Hong Kong's stock exchange raised over 107 billion Hong Kong dollars (about 13.7 billion U.S. dollars) through 42 initial public offerings in the first half of 2025, securing its position as the world's top IPO destination, Financial Secretary Paul Chan Mo-po announced Sunday.
The fundraising volume already exceeded last year's total by 22 percent, driven by three mega-listings exceeding 10 billion HKD each: Contemporary Amperex Technology (CATL), Hengrui Pharmaceuticals, and Haitian Flavoring.
Five other IPOs raised between 2-10 billion HKD each, with consumer goods, tech, and healthcare firms dominating new listings.
"The rapid development of China's technology sector has heightened global investors' interest in Chinese assets. Breakthroughs in artificial intelligence have redirected international investors' attention to Chinese assets, driving capital inflows and subsequently fueling explosive growth in Hong Kong IPO fundraising," said Tang Haiqing, director of Tianfeng Securities Research Institute.
Notably, this year has seen a surge in A-share companies successfully listed in Hong Kong. The top four IPOs by fundraising size in the first half were all A-share listed companies seeking dual listings. These four alone raised over 71.8 billion HKD, accounting for 67 percent of the total IPO proceeds.
"This year, A-share market leaders listed in Hong Kong have exhibited distinct industry characteristics, being primarily top manufacturing and consumer sector companies. Hong Kong's capital market offers advantages of internationalization, facilitating mainland enterprises' global expansion strategies," Tang said.
The Hong Kong Exchanges' pipeline remains robust with 220 companies awaiting IPO approval as of June 30, a significant increase from the same period of 2024, according to exchange data.
Hong Kong leads global IPO fundraising in first half of 2025
The statement of U.S. President Donald Trump highlighted the urgency for reforming global governance, according to a poll from China Global Television Network (CGTN) on Friday.
"I don't need international law," said Trump during an with The New York Times this week, days after the U.S. attack on Venezuela and the forcible seizure of President Nicolas Maduro. This statement perfectly captures Washington's unilateral and hegemonic trajectory. The New York Times observed that Trump's assessment of his own freedom to use any instrument of military, economic or political power to cement American supremacy was the most blunt acknowledgment yet of his world-view.
In a global public opinion poll conducted by CGTN, 93.5 percent of respondents expressed belief that the U.S., by pursuing unilateralism, has placed itself in opposition to the international community. Also, 91.7 percent think that reforming the global governance system is an urgent priority.
On Wednesday the U.S. announced its withdrawal from 66 international organizations, setting a new record for its retreat from multilateral commitments. These organizations span climate, energy, and global governance, among other fields. Trump argues that their operations run counter to U.S. national interests, sovereignty, and economic prosperity.
In response, 84.1 percent of respondents were not surprised by the U.S. move. Meanwhile, 88.9 percent viewed it as another radical step under the "America First" doctrine. In addition, 93 percent believed the U.S. approach of using international systems when beneficial and abandoning them when not severely undermines the existing international order and global fairness and justice. Also, 88.3 percent noted that the U.S. withdrawals once again expose it as an irresponsible major power, dealing a significant blow to its international reputation. Furthermore, 88.5 percent believe the U.S. withdrawals reflect its negative attitude toward global governance.
The recent episode of unilateral and bullying actions by the U.S. government has sparked widespread alarm and discontent within the international community. Washington's adherence to the law of the jungle where "might is right" is severely undermining the global governance system. In the poll, 89.9 percent of respondents agreed that multilateralism, based on coordination and cooperation, remains key to addressing current global governance challenges. Meanwhile, 94.4 percent believe it is crucial to advance the reform of the global governance system, uphold international rule of law, and enhance the effectiveness of multilateral mechanisms. Moreover, 90 percent think major powers should shoulder greater responsibility and play a more constructive role in promoting global governance reform.
The poll was conducted across CGTN platforms in English, Spanish, French, Arabic, and Russian languages, attracting 24,000 responses within 24 hours.
Trump says 'I don't need international law,' highlighting urgency for reforming global governance: CGTN poll
