Zheng Quan Shi Bao Wang·2026-01-07 12:19Group 1 - The global IPO market showed significant recovery in 2025, with Hong Kong Stock Exchange returning to the top position globally, hosting 114 IPOs and raising 286.3 billion HKD [1][2] - The largest IPO globally was Medline, which raised approximately 62 billion USD on NASDAQ, surpassing the Indian National Stock Exchange, which ranked second with 268 listings and a total fundraising of 1.78 trillion INR [2][4] - The top ten IPOs in 2025 were diverse in industry, including sectors such as biomedicine, security, and finance, with Hong Kong Stock Exchange accounting for four of these IPOs [3][6] Group 2 - Medline's IPO on December 17, 2025, marked a significant milestone, with a first-day market valuation exceeding 54 billion USD, providing substantial returns to its private equity backers [4][5] - Verisure, a Swedish security company, also had a notable IPO, raising approximately 36 billion EUR and achieving a first-day increase of 21%, marking it as the largest IPO in Europe since 2022 [4][5] - Predictions for 2026 indicate a potential wave of large IPOs, particularly from major US exchanges, with estimates of 200 to 230 companies going public and raising between 40 to 60 billion USD [7][8] Group 3 - Hong Kong is expected to maintain competitiveness in the IPO market, with forecasts suggesting around 150 new listings in 2026, raising between 320 to 350 billion HKD, driven by technology, consumer, and green economy sectors [8] - The competition between US and Hong Kong capital markets is anticipated to intensify, with both markets expected to see significant IPO activity [8]