerstone investment amounting to HK$1066 billion, accounting for 37.5% of the annual Hong Kong IPO fundraising.
Among them, the cornerstone subscription scale of 20 new stocks reached over HK$1 billion, mainly consisting of 'A+H' stocks and large-cap new issues. The cornerstone scales of star enterprises such as CATL, Zijin Gold International, Solaris, Sany Heavy Industry, Haitian Flavorings, Chery Automobile, Sany Smart Control, and Hengrui Medicine all exceeded HK$4 billion.
Since August 2025, the new rules for Hong Kong stock IPOs have been implemented. In the following four months, a total of 62 new shares adopted these new issuance rules, with the vast majority of themmechanismBIssuance. Among them, except for the 5 newly listed stocks on the 18C market, only 2 were issued under Mechanism A, while the remaining 55 were issued under Mechanism B.
In terms of the number of subscribers, in 2025, the number of new share subscriptions in Hong Kong exceeded 14 million, with an average of 123,000 people subscribing to each new share. Since the implementation of the new regulations, IPO subscriptions in Hong Kong have been exceptionally hot, with nearly half of the new shares receiving more than 100,000 public subscriptions.
In terms of subscription multiples, after the new regulations, many new shares have received over a thousand times more public subscriptions. However, in November and December, there were more new share issuances, and under the 'water pumping effect,' the risk of underpricing increased, leading to a cooling in public subscription enthusiasm. Nevertheless, due to the company's quality and advantages in the market segment, some domestic institutional investors are still highly enthusiastic about participating in the end-of-year new share offerings.
III. The performance of new shares throughout the year was remarkable, with the market trend at the end of the year shifting from general upward movement to differentiation
In terms of market performance, the Hong Kong stock market for new listings in 2025 was impressive. The intraday performance of 114 new shares showed 74 rises, 37 falls, and 3 flattens, with an upward probability of 65% and an average increase of 41%. The first-day performance was 77 rises, 32 falls, and 5 flattens, with an upward probability of 67.5% and an average increase of about 37%.
Specifically, in 2025, a total of 18 new stocks saw their first-day gains exceed one fold, with 16 of them emerging after the new IPO regulations. Among the 21 new stocks that fell by more than 10% on their first day, about half were before and half after the new regulations. In addition to the issuance structure, the quality of the company, theme, and valuation level are also important factors affecting the performance of new stock listings.
However, with the increase in the number of new shares and the rise in valuation, there is some pressure on market liquidity, and the performance of new shares at the end of the year has cooled down. In November and December, there has been an increase in the phenomenon of new shares breaking below their issue price. The 'Mechanism B' euphoria has gradually faded and turned into differentiation, with some companies including those listed on the 18A board experiencing first-day underpricing.
Looking at the whole year, the returns from subscribing to Hong Kong stock new share offerings have still been quite substantial. If sold at the opening price on the first day, the cumulative book profit (excluding handling fees) from winning a subscription to a Hong Kong stock new share offering in 2025 could reach HK$226,000, with an average profit of nearly HK$2,000 per new share. However, although the yield is higher after the new regulations, the difficulty of winning a subscription has also increased significantly.
IV. It is expected to continue to be strong in 2026, with fundraising reaching up to 350 billion
Entering 2026, the Hong Kong stock market IPO market will continue to maintain a state of intensive issuance. GPU leaders such as Bitmain and days, AI giant companies like Zhipu and MiniMax, as well as semiconductor giants like Megvii and HiSilicon Group, which are part of the 'A+H' category, are on the horizon.
According to the Hong Kong Stock Exchange data, as of the end of December 2025, the Hong Kong Stock Exchange processed a total of 560 applications for listing on the Main Board and GEM. Among them, 120 applications have been listed, 24 applications have been approved and are awaiting listing, and there are still 320 applications queuing up for processing.
On the basis of sufficient IPO reserves, the Hong Kong stock market is expected to continue its strong upward trend in the coming year.
According to PricewaterhouseCoopers Hong Kong's forecast, the Hong Kong IPO market will continue its growth trend in 2026, with about 150 companies expected to successfully list in Hong Kong, raising funds of HK$320 billion to HK$350 billion.
