Hong Kong’s IPO market has made a dramatic comeback in 2025, highlighted by the record-breaking $4.6 billion initial public offering (IPO) of Contemporary Amperex Technology Co. Limited (CATL), the world’s largest electric vehicle battery maker. This milestone underscores the deepening synergy between China’s technological innovation and international finance.
IPO Market Rebounds to Global Leadership
After a two-year downturn from 2022 to 2023 due to geopolitical tensions and regulatory uncertainties, Hong Kong’s IPO market surged back in 2025. According to data from LSEG, new listings and secondary offerings raised a total of $7.73 billion—a sixfold increase from the previous year. This resurgence has propelled Hong Kong back to the top of global IPO fundraising rankings, a position it last held in 2021 with Kuaishou’s $6.2 billion listing.
Tech Industry Drives Financial Renewal
CATL’s blockbuster listing is a testament to the pivotal role of Chinese tech leaders in revitalizing Hong Kong’s capital markets. The company’s shares soared 16.4% on their debut, defying challenges such as U.S.-China trade tensions and its inclusion on a U.S. Department of Defense blacklist. The IPO was met with overwhelming enthusiasm—global institutional investors oversubscribed 15.2 times, and retail demand reached 151 times the available shares.
“This listing represents our deeper integration into the global capital market and marks a new starting point for us to promote a zero-carbon economy worldwide,” said CATL Chairman Robin Zeng at the listing ceremony. The company aims to bolster its global presence by building a European battery factory to serve clients like BMW and Volkswagen.
Policy Support Fuels Listing Surge
Hong Kong’s competitive edge is further strengthened by supportive policies and structural reforms. In 2024, the China Securities Regulatory Commission introduced measures to facilitate leading firms from the Chinese mainland to list in Hong Kong, including streamlined approval processes and tax incentives. As a result, major companies like Midea and Sanhua have expedited their Hong Kong listings to access offshore capital for research, development, and international expansion.
According to reports from Caijing New Media, over 20 companies from the Chinese mainland have filed for Hong Kong listings in 2025 alone, including pharmaceutical leader Hengrui and electric vehicle component maker Junshan Electronics. This trend highlights the growing importance of Hong Kong as a bridge between China’s burgeoning tech industry and global investors.
