①By the end of the year, the total funds raised on the Hong Kong stock market reached HKD 278.678 billion, reclaiming the top global position and setting a new record for fundraising scale.
②In 2025, the Hong Kong stock market witnessed the emergence of several landmark 'first stocks,' providing clear listing benchmarks for enterprises in specific sectors.
As the Hong Kong stock market undergoes a historic transition from a 'valuation lowland' to an 'industrial highland' by 2025, the Hong Kong Exchange is experiencing a systemic transformation driven by policy dividends, capital inflows, and corporate structural upgrades.
On one hand, data such as the IPO fundraising amount ranking first globally, a record-breaking wave of A+H listings, and net inflows of southbound funds exceeding HKD 1 trillion underscore the status of Hong Kong stocks as the primary platform for international capital to allocate core Chinese assets. On the other hand, accelerated trading mechanism reforms, high dividends and share repurchases, and Chinese-funded brokerages expanding overseas demonstrate the strategic ambitions of the Hong Kong Exchange in the global financial landscape.
Against this backdrop, Cailian Press reviewed the year in the Hong Kong stock market across ten dimensions: the IPO ecosystem, two-way capital flows, institutional innovation, corporate behavior, and internationalization strategies.
Key term one: Global leader in total IPO fundraising
In 2025,$HKEX (00388.HK)$Hong Kong took a commanding lead in the global IPO market. According to Wind data, as of December 26, a total of 111 companies successfully listed on the Hong Kong Exchange, raising a combined HKD 278.678 billion. This marks not only the first time in four years that the Hong Kong Exchange's IPO fundraising exceeded HKD 200 billion but also surpasses the New York Stock Exchange and Nasdaq, reclaiming the top global position and achieving a new high in fundraising scale.
This achievement is primarily attributed to large technology companies, new energy leaders, and biopharmaceutical firms concentrating their listings in Hong Kong. Among the top ten IPOs by fundraising amount in 2025, eight raised over HKD 10 billion and two raised more than HKD 5 billion. Notably,$CATL (03750.HK)$、$ZIJIN GOLD INTL (02259.HK)$、$SANY HEAVY IND (06031.HK)$and$SERES (09927.HK)$all ranked among this year’s top ten global IPO projects, with the four companies collectively raising HKD 99.37 billion, accounting for 35.66% of the total funds raised during the year.
Deloitte Capital Markets Services estimates that in 2025, Hong Kong will complete 114 new stock listings, raising approximately HKD 286.3 billion. The number of new listings is expected to increase by about 63%, while the financing amount will surge more than threefold. The Hong Kong Exchange will rank first in terms of total new stock financing for 2025, followed by Nasdaq, which will have 175 new listings raising HKD 205.2 billion. The National Stock Exchange of India will rank third, with 222 new listings raising a total of HKD 168.2 billion.
Keyword Two: Multiple 'First Stocks' on the Hong Kong Exchange
In 2025, the Hong Kong stock market witnessed the emergence of multiple 'first stocks' with milestone significance, spanning fields such as biotechnology, specialized technology, and cross-market linkages. These listings not only enriched the market ecosystem but also provided clear benchmarks for companies in specific sectors seeking to go public.
Among these, the 'first stocks' of unprofitable biotech companies (Chapter 18A) and specialized technology enterprises (Chapter 18C) stood out remarkably. According to Wind data, in 2025, the Hong Kong Exchange completed 17 listings under Chapter 18A, a significant increase from four in 2024. Additionally, five companies were listed under Chapter 18C, up from three the previous year. These enterprises, focusing on high-barrier sectors such as innovative drugs and cancer treatments, leveraged the Hong Kong stock platform to quickly raise research and development funds.
The niche consumer goods and new energy sectors also saw the emergence of distinctive 'first stocks.'$BAMA TEA (06980.HK)$By virtue of its leading position in a niche market, this company successfully went public as the 'First Stock of Premium Chinese Tea,' becoming a typical representative of upgrading in the traditional consumer goods industry.$DEEPEXI TECH (01384.HK)$This company went public as the 'First AI Application Stock,' filling the gap in the Hong Kong stock market for enterprise-level large-model AI application-focused companies. It became the first specialized technology company in this field listed under Chapter 18C of the Hong Kong Exchange, enriching the investment landscape of the AI industry chain in Hong Kong stocks.
$HASHKEY HLDGS (03887.HK)$As the 'First Stock of Digital Assets in Asia,' this company established a new reference point for the compliance and institutional development of Hong Kong's global virtual asset industry.$NUOBIKAN (02635.HK)$This company went public as the 'First Stock of AI + Industrial Intelligent Inspection.'$B&K CORP-B (02396.HK)$Another company was listed on the Hong Kong Stock Exchange as the 'First PDGF Stock.' The successful listing of these 'first stocks' reflects both the inclusiveness of the Hong Kong Stock Exchange towards emerging sectors and the capital market’s recognition of leading enterprises in niche areas.
Keyword Three: A+H Listings Reach a Historical Record
In 2025, the synchronized or sequential dual-listing model of A+H shares further deepened, with 19 new A+H listed companies added throughout the year, reaching a near-historical high. These include several technology subsidiaries of central state-owned enterprises and benchmark state-owned enterprises undergoing local reform, reflecting the policy orientation of 'dual drivers of state-owned enterprise reform and capital markets.'
In terms of fundraising scale, A+H shares accounted for four out of the top five IPOs in the Hong Kong stock market within the year.$CATL (03750.HK)$Raising over HKD 41 billion, it ranked first and became the largest IPO project globally in 2025.$SANY HEAVY IND (06031.HK)$、$SERES (09927.HK)$、$HENGRUI PHARMA (01276.HK)$Others also raised more than HKD 10 billion respectively.
Moreover, spin-off listings have become a new highlight in the deepening development of A+H shares. Mainland-listed companies are spinning off subsidiaries to list in Hong Kong, while Hong Kong-listed companies are spinning off entities to list in mainland China, forming a cross-market, multi-layered spin-off ecosystem. During the year, Midea Group planned to spin off Ant De Zhi Lian, and Zhejiang Pharmaceutical prepared to spin off New Code Bio to list in Hong Kong. Meanwhile, Hong Kong-listed companies$TIANGONG INT'L (00826.HK)$spun off Tiangong Corporation to list on the Beijing Stock Exchange, and Hard Egg Innovation actively promoted the listing of KET Technology on the A-share market, maturing a two-way linkage pattern.
Keyword Four: Subscription Multiple Breaks Through Ten Thousand Times for the First Time
The Hong Kong IPO market continues to present itself in a new light, with subscription multiples constantly challenging perceptions. According to Wind data, as of December 26, among the 111 new shares listed on the Hong Kong Stock Exchange this year, 107 were oversubscribed. Fifteen had public subscription multiples exceeding 5,000 times, 34 exceeded 2,000 times, and 38 broke through 1,000 times.
Among which,$GOLDEN LEAF INT (08549.HK)$With an oversubscription multiple of over 11,500 times in its public offering, it became the first 'ten-thousand-times subscribed stock' in Hong Kong's history, pushing subscription enthusiasm to unprecedented heights.
Notably, the ten-thousand-fold subscription of Golden Leaf International Group occurred under healthy growth after regulatory deleveraging. Reviewing 2024, the high-leverage financing convenience provided by brokers allowed investors to 'punch above their weight,' thereby inflating IPO subscription multiples. However, following the termination of '100x leverage subscriptions' by the Hong Kong Securities and Futures Commission in March 2025, oversubscriptions no longer relied on leveraged capital but stemmed from industrial value recognition and natural capital inflows.
Keyword Five: Active Refinancing
The refinancing market in Hong Kong stocks was exceptionally active in 2025, with total equity financing (including IPOs, placements, public offerings, and rights issues) reaching USD 595.368 billion for the year, marking a year-on-year increase of 45.79% and setting a new high since 2022.
Among this, the Hong Kong stock refinancing market experienced explosive growth in 2025, with both scale and number of projects hitting multi-year highs. Wind data shows that as of December 26, the total refinancing amount in Hong Kong stocks reached HKD 314.886 billion, not only significantly surpassing the combined scale of additional issuances in 2023 and 2024 but also breaking the highest record since 2018, demonstrating the strong appeal and activity of the Hong Kong stock market as an efficient refinancing platform.
Leading enterprises have undoubtedly become the main force in the refinancing market.$BYD COMPANY (01211.HK)$A placement of nearly 130 million H-shares at HKD 335.2 per share raised HKD 43.509 billion,$XIAOMI-W (01810.HK)$while a placement of 800 million shares at HKD 53.25 each raised HKD 42.6 billion for business expansion and R&D; the refinancing scales of the two companies ranked among the top within the year.
Keyword Six: Dividend Amount Reaches Record High
In 2025, the total dividend payout by listed companies in Hong Kong stocks reached HKD 1.46 trillion, marking a year-on-year increase of 6.22%, setting an all-time high. Notably, the Hong Kong stock market has maintained a dividend payout exceeding HKD 1 trillion for seven consecutive years. Wind data shows that as of December 26, a total of 978 listed companies implemented dividends, with a combined total of 1,490 dividend distributions.
From an industry perspective, high dividend payouts mainly came from traditional high cash flow sectors such as finance, energy, and telecommunications. A total of four institutions distributed dividends exceeding HKD 50 billion each. Among them,$CCB (00939.HK)$、$CHINA MOBILE (00941.HK)$、$HSBC HOLDINGS (00005.HK)$、$CNOOC (00883.HK)$、$ICBC (01398.HK)$five institutions ranked at the top in terms of dividend amounts.
At the policy level, optimization of the dividend distribution system and improvement in corporate profitability support dividend growth. The Hong Kong Exchange has continuously improved regulations related to dividends in recent years, encouraging listed companies to reward shareholders, while the overall recovery in profitability of the Hong Kong stock market provides a solid foundation for high dividend payouts. The characteristic of high dividend yields further enhances the attractiveness of Hong Kong stocks to long-term capital, especially in the context of a global low-interest-rate environment, making Hong Kong dividend assets an important allocation target for long-term funds such as mainland social security funds and insurance funds, forming a virtuous cycle of 'dividends attracting capital, and capital driving the market'.
Keyword Seven: Record High Southbound Capital
In 2025, the net inflow of Southbound capital into Hong Kong stocks reached HKD 1.41 trillion, setting a new historical record, representing a 74.37% increase compared to the total amount for the whole year of 2024. Since the launch of the Stock Connect mechanism, the cumulative net purchases of Hong Kong stocks by Southbound capital have exceeded HKD 5.1 trillion, with this year's net purchases accounting for 27.59% of the cumulative net purchases since the mechanism was launched.
Additionally, in 2025, the 'Cross-Border Wealth Management Connect' underwent a significant upgrade, with individual investment quotas increasing from CNY 3 million to CNY 5 million, marking a critical step in deepening the pilot program. Meanwhile, on October 31, the Shanghai and Shenzhen stock exchanges officially included six Hong Kong-listed ETFs as eligible securities under the Southbound Stock Connect, representing the first batch of results following the CSRC’s April 2024 policy to 'relax the eligibility criteria for ETF products under the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect.' These measures signify the continued optimization of the Stock Connect mechanism, accelerating the release of policy benefits, opening new avenues for domestic investors to diversify their portfolios and seize opportunities in overseas markets.
Keyword Eight: Strength of the Hang Seng Index
$Hang Seng Index (800000.HK)$From the beginning of this year to date, it has risen by 28.71%, potentially marking the best annual performance since 2017. With record-breaking capital inflows through the Stock Connect, optimism about the future development of artificial intelligence, and interest rate cuts boosting market sentiment, the Hang Seng Index, which rose by 18% in 2024, has maintained its upward momentum into 2025.
Among the sectors, the financial industry contributed 3,521 points, becoming the largest contributor during this period. Discretionary consumption and information technology followed closely behind.$CHINAHONGQIAO (01378.HK)$、$SMIC (00981.HK)$、$POP MART (09992.HK)$、$INNOVENT BIO (01801.HK)$These were the top five constituent stocks with the highest interval gains, all exceeding 120% over the period.
Moreover, the Hang Seng Index has further expanded its market coverage over the past few years. In 2025, six new constituent stocks were added, bringing the total number of constituents to 89 after the latest index review changes took effect on December 8, 2025, steadily moving towards its goal of reaching 100 constituents.
Keyword Nine: Multiple Trading Mechanism Reforms
Since the second half of 2025,$HKEX (00388.HK)$A series of reform measures in trading mechanisms have been rolled out intensively, covering core areas such as trading thresholds, settlement efficiency, and the regulatory framework, becoming key initiatives to enhance market competitiveness.
The optimization of trading thresholds has become a major focus of the reform. The Hong Kong Exchange plans to reduce over 40 types of lot sizes to eight categories, halving the lower limit of lot value guidance from HKD 2,000 to HKD 1,000, while introducing a HKD 50,000 cap for certain companies. Complementing this, the reduction of minimum price movements was implemented in the first phase, covering stocks within the HKD 10-50 range, with the smallest price change unit decreasing by up to 60%. This effectively reduces trading spread costs and enhances price discovery efficiency, particularly benefiting the trading activity of low-priced stocks.
Shortening the settlement cycle and optimizing the regulatory framework are proceeding simultaneously. The Hong Kong Exchange is exploring reducing the T+2 settlement cycle in the stock spot market to T+1 or even T+0, aiming to reduce counterparty risk and capital occupation costs while aligning with global major markets. However, this reform faces operational challenges such as IT system upgrades for brokers and cross-border transaction coordination. In terms of regulation, the Hong Kong Exchange abolished the mandatory suspension system for insufficient public float and shifted towards a disclosure-based regulatory approach, providing issuers greater flexibility in capital operations. Additionally, it optimized IPO pricing rules, requiring investment banks to 'adopt a proper issuance attitude,' strengthening quality control for listed companies while improving market efficiency.
Keyword Ten: Corporate Expansion Overseas
In 2025, 'corporate expansion overseas' became a new theme in the Hong Kong stock ecosystem, exhibiting a two-way characteristic. On one hand, Chinese securities firms, leveraging the Hong Kong platform, are accelerating internationalization. Huatai International and CICC Hong Kong have established branches in the Middle East and Southeast Asia, underwriting multiple cross-border IPOs. On the other hand, Hong Kong financial institutions are actively seeking paths to list on U.S. exchanges.
According to Wind data, 38 Hong Kong-funded enterprises have successfully gone public in the U.S. this year, while a large number of mainland companies have used Hong Kong stocks as a springboard to enter international markets. Over 40 Hong Kong-listed companies announced plans for overseas factory construction orMergers and acquisitionsinitiatives by 2025, covering sectors such as new energy vehicles, photovoltaics, and AI chips. Hong Kong's role as a "super connector" is becoming increasingly prominent in the globalization process of Chinese enterprises.
Moreover, Chinese securities firms are strengthening their global competitiveness through the Hong Kong market. Leading Chinese securities firms such as CICC International and CITIC Securities (Hong Kong) dominate the Hong Kong IPO market, sponsoring 39 and 31 IPO projects respectively. With their deep understanding of mainland enterprises and extensive international capital networks, they have become core service providers for Chinese enterprises listing in Hong Kong and conducting cross-border financing.
Looking to pick stocks or analyze them? Want to know the opportunities and risks in your portfolio? For all investment-related questions,just ask Futubull AI!
Editor/melody