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HKEX: HK ECM Raises USD103B Last Yr, IPO Fundraising Surges 2.3x+
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Hong Kong's capital markets saw exceptional levels of activity in 2025, with the equity capital market (ECM) achieving a record-breaking growth, HKEX (00388.HK) published a blog article saying.

According to Dealogic, 2025 ECM fundraising grew by 164% YoY to USD103 billion. Specifically, the IPO fundraising surged by 231% YoY to USD37.4 billion, allowing Hong Kong to finish 2025 as the world's top IPO fundraising venue. With two of the world's five largest IPOs listed in Hong Kong, the 2025 total fundraising also surpassed the sum of the previous three years.

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