Hong Kong IPO Frenzy Sets Sights on Record $32 Billion Fundraising for 2025

Big Four accounting firms sharply raise fundraising forecasts for HKEX in 2025

Hong Kong’s sizzling IPO market is prompting the Big Four accounting firms to sharply raise their fundraising forecasts for 2025. KPMG now predicts total proceeds could soar to HK$250 billion ($32 billion) if current market conditions persist.

As of June 30, the Hong Kong Stock Exchange (HKEX) was reviewing 219 active initial public offering (IPO) applications — a record-breaking 210 of which were for the main board alone.

In the first half of 2025, some 44 companies went public in Hong Kong, a 47% jump from the same period last year. IPO proceeds increased sevenfold to HK$107.1 billion, catapulting HKEX to the top of global exchanges for the first half — its best mid-year performance since 2016.

KPMG has revised its 2025 outlook,