For the first time since 2021, the region has reclaimed the top spot of the global IPO leaderboard
By Ran Mo
Investment bankers are jubilant. So too are traders. In fact, every actor within Hong Kong’s capital market is celebrating.
Asset managers, private banks, and wealth advisers across Asia are mobilising to capture the surge in capital formation, liquidity, and wealth creation as a new generation of founders and firms flood Hong Kong’s public markets.
A stunning revival
Calls for ‘Champagne all-around’ are justified. In the first six months of 2025, Hong Kong recorded 42 IPOs, raising HK$107.1 billion (US$13.7 billion), a more than 700% increase in proceeds over the same period in 2024. The surge is driven by an influx of Chinese tech unicorns, EV manufacturers, fintech firms, and Southeast Asian companies flocking to Hong Kong Exchanges and Clearing (HKEX) for dual or primary listings.
Most notable among them is CATL, the world’s largest EV battery manufacturer, which raised over US$4.6 billion in what is so far is the world’s largest IPO of 2025. Despite already being listed on China’s A-share market and holding over RMB 320 billion (US$44 billion) in cash, why would such a cash-rich company bother listing again? The answer reflects the broader rationale behind why many Chinese giants are turning to Hong Kong for listings, and it isn’t just about the money.
Indeed, the strategic calculus runs deeper. CATL’s listing in Hong Kong gives it access to a “fast pass” to international capital markets, a platform that connects it more directly with global strategic partners. Among its cornerstone investors in the IPO were heavyweights such as the Kuwait Investment Authority and Korea’s Mirae Asset, signalling long-term alignment with global institutional capital.
Billionaires minted overnight
The IPO boom is not only reshaping capital markets — it is reshaping personal fortunes. A wave of newly minted billionaires is emerging, as founders, early investors, and senior executives cash-in on newly public stock. This shift is driving a parallel gold rush among private banks and asset managers vying to service this rising tide of ultra-high-net-worth clients. Companies like HSBC Global Private Banking and Siam Commercial Bank (SCB) Julius Baer are seizing the moment.
SCB Julius Baer, a joint venture between one of Thailand’s largest banking groups and Swiss private bank Julius Baer, is well-positioned to tap Southeast Asia’s IPO-linked wealth. The bank leverages SCB’s local reach and Julius Baer’s offshore expertise to serve high-net-worth clients pursuing cross-border opportunities.
HSBC Global Private Banking is leading the charge in capitalising on Hong Kong’s IPO boom, connecting mainland wealth with offshore markets. It is also ramping up family office services and tech-driven solutions to manage post-IPO wealth.
Implications for global asset managers
For asset managers, the wave of high-profile listings, especially from the technology and clean energy sectors, has created a wealth of opportunities to capture new growth and deepen client engagement.
Public equity teams are gaining access to fresh listings in EVs, clean tech, AI, and health sciences — sectors that have historically been dominated by private markets. The surge also demonstrates robust investor appetite amid global volatility.
Yet challenges remain. Many IPOs are heavily oversubscribed. Frothy valuations in some tech and biotech names require sharper fundamental screening. Asset managers need to prepare more to stay ahead in a fast-moving pipeline.
Hong Kong’s IPO resurgence in 2025 marks more than just a comeback in listings — it signals a broader revival of investor confidence, cross-border capital flows, and wealth generation across Asia. For investors and wealth professionals alike, Hong Kong is once again the market to watch.