Hong Kong ranked as the world's top IPO venue in 2025, with record-setting average daily trading volumes and fundraising levels rising sharply from a year earlier, the Hong Kong Exchanges and Clearing Limited (HKEX) announced on Monday.
As of Dec 19, HKEX IPOs raised a total of 274.6 billion Hong Kong dollars (about 35.29 billion U.S. dollars) from 106 new listings, with four companies in the world's top 10 IPOs of 2025. Companies listed on HKEX raised 66 billion U.S. dollars in follow-on offerings, highlighting the vibrancy and depth of Hong Kong's capital markets, the HKEX said.
Data show that for the cash market, average daily turnover in the first 11 months of 2025 reached 230.7 billion Hong Kong dollars, an increase of 43 percent year on year.
Global capital flowed back to Hong Kong in 2025, driven by the "DeepSeek moment," innovative technology initiatives and sweeping market reforms. Since the implementation of Chapter 18A and 18C of the Exchange's Listing Rules, 88 biotech and specialist technology companies have listed on HKEX, reflecting robust investor interest in cutting-edge sectors, the HKEX said.
Hong Kong ranks global first in 2025 IPO market financing
Despite the United States and Ukrainian negotiators hailed the talks in Miami, Florida on Sunday as "productive and constructive," U.S. media reports claimed that the talks had made no breakthroughs due to sharp differences between the two parties.
The U.S. newspaper Politico reported with the headline "No breakthrough after Ukraine talks in Miami," noting that huge differences remain between the conflicting parties.
Several media outlets also reported on Monday that U.S. Vice President JD Vance said in an interview that negotiations on resolving the Russia-Ukraine conflict had made progress, but he was not confident in reaching a peaceful solution, and that territorial concessions were a major obstacle to the negotiations.
Russian and Ukrainian delegations recently held separate talks with their U.S. counterparts in Florida, described by the U.S. presidential special envoy Steve Witkoff on the social platform X as "productive and constructive."
However, no details were provided regarding the progress of the negotiations.
On Sunday, a two-day round of Russia–U.S. talks on the Ukraine issue concluded in Florida.
Russian President's special envoy Kirill Dmitriev said "the talks went very well," but did not disclose further details. He also hinted that the next round of talks might be held in Moscow, Russia.
Witkoff also said that Russia "remains fully committed to achieving peace in Ukraine," while attaching great importance to relevant efforts and support from the U.S. side.
On the same day, Witkoff also used the phrase "productive and constructive" to describe talks held over the past three days in Florida between the United States, Ukraine, and European countries.
Rustem Umerov, head of the Ukrainian negotiating delegation and secretary of Ukraine's National Security and Defense Council, released an almost identical statement on social media.
On Monday, Ukrainian President Volodymyr Zelensky confirmed that the Ukrainian delegation had concluded a series of talks with the U.S. in Miami and had begun its return to Ukraine.
Zelensky said the delegation would submit details of the negotiations to him that evening.
He noted that both sides had completed all key work at the draft stage of a 20-point peace plan, and that the overall framework of the plan had been finalized. While not perfect, he said, the core objectives for advancing peace had been achieved.
Miami talks "no breakthroughs": US media
