A-share IPO activity maintains steady progress; A+H listings support Hong Kong reclaiming the top spot

• IPO activity remained low in 1H 2025, with the number of IPO deals decreasing by 11% YOY, while proceeds rose by 9%.
• A-share IPO activity maintained steady progress with increased “technology” component. The BSE has been a cluster serving innovative small and medium-sized enterprises.
• Hong Kong experienced a surge in IPO activity, with the number of deals increasing by 33% and proceeds skyrocketing by 711% YOY. Mega IPOs supported HKEX IPO proceeds to reach the global top spot.

EY releases the Chinese mainland and Hong Kong IPO report for the first half of 2025 (1H 2025 or “the period”) today. The Chinese mainland and Hong Kong are capturing a growing share of global IPO activity. Hong Kong’s bright performance accounted for 24% of global proceeds, and an aggregate of 33% together with the A-share market. Mega IPOs supported HKEX to reach the global top spot with proceeds of US$14.0 billion.

Global IPO activity remained low in 1H 2025. 500 IPOs with proceeds amounted to US$57.5 billion are expected, representing a 11% decrease and a 9% increase YOY by number of deals and proceeds respectively.

A-share IPO activity maintains steady progress, with BSE gaining traction

As of 11 June 2025, the A-share market saw 50 IPOs, primarily small to medium-sized deals, listed in 1H 2025, generating proceeds of RMB37.1 billion. This marks a 14% YOY increase in both the number of deals and proceeds. The industrials, technology and materials sectors are expected to rank as the top three sectors in terms of both the number of IPO deals and proceeds, while the automotive industry, recognized as a pillar industry, enjoys policy support for transformation, upgrading and innovative development. During 1H 2025, over 30% of IPOs came from upstream and downstream companies in the automotive industry.

Ringo Choi, EY Asia-Pacific IPO Leader, says: “The China Securities Regulatory Commission has repeatedly stressed on further supporting the listing of high-quality pre-profit corporates in the sci-tech innovation space recently. This reaffirms the long-standing policy support for sci-tech innovation enterprises, showcasing tangible progress and continual enhancements to the listing and financing environment.”

The average proceeds from the BSE experienced significant increase. In 1H 2025, the fourth largest A-share IPO came from the BSE, marking the first time a BSE IPO entering the top 10 rankings. On the other hand, the average proceeds from other boards dropped. Choi says: “Since the beginning of the year, several high-quality technology companies have listed on the BSE, highlighting its growing appeal to innovative small and medium-sized enterprises (SMEs). The BSE is rapidly evolving from a financing platform for SMEs into a hub for hard-tech companies.”

Hong Kong IPO market thrives as multiple factors reshape its landscape

According to publicly available information as of 11 June 2025, 40 IPOs are expected to be listed in the Hong Kong market, with proceeds of HK$108.7 billion. This represents significant increments of 33% in the number of IPO deals and an impressive 711% surge in proceeds raised. The proceeds from 1H 2025 are expected to exceed the total amount raised in 2024, propelled by several mega IPO deals.

In 1H 2025, the Hong Kong IPOs of several A-share listed companies or their spin-offs boosted the average proceeds by over fivefold YOY. The average IPO proceeds during the period ranked second among all first-half periods in the past decade, trailing behind only the exceptional performance seen in 2021.

Jacky Lai, EY¹ Hong Kong Capital Market Services Spokesperson, says: “The Hong Kong IPO boom in 2025 was the aggregated result of multiple driving factors such as policy changes, market dynamics and increased corporate supply. Chinese mainland corporates are expanding their international footholds through A+H dual listing, unlocking a new growth curve. This illustrates the capacity of Hong Kong regulators to stay aligned with market development and constantly refined market mechanisms, consequently strengthening the international competitiveness of the Hong Kong market and solidifying its status as an international financial center.”

“New Consumption + Hard Technology” has emerged as a key catalyst for the Hong Kong IPO market. The biotechnology and health sector, along with the retail and consumer products sector, jointly led in the number of IPO deals. The listings of large A+H companies hiked IPO proceeds in the industrials sector (including advanced manufacturing), positioning it at the forefront among sectors in terms of proceeds raised.

“TECH” draws in high-potential technology companies

The Technology Enterprises Channel (TECH) was launched in May 2025 to provide tailored and early-stage guidance for Specialist Technology Companies and Biotech Companies². It also introduces a new confidential filing option and simplifies the listing requirements for such companies seeking to go public with a weighted voting rights structure. The launch of TECH shows that the Hong Kong stock market has further inclined towards the field of technology innovation.

Cary Wu, EY¹ Hong Kong Health Sciences and Wellness Sector Assurance Leader, says: “TECH further facilitates the filing of listing applications of Specialist Technology Companies and Biotech Companies, especially those high-potential technology companies characterized by technology intensity, lengthy R&D cycles and a high sensitivity to disclosure. It helps these companies in expediting preparation timelines, reducing compliance costs and enhancing financing efficiency.”

Proceeds of Chinese companies listed in the US hit decade low

In 1H 2025, it is expected that 36 Chinese companies³ will be listed on the US market, generating proceeds of US$841 million. This represents a 44% increase in the number of IPO deals and a 62% decrease in proceeds. The lack of large IPOs has led to a “countertrend” downturn in the total proceeds raised. Choi says: “The heightened Nasdaq listing threshold presents formidable challenges to SMEs, making the process of going public in the US more difficult. Despite the uncertainties, some Chinese companies continue to pursue US listings as a strategic move to position themselves early for future growth and global market expansion.”

“New normal” of IPO issuance in A-shares, and further uptick in A+H and Chinese concept stocks expected in Hong Kong

The pace in A-share issuance will reflect a “new normal” — one that aligns with market capacity and cadence. Factors such as the macroeconomic environment, market capital and the quality of listing candidates will continue to shape the pace of IPO issuance.

Choi says: “It is expected that A-share IPOs in 2H 2025 may further focus on the field of sci-tech innovation enterprises, matching the needs of high-quality development of the real economy with more precise supply. High-quality companies with strong technological attributes and meeting listing conditions will be the first to start the listing process.”

For the Hong Kong market, following Chinese corporations’ internationalization strategies and outbound trends, more high-quality A-share listed companies are expected to expand their global foothold through HKEX’s Accelerated Timeframe for Eligible A-share Listed Companies⁴. The Hong Kong government has also instructed the Securities and Futures Commission and the HKEX to make comprehensive preparations, ensuring that Hong Kong remains the preferred listing destination for the potential return of Chinese concept stocks currently listed abroad.

Regarding the Hong Kong IPO activities, Lai says: “The Hong Kong IPO market is expected to gain further momentum, driven by A-share companies seeking listings in Hong Kong, the launch of TECH and a renewed interest in the return of Chinese concept stocks. Most of the companies in the current A+H dual listing pipeline are leaders in niche industries, presenting a scarcity value in both Hong Kong and global capital markets. This trend is expected to accelerate the influx of long-term international capital and support a virtuous market cycle. Looking forward, large-size corporations and industry leaders are expected to go public in Hong Kong, with an increasing prevalence of new consumption and hard technology enterprises.”

1. Ernst & Young (EY member firm in Hong Kong)
2. “Specialist Technology Companies” and “Biotech Companies” have the same meanings ascribed to them under the Listing Rules or the Guide for New Listing Applicants.
3. Includes Chinese mainland, Hong Kong, Macau and Taiwan region companies
4. HKEX: Joint Statement on Enhanced Timeframe for New Listing Application Process (https://www.hkex.com.hk/News/Regulatory-Announcements/2024/241018news?sc_lang=en)

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About the data

The global data presented in the press release are based on publicly available information as of 9 June 2025 and rest of them based on publicly available information as of 11 June 2025. Sources of data include EY statistics, Wind Information, the China Securities Regulatory Commission, Eastmoney, Hong Kong Stock Exchanges and Nasdaq.