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Hong Kong has reclaimed the top spot in global IPO market rankings for the first time since 2019, driven by a record number of A+H listings that contributed over half of total funds raised, according to KPMG's Chinese Mainland and Hong Kong IPO Markets 2025 Review and 2026 Outlook.
The city hosted 14 pre-revenue biotech listings (Ch.18A) in 2025, up from 4 in 2024, along with 3 specialist technology listings (Ch.18C), on par with the previous year. The launch of the Technology Enterprises Channel (TECH) and the option for confidential submissions for Ch.18A and Ch.18C companies, has streamlined and improved the listing process. These improvements underscore the city's dedication to fortifying its status as a leading global listing platform.
With an all-time high of more than 300 active IPO applications in the pipeline as at 7 December 2025 - including 92 active A+H listing applicants - Hong Kong is well positioned to maintain its IPO momentum into 2026.
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