Hong Kong IPO market may enter global top 3 – Deloitte

Hong Kong may host a mega IPO as early as this quarter and could rank among the top three global IPO markets by fundraising in 2025, Deloitte China’s Edward Au said. The city raised HKD18.2bn (USD2.34Bbn) in Q1, nearly 2.9 times more than a year earlier, placing fourth globally behind Nasdaq, NYSE, and Tokyo. The number of IPOs rose to 15, up 25% year-on-year. Deloitte maintained its forecast of 80 IPOs this year, raising HKD130–150bn, driven by large-cap A-shares, Chinese firms, and listings from ASEAN and the Middle East. Four to five IPOs are expected to raise over USD1bn. In contrast, China’s A-share market saw slower activity, with IPO fundraising down 31% year-on-year to HKD16.3bn in Q1.