HKEX File Photo
The Hong Kong Stock Exchange (HKEX) witnessed a uncommon spectacle as six corporations listed concurrently on Tuesday, the second to final buying and selling day of 2025. On the similar day, three corporations debuted on the A-share market, whereas China’s science- and technology-focused fairness market welcomed its 600th itemizing.
Analysts mentioned that the year-end IPO surge alerts traders’ confidence in China’s capital market, primarily pushed by developments in applied sciences.
The six Hong Kong-listed corporations are technology- and new consumption-related: synthetic intelligence (AI)-driven drug discovery agency Insilico Medicine, digital twin resolution supplier 51WORLD, residence embodied AI robotic methods supplier OneRobotics, Chinese skincare model Shanghai Forest Cabin Cosmetics Group, or Lin Qingxuan, leading real-time information infrastructure supplier Shenzhen Xunce Technology, and prefabricated metal construction constructing providers supplier USAS Building System (Shanghai) Co, in response to public itemizing data posted on the HKEX’s web site.
Insilico Medicine stole the present because it opened 45.53 % increased on Tuesday. 51WORLD adopted with a 14.75 % acquire at the opening and closed 13.2 % increased, in response to the HKEX.
On December 22, the HKEX introduced that Hong Kong had led international IPO fundraising in 2025. As of December 19, 106 corporations had listed on the HKEX, elevating HK$274.6 billion ($35.3 billion), far exceeding the HK$87.5 billion raised in 2024.
In 2025, the Hong Kong market acquired 114 accomplished IPOs that raised about HK$286.3 billion. The 2025 estimate represented a 63 % improve in the variety of listings and a greater than twofold leap in proceeds.
Nineteen A+H listings are additionally set to have contributed about half of whole proceeds, in response to a 2025 assessment and 2026 outlook on the Chinese mainland and Hong Kong’s IPO markets by Deloitte China launched on December 18.
“The increased volume and higher prices of mainland enterprises’ listings in Hong Kong reflect the profound changes in China’s industrial structure,” Yang Delong, chief economist at Shenzhen-based First Seafront Fund, instructed the Global Times on Tuesday.
Figures from monetary information supplier Wind confirmed that amongst the greater than 100 corporations itemizing in Hong Kong in 2025, greater than 70 % function in data know-how, biomedicine, new power, cars, and superior manufacturing.
“In the past, internet and consumer companies dominated Hong Kong listings, reflecting growth driven by demographic dividends. Today, the rise of hard tech and biomedicine signals China’s shift to a ‘technology dividend’ era,” Wang Peng, an affiliate researcher at the Beijing Academy of Social Sciences, instructed the Global Times on Tuesday.
The clustering of those listings displays capital flowing towards high-value-added sectors – a microcosm of China’s transformation from the “world factory” to an “innovation engine,” mentioned Wang.
The A-share market additionally skilled an IPO increase, which analysts mentioned was accelerated by June bulletins from the securities regulator introducing the “1+6” reform insurance policies for the STAR Market (formally referred to as the Shanghai Stock Exchange Science and Technology Innovation Board, a Chinese science- and technology-focused equities market).
According to Wind information, as of Monday, the Chinese mainland’s three main exchanges – Beijing, Shanghai and Shenzhen – had accepted 244 IPO functions in 2025, of which 180 got here after the June coverage announcement.
On Tuesday, the STAR market additionally welcomed its 600th listed firm – Maxone Semiconductor (Suzhou) Co, a producer and supplier of IC wafer check probe playing cards, pushing its market capitalization above 10 trillion yuan ($1.4 trillion), in response to media stories.
“Global capital has continuously flowed into A-shares and Hong Kong stocks throughout 2025, driven by China’s breakthroughs in technological innovation, which have significantly boosted international investors’ confidence in Chinese tech,” mentioned Yang.
Yang mentioned that in 2026, A-shares and Hong Kong shares are more likely to lengthen the bull market.
Yang identified that the fifteenth Five-Year Plan (2026-30) prioritizes scientific and technological self-reliance and the fostering of new high quality productive forces in frontier fields equivalent to AI, quantum data, life sciences, deep-space exploration, and deep-sea applied sciences. This will speed up the commercialization of achievements equivalent to brain-computer interfaces and controllable nuclear fusion, that are additionally anticipated to have a very good efficiency in the capital markets in 2026.
The Hong Kong IPO market is more likely to set one other fundraising document in 2026 of a minimum of HK$300 billion, the Deloitte China report confirmed.
Hong Kong’s IPO market is on monitor to take care of its standing as the world’s prime fundraising venue in 2026, mentioned UBS, with greater than HK$300 billion more likely to be raised from 150 to 200 IPOs, in response to media stories.