智通财经网·2026-02-10 12:20Core Insights - Hong Kong's capital market showed remarkable performance in 2025, with total fundraising reaching $103 billion, a year-on-year increase of 164% [1][3] - The initial public offering (IPO) fundraising amounted to $37.4 billion, up 231% year-on-year, while post-listing refinancing reached $66 billion, a 136% increase [1][3] Group 1: Market Performance - Hong Kong regained its position as the global leader in new stock fundraising by the end of 2025, with 119 new listings raising a total of $37.4 billion, surpassing the total from the previous three years [3] - The average daily trading volume in the secondary market increased by 89.5% year-on-year, indicating high trading activity [1] Group 2: New Listings and Performance - New stocks with fundraising of $100 million or more saw an average first-day price increase of 23.8%, with an average one-month increase of 30.7%, marking the best performance in nearly 20 years [5] - Notable transactions included 20 large deals exceeding $1 billion, including the largest placement in the global automotive sector and the second-largest convertible bond deal in the tech sector [5] Group 3: Investor Participation - The investor base in Hong Kong's primary and secondary markets has become increasingly diverse, including global institutional investors and retail investors from mainland China [9] - Institutional investors accounted for a significant portion of the top 20 most active cornerstone investors in Hong Kong's equity capital market [9] Group 4: Industry Diversity - Hong Kong maintained its status as a diversified fundraising center, ranking among the top globally in various industry fundraising scales [11] - In the industrial and new energy sectors, Hong Kong ranked first globally in new stock fundraising at $14.3 billion and second in equity capital market issuance at $24.7 billion [13] Group 5: Future Trends - The capital market in Hong Kong started strong in 2026, with equity capital market issuance reaching $15.8 billion by January 30, six times the amount from the same period in 2025 [16] - The artificial intelligence sector is expected to play a significant role in IPO activities, contributing to a vibrant ecosystem for innovative companies [16]