Illustration: Liu Xiangya/GT

Hong Kong Exchanges and Clearing Ltd (HKEX) released the annual 2025 Year in Review on Monday. As of December 19, the stock exchange had hosted 106 IPOs that raised a total of HK$274.6 billion ($35.3 billion), with four companies ranking among the world's top 10 listings in 2025. 

The robust figures underscore the HKEX's rising appeal to global investors seeking growth opportunities created by China's vigorous tech innovation and manufacturing upgrading process.

The flock-in of international capital in 2025 was reinforced by the "DeepSeek moment" and multiple technological innovation achievements in China, combined with market-oriented reforms introduced by the HKEX. These factors have strengthened Hong Kong's role as a premium international financing hub for businesses going global.

Hong Kong reclaimed the top spot in global IPO rankings for the first time since 2019, driven by a record number of A+H share-listings, which contributed more than half of the total funds raised, according to KPMG's Chinese Mainland and Hong Kong IPO Markets 2025 Review and 2026 Outlook.

Hong Kong was the world's leading IPO market this year, with record-making daily trading volumes at the HKEX. The stellar performance reflects not only the city's strengthened role as a free-wheeling capital hub but also the confidence that international investors place in China's comprehensive economic strength and future development prospects. Meanwhile, China's technology-driven, high-quality economic growth is providing a rich IPO pool for the investors. 

As of December 7, Hong Kong had received an all-time high of more than 300 active IPO applicants, including 92 A+H share listing applicants - companies already listed on mainland exchanges seeking Hong Kong listings. 

Among the largest listings were Chinese mainland heavyweights, including Contemporary Amperex Technology (CATL), Zijin Gold International, and Jiangsu Hengrui Pharmaceuticals.

Boosted by strong innovation capabilities of Chinese mainland-based companies, Hong Kong capital market has seen active participation by international investors who come from Asia, Europe, the Middle East, and North America, in both IPOs and follow-on dual offerings, according to the HKEX's year-end review. 

Also, Hong Kong's capital market, led largely by Chinese mainland-based high-tech enterprises, has leveraged mechanisms such as the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect systems to attract global capital. With its market vitality and globally leading fundraising, the city continues to serve as a crucial hub linking the Chinese mainland with international investors.

International confidence in China's economy is evident beyond Hong Kong. Sergio Ermotti, group CEO of Swiss banking giant UBS, said that investors are returning to the Chinese market, buoyed by the country's proactive macroeconomic policies and rapid advances in many high-tech sectors. The rebound in sentiment is visible in the flow of international capital into Chinese equities, the Xinhua News Agency reported in September.

HKEX CEO Bonnie Y Chan said in a December 16 blog post that the positive momentum is reflected in the diverse wave of companies from the Chinese mainland that have leveraged Hong Kong's fundraising platform to go internationally. She noted that HKEX is "now preparing to enter 2026 with more than 300 companies in the pipeline," signaling sustained IPO dynamism.

As a key bridge connecting international capital with Chinese mainland's enterprises, Hong Kong's advantages as a listing platform continue to stand out. Reforms within the Hong Kong market itself - including the ongoing optimization of listing rules, adjustments to market structure, and the deepening of mutual market access mechanisms - have effectively enhanced its competitiveness and attractiveness, encouraging a visible return of international capital.

Amid a series of uncertainties in the global economic and geopolitical landscape, Hong Kong will continue to play an irreplaceable role thanks to its financial management expertise and market depth. The choice of international investors not only reflect their confidence in Hong Kong's financial infrastructure and regulatory framework, but also represent recognition of China's greater economic growth potential and innovation capability. 

The author is a reporter with the Global Times. bizopinion@globaltimes.com.cn