As the year draws to a close, a review of the 2025 global IPO market reveals that the Hong Kong Stock Exchange executed a remarkable comeback, reclaiming the top spot in global fundraising, with nearly half of the contributions coming from A-share companies listing in Hong Kong ("A-to-H" listings). U.S. IPO activity continued its recovery, with NASDAQ securing the second position in global fundraising, largely thanks to the year's largest global IPO—healthcare supplies giant Medline. Last year's champion, the National Stock Exchange of India, ranked third.
Beyond the top three, the New York Stock Exchange (NYSE) captured fourth place globally, with its listed LNG exporter Venture Global ranking tenth worldwide in terms of funds raised. In the A-share market, a staggering 34 new listings saw first-day gains exceeding 300%, with hard-tech enterprises experiencing both volume and price increases. Among these, the Shanghai and Shenzhen Stock Exchanges ranked fifth and eighth, respectively, in total fundraising.
Furthermore, the new energy sector contributed three of the world's top ten fundraising deals. Three major sectors in the U.S. market also saw strong performances from new listings, collectively highlighting the shifting currents of capital.
So, what were the specific highlights across the major global IPO markets?
Global Top Ten IPOs According to a KPMG report, the total funds raised from global IPOs in 2025 are projected to reach $158.4 billion, marking an 18% increase from 2024. Although the total number of listings saw a slight decline, market liquidity improved, with large-scale IPO projects performing exceptionally well. The combined fundraising of the world's top ten IPOs in 2025 amounted to HK$253.9 billion, accounting for 17% of the total, a slight dip compared to the previous year's share. The report identified market volatility, the easing of global trade tensions, and the development of high-tech industries like artificial intelligence as key factors influencing IPO activity.
Deloitte China forecasts that the Hong Kong Stock Exchange will see 114 new listings this year, raising HK$286.3 billion, including 8 "mega-listings" each raising over HK$10 billion, solidifying its position as the global leader in IPO fundraising. NASDAQ ranked second with 175 new listings raising HK$205.2 billion. The National Stock Exchange of India, with 222 new listings raising HK$168.2 billion, dropped from first place last year to third. The NYSE, with 56 new listings raising HK$150.2 billion, took fourth place. The Shanghai Stock Exchange entered the top five with 42 new listings raising HK$87.3 billion.
Regarding major individual listings, Medline, one of the world's largest manufacturers and distributors of medical consumables, made a grand entrance on NASDAQ on December 17, raising $6.26 billion (approximately HK$48.8 billion), instantly securing the title of the world's largest IPO by size in 2025. The global fundraising champion of 2024 was also from NASDAQ, set by U.S. cold chain logistics company Lineage.
Lithium battery giant CATL ranked second globally with its H-share fundraising of HK$41.006 billion, also making it Hong Kong's fundraising champion for the year. Furthermore, Hong Kong-listed gold mining company Zijin Gold International, heavy engineering machinery manufacturer Sany Heavy Industry, and SERES became the world's fourth, eighth, and ninth largest IPO fundraising projects, raising HK$28.7 billion, HK$15.3 billion, and HK$14.3 billion, respectively. This means the Hong Kong Stock Exchange captured four spots in the top ten global IPOs by fundraising, whereas in 2024, only Midea Group's HK$35.7 billion Hong Kong listing made the top ten. It is worth noting that CATL, Sany Heavy Industry, and SERES are all dual-listed on the A-share and H-share markets. SERES focuses on new energy vehicles, covering R&D of three-electric systems, vehicle manufacturing, and sales services; its Hong Kong IPO set a new record for fundraising by a mainland Chinese automaker in Hong Kong.
Following CATL was the European home security leader Verisure, which listed on the Stockholm Stock Exchange on October 8, raising HK$32.9 billion—the largest IPO in Europe since 2022. Interestingly, this company steadily generates €3 billion in revenue annually but has yet to enter the Asian market.
Japan's JX Advanced Metals successfully listed on the Tokyo Stock Exchange on March 19, raising ¥439 billion (approximately HK$23.2 billion), marking Japan's largest IPO in seven years and ranking as the fifth largest global IPO by fundraising in 2025. The company specializes in "sputtering targets," key metal materials for advanced chip manufacturing processes, holding about 60% of the global market share. SBI Shinsei Bank, which listed on the Tokyo Stock Exchange on December 17, raised HK$16.2 billion, ranking as the seventh largest global IPO.
Huadian New Energy, focused on wind and solar power generation, listed on the Shanghai Stock Exchange on July 16, raising HK$19.9 billion. It was the A-share market's fundraising champion for the year and occupied the sixth spot globally.
The U.S.'s second-largest liquefied natural gas producer, Venture Global, listed on the NYSE on January 24, raising HK$13.6 billion. This was the largest IPO in the U.S. energy sector in over a decade, securing the tenth position globally in 2025.
Overall, compared to 2024, where the top ten global IPOs were primarily from the consumer goods market, the 2025 global IPO fundraising landscape saw three deals from the new energy sector, with the remaining seven来自生物医药、安防、资源开采生产、芯片制造、重型机械、银行等行业. Furthermore, among the top ten, IPOs from the A-share and Hong Kong markets collectively accounted for five deals, occupying "half the sky." These companies were distributed across the automotive, mining, energy, and advanced manufacturing sectors, highlighting the vibrancy of China's capital markets.
A-Shares: TMT Sector Attracts Capital As a mainstay of China's capital markets, the A-share market maintained stable operation in 2025. Deloitte estimates that the A-share market completed 114 IPOs for the full year, raising a total of approximately RMB 129.6 billion. Compared to 2024's 100 new listings raising RMB 66.8 billion, this represents a 14% increase in the number of new listings and a 94% year-on-year increase in funds raised, though it remains significantly lower than the 2023 IPO fundraising level. Preliminary statistics from IPO Daily show that, as of December 25, 111 new stocks have been listed on the A-share market this year, raising a combined total of approximately RMB 125.3 billion.
By board, among the 114 new listings for the year, the ChiNext Board had the highest number of new stocks at 33. The Shanghai Stock Exchange Main Board and the STAR Market had 23 and 19 respectively, the Shenzhen Stock Exchange Main Board had 15, and the Beijing Stock Exchange had 24. Except for the ChiNext Board, which saw a lower number of new listings than 2024, all other boards exceeded last year's figures.
In terms of fundraising scale, the STAR Market had the highest average fundraising size at RMB 1.6 billion. The average fundraising sizes for the Shanghai and Shenzhen Main Boards were similar, at RMB 1.17 billion and RMB 1.14 billion respectively. The ChiNext Board's average was RMB 760 million, and the Beijing Stock Exchange had the lowest average at RMB 290 million.
Looking at industry distribution, among the 114 new listings, companies from the traditional and high-end manufacturing sectors were the most numerous, with 68 companies accounting for 60% of the total, but they contributed only 42% of the total funds raised. Companies from the Technology, Media, and Telecommunications (TMT) sector came next, with 24 companies (21% of the total), yet they accounted for a substantial 29% of the funds raised. The consumer sector had 11 companies (about 10%), contributing only 4% of the funds. Life sciences and healthcare had 6 companies (5%), contributing about 6% of funds. The energy and resources sector had only 3 companies (3%), but thanks to the fundraising champion Huadian New Energy, its fundraising share reached a high of 18%. This indicates the stronger capital-attracting ability of the TMT and energy and resources sectors in the capital market.
In terms of individual stocks, besides Huadian New Energy's RMB 18.2 billion fundraising, Moore Threads and Xi'an Yicai raised RMB 8 billion and RMB 4.6 billion respectively, ranking second and third. China Uranium Industry and Muxi Co., Ltd. ranked fourth and fifth, raising RMB 4.4 billion and RMB 4.2 billion respectively, far exceeding last year's A-share fundraising champion's RMB 3 billion, indicating a greater number of very large IPO projects.
Furthermore, driven by policies like the "827" new rules and the new "National Nine Articles," the price-to-earnings ratios of new stock issuances have gradually returned to rationality over the past two years. Investor subscription for new shares continued the enthusiasm seen in 2024. All newly listed companies received oversubscription, with oversubscription multiples all exceeding 100 times.
The stock price performance on the first day of listing was also strong. No new stocks broke their issue price on the first day, with the average return rate reaching 253%, the highest in the past five years. The average first-day return rates across all major boards exceeded 150%. Among them, the STAR Market and the Beijing Stock Exchange saw average first-day returns exceeding 300%, making it the most profitable year for new stocks in the past three years.
Dapeng Industrial had the highest first-day gain on the A-share market at 1211%, followed by Sanxie Motor, Muxi Co., Ltd., and Jiangnan New Materials, all with first-day gains exceeding 500%. The number of "super profitable new stocks" with first-day gains between 300% and 500% reached 30.
For example, based on the intraday high price on its listing day, the maximum profit per lot for Muxi Co., Ltd. reached RMB 395,000, making it the new stock with the highest single-lot profit in A-share history and the most profitable new stock in the past decade. As the "first domestic GPU stock," Moore Threads saw a first-day gain of 425.46%, with a single-lot profit exceeding RMB 240,000; calculating based on its intraday high of RMB 688, the maximum paper profit per lot was approximately RMB 286,900. Optical chip company Youxun Co., Ltd., calculated at its first-day closing price, yielded a profit per lot close to RMB 90,000, with a paper profit based on the intraday high reaching RMB 118,700. These three newly listed companies are all deeply involved in hard technology fields related to semiconductors and computing power. High issue prices combined with high valuation premiums in hot sectors made them highly attractive "big profitable" new stocks in the 2025 IPO subscription market.
Regarding the review process and outcomes, this year continued the trend of "lenient entry, strict exit" seen in recent years. As of December 25, 107 companies planning IPOs had been scheduled for review meetings. Among them, the listing committees issued IPO "PASS" cards to 102 companies, resulting in a pass rate of 95.33%, higher than the previous two years. Five companies faced "postponement of deliberation": Yongda Co., Ltd., Youxun Co., Ltd., Taijin New Energy, Hengkun New Materials, and Jieka Co., Ltd. Among these, Youxun Co., Ltd., Taijin New Energy, and Hengkun New Materials have all passed their second review meetings, Jieka Co., Ltd. had its review canceled, and Yongda Co., Ltd. is still pending review. Behind the high pass rate, a significant number of companies voluntarily withdrew their listing applications. According to incomplete statistics from IPO Daily, at least 99 companies voluntarily withdrew their listing applications from the A-share market this year.
Currently, over 200 companies are still awaiting their listing "exams" on the A-share market. Deloitte China predicts that A-share IPO reviews in 2026 will focus more on company quality, technological advancement, and alignment with national strategies. For instance, companies closely related to artificial intelligence, new energy, high-end manufacturing, and key development areas mentioned in the 15th Five-Year Plan (such as commercial aerospace, quantum technology, biomanufacturing, etc.) may enjoy smoother listing channels.
Hong Kong: "New Economy" Sector Heats Up Compared to the stable A-share market, Hong Kong's performance in 2025 was more dazzling. Deloitte expects 114 new listings for the full year, raising approximately HK$286.3 billion, with the "New Economy" sector (Technology + Healthcare + Advanced Manufacturing) accounting for over 45%. IPO Daily statistics show that 111 Hong Kong IPOs have already been listed this year, hitting a four-year high.
Furthermore, the Hong Kong Stock Exchange saw 8 mega-listings this year. Besides the four that entered the global top ten—CATL, Zijin Gold International, Sany Heavy Industry, and SERES—Hengrui Pharmaceuticals, Sanhua Intelligent Controls, Haitian Flavouring, and Chery Automobile followed closely, each raising over HK$10 billion. These eight mega-listings accounted for about half of the total funds raised, forming the cornerstone of the Hong Kong Exchange's recapture of the global IPO fundraising crown. Notably, among these, CATL, Sany Heavy Industry, SERES, Hengrui Pharmaceuticals, Haitian Flavouring, and Sanhua Intelligent Controls are already A-share listed companies. Their combined fundraising in Hong Kong amounted to HK$103.32 billion, representing approximately 38.25% of the total funds raised by new Hong Kong listings this year.
It wasn't just mega-IPOs; in 2025, 19 A-share listed companies, including Naxin Micro, newly listed in Hong Kong, raising a combined total of approximately HK$140 billion, accounting for nearly half of the total funds raised in Hong Kong IPOs this year.
EY had previously predicted that over 20 A-share companies would conduct primary listings in Hong Kong in 2025, raising a combined total of over HK$170 billion.
Behind this achievement lies the Hong Kong Exchange's simplified approval procedures, multiple supportive policies for Hong Kong issued by the China Securities Regulatory Commission, support for industry leaders to list in Hong Kong, the establishment of a listing regime for specialist technology companies (Chapter 18C), the opening of a technology specialist channel, and other reform measures. These have significantly improved the efficiency for A-share companies listing in Hong Kong and greatly enhanced the market's attractiveness to high-quality enterprises. The surge in A-share companies listing in Hong Kong was a key driver behind Hong Kong's top fundraising position in 2025.
Additionally, three U.S.-listed Chinese concept stocks—Pony.ai -W, Hesai -W, and WeRide -W—returned to the Hong Kong market, completing dual primary listings in both Hong Kong and the U.S.
In terms of industry, among the 114 companies mentioned, the Consumer and TMT sectors each accounted for about 26% and 25% of the new listings, approximately 29 companies each. The Healthcare and Pharmaceuticals sector had about 24 new listings, accounting for 21%. The Manufacturing sector had about 20 new listings, accounting for 18%. However, in terms of funds raised, newly listed manufacturing companies in 2025 took away 41% of the total funds. The TMT and Consumer sectors received 18% and 16% of the funds, respectively.
The performance of new Hong Kong listings this year also brought some comfort to investors. Deloitte China reported that, compared to last year's average first-day return of 8%, the average first-day return for both Main Board and overall new listings in Hong Kong this year was 40%.
Nuobikan, which listed on December 23, became the best-performing new stock with a first-day gain of 363%. The profit per board lot reached HK$14,550, also making it the "profit champion" for first-day gains of the year. Jinye International Group and Xipuli ranked second and third, with first-day returns of 330% and 258%, respectively. These three companies are from the AI+infrastructure, electrical and mechanical engineering contracting, and precious metal watches and jewelry industries.
Looking at the review pipeline, the Hong Kong Exchange currently has over 300 listing applications being processed, more than 90 of which are for A+H listings. These applications are concentrated in the New Economy, New Energy, New Materials, and Healthcare sectors, and include well-known brands. For example, A-share leaders like Sungrow Power Supply, Dongpeng Beverages, and GigaDevice Semiconductor are among them, laying the foundation for continued market activity in 2026.
Deloitte China predicts that the Hong Kong IPO market will see about 160 new listings in 2026, raising no less than HK$300 billion. It is expected that 7 of these will be mega-listings raising over HK$10 billion each, including leading mainland Chinese companies.
U.S. Stocks: Three Hot Sectors for New Listings The U.S. stock market, which gave birth to the world's largest IPO of 2025—healthcare supplies giant Medline—continued its overall recovery. A total of 202 companies successfully went public throughout the year, raising a cumulative total of approximately $44 billion. Both the number of listings and the total funds raised hit a four-year high. Among these, 71 IPO companies raised $100 million or more. After listing, these 71 large IPO companies saw an average first-day stock price increase of 18%, significantly higher than the overall IPO market's average return of about 2%.
Judging from the performance of U.S. new listings, leading companies with core technological barriers that caught the industry trend were highly favored by capital, especially those in the AI computing power, blockchain finance, and healthcare supply chain sectors. Examples include Anbio and Medline in the healthtech sector, Karman in the aerospace/high-end manufacturing sector, Circle and Figure in the fintech sector, and CoreWeave in the AI computing infrastructure sector.
Among them, Anbio, focusing on point-of-care testing (POCT) reagents and handheld fluorescence analyzers (a sub-sector combining high-end medical devices and bio-diagnostics), saw its stock price increase over fivefold during the year, a stunning performance.
Karman focuses on microsatellite propulsion systems and space power; Circle is the issuer of the USD stablecoin USDC, providing on-chain payments, custody, and DeFi interfaces; CoreWeave transitioned from crypto mining farms to full-scale GPU cloud leasing. All three companies saw their stock prices more than double during the year.
Additionally, in 2025, 63 Chinese companies listed in the U.S., representing a 7% increase in the number of new listings, but they raised only $1.12 billion, a 41% decrease in total funds raised. Among them, Bawang Tea姬 raised $411 million in the U.S., far surpassing other Chinese companies. Ascentage Pharma also raised over $140 million, ranking second. The top five Chinese IPOs in the U.S. this year raised a combined $627 million, a 57% decrease compared to the $1.471 billion raised last year by Zeekr, WeRide, Pony.ai, Shansong, and Yunxuetang. The impact was greater on small and medium-sized enterprises, which form the mainstream of listings, due to NASDAQ's plans to implement stricter listing standards and delisting procedures, including special requirements for Chinese companies.
The overall first-day return rate for Chinese companies listing in the U.S. in 2025 was 15%, an improvement from 8% in the same period last year. The financial services sector continued its trend from last year, still leading in first-day returns.
Looking ahead to 2026, the highly anticipated SpaceX is expected to advance its U.S. IPO process, potentially becoming the largest listing transaction in history.
Beyond the U.S. market, large non-bank financial company Tata Capital listed simultaneously on the National Stock Exchange of India and the Bombay Stock Exchange in October this year, raising 155 billion Indian Rupees (approximately $1.75 billion), making it India's largest IPO of 2025. Large fundraising deals from companies like JX Advanced Metals and SBI Shinsei Bank helped Japan's total IPO fundraising in 2025 reach a seven-year high. It is evident that, besides the A-share and Hong Kong markets, the performances of the National Stock Exchange of India and the Tokyo Stock Exchange demonstrate the overall vibrancy of Asian stock markets. As we look towards 2026, what capital story will the global IPO market write next? It is something to anticipate.
