In 2025, the Hong Kong stock market returned to its peak.
In the just - passed year of 2025, the Hong Kong stock market was truly "bullish".
According to the official data of the Hong Kong Stock Exchange, in 2025, its IPO fundraising reached US$37.4 billion, approximately HK$292.3 billion, hitting a new high in recent years and exceeding the total of the previous three years. This is also the Hong Kong Stock Exchange's return to the world's top position after a four - year interval.
Source: Official website of the Hong Kong Stock Exchange
The last glorious moment of the Hong Kong stock market was in 2021. In that year, its IPO financing scale reached HK$331.3 billion. After that, it began to decline sharply, and in 2023, it even fell below HK$50 billion. Now, it has soared to nearly HK$300 billion again, leading the world once more.
Behind the Hong Kong stock market's return to the world's top is the explosive growth of listed companies. Data shows that throughout 2025, the Hong Kong stock market received 612 listing applications, among which, applications for the main board accounted for about 90%. And the number of successfully listed companies finally reached 119, a year - on - year increase of about 68%.
Industries such as pharmaceuticals and technology became popular. According to Wind data, among the listed companies, the pharmaceutical and biological industry was the most prosperous, with 20 companies such as Hengrui Medicine successfully entering the market; followed by the software service industry, with 19 companies; and there were also about 7 companies each in the medical equipment and services, non - ferrous metals, and hardware equipment industries going public.
Among them, A - share listed companies performed particularly well. Data shows that among the Hong Kong - listed companies in 2025, 19 had already been listed on the A - share market, and the proportion of over 16% set a new high in a decade. Their total fundraising exceeded HK$139.9 billion, approaching half of the annual fundraising of the Hong Kong stock market.
Source: Official website of the Hong Kong Stock Exchange
In addition, the characteristic of large - market - value new stocks has become more prominent. In 2025, the proportion of IPO companies with a market value of over HK$10 billion reached 56%, far exceeding the 30% level of the past five years.
In the well - known consumer sector, about 20 companies successfully entered the Hong Kong market. For example, in the catering industry, there are MIXUE Group, Guming, and Bama Tea; in the clothing and personal care industry, there are Saturday Fortune, Linqingxuan, and Cipuni. In 2026, the consumer sub - sectors remain active. 67 consumer - related companies such as Junlebao, Jinxing Beer, Marubi Biotechnology, and Natural Beauty are queuing up outside the Hong Kong stock market.
It is worth mentioning that in 2025, the break - even rate of Hong Kong stock IPOs reached a new low in the past five years, only 28.83%, indicating that the market's confidence in the Hong Kong stock market is returning.
01
Giants - Top 10 in Fundraising Amount
Chart by Gangzhen Finance
Among the Hong Kong - listed companies in 2025, there were 8 companies with a fundraising amount of over HK$10 billion, and the total fundraising was about HK$142.5 billion, accounting for 50% of the annual total.
Among them, Contemporary Amperex Technology Co., Limited (CATL), a global giant in the power battery industry, which was listed in late May, not only won the annual championship in the Hong Kong stock market with a fundraising of over HK$41 billion but also became the king of the global IPO scale in the same year.
Contemporary Amperex Technology Co., Limited (CATL)
Following closely is Zijin Gold International, ranking second with over HK$28.7 billion. The new - energy vehicle manufacturer, SERES, ranks fourth, raising HK$14.3 billion. The following four companies, Hengrui Medicine, Sanhua Intelligent Control, Haitian Flavoring & Food, and Chery Automobile, all have a fundraising amount of over HK$10 billion.
In the top 10 list of Hong Kong stock fundraising, over 60% of the companies are leaders in domestic and even international industries, and the "A - share inclusion rate" is particularly high. Six companies, including CATL, have already been listed on the A - share market.
02
Top 10 in First - Day Gains
Chart by Gangzhen Finance
Among the 119 companies listed in Hong Kong, some showed amazing performance on the first day of listing.
The largest first - day gain of new stocks during the year came from the AI technology company Nobican, whose stock price soared by over 363% on the first day of listing. After that, Jinye International Group and Cipuni ranked second and third in terms of first - day gains, with 330% and 258.11% respectively.
Nobican's listing
Jinye International Group, an established contractor in the electromechanical engineering industry, not only saw a sharp rise in its stock price but also set a new record for the highest over - subscription in the history of the Hong Kong stock market with an over - subscription multiple of 11,465 times. However, after that, it "started high and ended low". After a 300% increase on the first day, its stock price plummeted. As of February 12, it had fallen to HK$0.265, more than halving from the opening price.
Outside the top 10, many companies also performed well. For example, Ying En Biopharmaceuticals, a company in the antibody - drug conjugate (ADC) field, also achieved a 116.7% increase on the opening day; Zijin Gold International, which attracted much attention due to the hot gold market, also closed with a 68.46% increase on the opening day.
03
Top 10 in First - Day Declines
Chart by Gangzhen Finance
Among the new stocks, BenQ Hospital had the largest first - day decline, reaching 49.26%. Conch Materials Technology and Haisi Aitai - B ranked second and third with a decline of around 47%.
Among the top 10 companies in terms of decline, most are companies with small issuance scales and small market values. For example, BenQ Hospital, which had the largest first - day decline, had an issuance scale of HK$630 million; Haisi Aitai - B was less than HK$600 million; Pigeon Biopharmaceuticals - B had an issuance scale of about HK$300 million; and Impression Da Hong Pao was as low as HK$130 million.
04
The Craze of "A + H" Dual - Listing
Chart by Gangzhen Finance
In the past year, 19 new A + H listed companies were added to the Hong Kong stock market, setting a new high in recent years. They are mainly concentrated in the information technology, industrial, and new - consumption fields.
Judging from the performance on the opening day, the situation was mixed. 10 companies rose, 2 remained flat, and 7 declined on the first day, with a rising probability of 52.6%.
In terms of scale, these 19 companies are basically the leaders in their respective industries. For example, Cambridge Technology is the leader in the optical module (CPO) field, Haitian Flavoring & Food is the leader in the condiment industry, and SERES also became the largest IPO of an automobile company on the Hong Kong Stock Exchange this year with a fundraising of HK$14.016 billion.
SERES' listing
Since their listing, most of these leading companies have performed well in the Hong Kong stock market, and the stock prices of most companies have risen significantly. For example, Chifeng Gold's stock price has risen by about 172% so far, Jihong Co., Ltd. has a gain of over 86%, and Sanhua Intelligent Control's gain is also around 57%.
Listing also gave these giants more development opportunities. For example, Hengrui Medicine, a biopharmaceutical giant, reached a License - out cooperation worth up to US$12.5 billion with the British pharmaceutical giant GSK two months after its listing, setting a new high for domestic innovative drug companies. On that day, its A - share price hit the daily limit, and its Hong Kong stock rose by 24%.
05
The "First Stocks" in Industries
Chart by Gangzhen Finance
In 2025, in the upsurge of the Hong Kong stock market, a batch of "first stocks" with benchmark significance in industries were born one after another. They are concentrated in consumer, pharmaceutical and biological, and artificial intelligence and other sectors.
According to the incomplete statistics of Gangzhen Finance, in the consumer field, companies such as Bama Tea, Green Tea Group, Meet You Noodles, and Linqingxuan became the "first stocks" in their respective sub - sectors; in the artificial intelligence field, companies such as Dripu Technology and Nobican filled the gaps in the sub - fields of the Hong Kong stock market; and Weisheng Pharmaceutical in the biopharmaceutical field stood out.
Bama Tea - Qiancha Pavilion
The emergence of this batch of "first stocks" reflects the Hong Kong stock market's preference for emerging sectors and also demonstrates its recognition of the value of leading companies in sub - fields.
06
The High - Profile Scenario - Ringing the Bell on the Same Day
Chart by Gangzhen Finance