HKEX vets 300 listing applications after city becomes the world's largest IPO market

Core Insights - Hong Kong Exchanges and Clearing (HKEX) has emerged as the largest IPO market globally, with over 300 companies in the listing pipeline, indicating strong fundraising momentum in the city [1][2] - International investors, particularly from Europe, the US, the Middle East, and emerging markets, are actively participating in new listings, showing confidence in the mainland's technology sector [2][3] - Total funds raised from new share sales in Hong Kong surged by 220% year-on-year in the first nine months of 2025, amounting to US$23.27 billion raised by 66 companies on the main board [3][4] Fundraising and Market Performance - HKEX outperformed the New York Stock Exchange and Nasdaq, which raised US$16.53 billion and US$15.32 billion respectively, marking the first time HKEX ranked first in the first three quarters since 2018 [4] - The Hang Seng Index increased by 35% this year, making it one of the best-performing major indices globally [5] - Funds raised by existing Hong Kong-listed companies through share placements and other offerings reached HK$456.1 billion (US$58.47 billion) in the first nine months of this year, which is double the amount raised in IPOs during the same period [6]