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Hong Kong reclaims top global IPO spot in 2025, says KPMG
Record A+H listings drive historic year, pipeline of over 300 signals sustained momentum into 2026
HONG KONG SAR – Media OutReach Newswire – 10 December 2025 – Hong Kong has reclaimed the top spot in global IPO market rankings for the first time since 2019, driven by a record number of A+H listings that contributed over half of total funds raised, according to KPMG’s latest Chinese Mainland and Hong Kong IPO Markets 2025 Review and 2026 Outlook. With an all-time high of more than 300 active IPO applications in the pipeline as at 7 December 2025 – including 92 active A+H listing applicants – Hong Kong is well positioned to maintain its IPO momentum into 2026.
In 2025, global IPO markets raised USD158.4 billion across 1,227 deals, reflecting a 18% rise in funds raised and a 4% drop in deal volume compared to 2024. Hong Kong led the way, followed by the US stock exchanges in second and third place, which saw their combined fundraising grow by 18% year-on-year. Rounding out the top five were the National Stock Exchange of India and the Shanghai Stock Exchange, securing the fourth and fifth places, respectively.
Paul Lau, Partner, Head of Capital Markets and Professional Practice, KPMG in China, says, “Key global IPO markets have trended upwards in 2025 with Hong Kong’s threefold increase in funds raised making it the largest single contributor to the global IPO market’s recovery and reaffirming its status as a leading international financial centre. Buoyed by this momentum and a backlog of potential IPO candidates, we expect this upward trend to continue into 2026. In particular, the pace of AI-related listings is poised to accelerate as the technology matures and is adopted more widely across various industries.”
The A-share market continues its steady development, expected to raise RMB163.7 billion across 130 deals, representing a 23% growth in funds raised while deal volume remained stable compared to 2024. The listing of 20 Real Estate Investment Trusts (REITs) remains a significant driver, securing RMB41.0 billion in funding, which accounts for 25% of the total A-share proceeds in 2025.
The Shanghai Stock Exchange STAR Market saw substantial reforms during the year, including the launch of a science and technology innovation growth tier in July. Since then, 3 pre-profit companies – primarily from the semiconductor and biotechnology sectors – have been listed in the growth tier. These reforms aim to help early-stage, high-quality companies utilise capital to accelerate the commercialisation of technology and enhance overall industrial capabilities.
Irene Chu, Partner, Head of New Economy and Life Sciences, Hong Kong SAR, KPMG in China, says: “The A-share IPO market posted steady gains in 2025. The 15th Five-Year Plan deepens the reform for China’s capital markets, with inclusiveness and coordinated investment and financing at the core of market reforms. As these strategic priorities take hold, we expect the authorities to prioritise and sustain their efforts to foster steady, high-quality growth in the A-share market for years to come.”
The Hong Kong IPO market delivered a standout performance in 2025, with funds raised expected to reach HK$272.1 billion across 100 listings. This would represent increases of 210% and 43% respectively compared to 2024, marking the strongest year in terms of funds raised since 2022. The growth was driven by the rise of A+H listings, which accounted for half of total IPO funds raised.
A record 17 A+H listings were completed in 2025, the highest number on record, highlighting Hong Kong’s strength as a bridge between domestic and global capital pools. The surge was fueled by strong government policy support and the momentum established by successful mega-sized A+H listings recently. Among them, the world’s largest EV battery manufacturer raised HK$41.0 billion through its A+H listing, making it the largest IPO globally in 2025.
The city hosted 14 pre-revenue biotech listings (Ch.18A) in 2025, up from 4 in 2024, along with 3 specialist technology listings (Ch.18C), on par with the previous year. The launch of the Technology Enterprises Channel (TECH) and the option for confidential submissions for Ch.18A and Ch.18C companies, has streamlined and improved the listing process. These improvements underscore the city’s dedication to fortifying its status as a leading global listing platform.
Active IPO applications in Hong Kong reached a record 316 as at 7 December 2025, a 267% increase from the end of 2024. Within this pipeline, 92 are A+H applications. When combined with A-share companies that have announced their intention to list in Hong Kong, we may be seeing over a hundred A+H listings applications in the near future, providing an anticipated robust start to 2026.
Amendments to the eligibility requirements for companies with weighted voting rights (WVR) structures are currently being considered, with potential enhancements including: lowering market capitalisation requirements, revising the Innovative Company definition, and adjusting voting power restrictions. These changes aim to enable more companies to utilise the regime and afford greater flexibility for founders. A crucial aspect will be striking the right balance between offering flexibility to potential issuers and safeguarding investor interests.
Louis Lau, Partner, Head of Hong Kong Capital Markets Group, KPMG in China, says: “Hong Kong’s return to the top of global IPO rankings has demonstrated the resilience of its capital market and its role as an international financial centre. We are witnessing a steady influx of tech and biotech firms opting to list in Hong Kong, drawn by the city’s supportive policies and stable regulatory environment. Rising participation from foreign investors further emphasises Hong Kong’s growing appeal as a gateway to Chinese assets and high-tech investment opportunities. As policies continue to promote innovation and new economy sectors, aside from the continued momentum from A+H listings, we also expect 2026 to be a pivotal year for high-tech listings, further solidifying Hong Kong’s position as a global capital markets leader.”
Remark: All figures and data referenced in this press release and the related report are as at 7 December 2025, adjusted for confirmed listings up to 31 December 2025.Hashtag: #KPMG
The issuer is solely responsible for the content of this announcement.
About KPMG
KPMG in China has offices located in 31 cities with over 14,000 partners and staff, in Beijing, Changchun, Changsha, Chengdu, Chongqing, Dalian, Dongguan, Foshan, Fuzhou, Guangzhou, Haikou, Hangzhou, Hefei, Jinan, Nanjing, Nantong, Ningbo, Qingdao, Shanghai, Shenyang, Shenzhen, Suzhou, Taiyuan, Tianjin, Wuhan, Wuxi, Xiamen, Xi’an, Zhengzhou, Hong Kong SAR and Macau SAR. It started operations in Hong Kong in 1945. In 1992, KPMG became the first international accounting network to be granted a joint venture licence in the Chinese Mainland. In 2012, KPMG became the first among the “Big Four” in the Chinese Mainland to convert from a joint venture to a special general partnership.
KPMG is a global organisation of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited (“KPMG International”) operate and provide professional services. “KPMG” is used to refer to individual member firms within the KPMG organisation or to one or more member firms collectively.
KPMG firms operate in 142 countries and territories with more than 275,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities.
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A First in the Asia-Pacific – Taiwan Leads the Launch of the Early Kidney Disease Annual Report, Opening a New Era in Advancing Kidney Care
- Yung-Ho Hsu, Secretary General of the Taiwan Society of Nephrology
- Shang-Jyh Hwang, Honorary President of the Taiwan Society of Nephrology
- Masaomi Nangaku, Immediate Past-President of the International Society of Nephrology
- Marcello Tonelli, President of the International Society of Nephrology
- Mai-Szu Wu, President of the Taiwan Society of Nephrology
- Chung-Liang Shih, Minister of the Ministry of Health and Welfare
- Ching-Fen Shen, Director General of the Health Promotion Administration, Ministry of Health and Welfare
- Chih-Cheng Hsu, Professor at the National Health Research Institutes
- Hyeong-Cheon Park, President Elect of the Asia Pacific Society of Nephrology
- Rajnish Mehrotra, President of the International Society of Peritoneal Dialysis
The complete and immediate analysis aids in reversing the past trend where most patients were diagnosed at late stages and required dialysis, ushering in a new era of early detection and treatment. Minister of Health and Welfare, Chung-Liang Shih, stated at a press conference that this annual report serves as a new engine for promoting precise care, integrating complete data and risk classification indicators for Early CKD P4P(Pay for Performance) and Pre-ESRD P4P. This fills the gap in early kidney disease data and strengthens the quantitative basis for policy and clinical decision-making, facilitating early intervention and delaying disease progression. The goal is to achieve the Healthy Taiwan Policy target of reducing the standardized mortality rate for chronic diseases by one-third by 2030, and for Taiwan’s care model to become an example in the Asia-Pacific, establishing a sustainable and precise new framework for kidney care.
The early kidney disease annual report reveals several key trends. According to KDIGO risk classification, the proportion of high-risk and very high-risk patients in the P4P program has gradually decreased in recent years, reflecting a shift in treatment strategies toward early intervention and prevention. This trend not only highlights the medical team’s emphasis on the care of early-stage chronic kidney disease patients but also helps delay disease progression and reduce the incidence of later-stage complications. In terms of controlling the “three highs” (hyperglycemia, hypertension, and hyperlipidemia), data shows that approximately 80% of patients meet lipid targets and nearly 60% maintain stable blood sugar levels. However, only about 30% meet the target for blood pressure below 130/80 mmHg, indicating significant challenges remain in blood pressure control. The “three highs” are important risk factors for the progression and deterioration of chronic kidney disease, making it crucial to further improve control rates. The implementation of the P4P program has already shown preliminary results, and there are expectations for more immediate, comprehensive, and rigorous data collection and tracking, which will more fully demonstrate the long-term benefits of this care model.
Data-Driven: Taiwan’s First Early Kidney Disease Annual Report Fills Care Gaps
Professor Chih-Cheng Hsu from the National Health Research Institutes pointed out that past domestic kidney disease care has primarily focused on dialysis and end-stage disease, with limited understanding of early stages and delayed updates on data. This annual report breaks through traditional reporting frameworks and represents the first integration of complete data and risk classification indicators for Early CKD P4P and Pre-ESRD P4P. Utilizing big data for in-depth analysis, it outlines the disease progression and comorbidity trends of patients at different risk levels, successfully filling the long-term gap in early kidney disease care. He noted that grasping information on early stages of disease helps clinicians intervene earlier and delay deterioration while providing quantitative evidence for health policies to promote proactive and timely kidney care strategies, enhancing Taiwan’s international competitiveness in precise health governance.
Early CKD P4P and Pre-ESRD P4P are two phased quality-based reimbursement programs promoted by the National Health Insurance Administration, addressing key care needs for early chronic kidney disease and pre-dialysis patients, respectively. Early CKD P4P primarily targets patients in CKD stages 1-3a, aiding healthcare institutions in early identification of kidney deterioration risks through disease tracking and integrated care models, providing personalized management. Pre-ESRD P4P focuses on patients in CKD stages 3b, 4-5, enhancing control of complications, medication, and nutritional management while utilizing data feedback to support treatment decisions, aiming to delay dialysis and improve care efficiency. Both programs link the complete processes from early prevention to pre-dialysis intervention, contributing to improved overall CKD care quality and patient long-term prognosis.
Precise Kidney Care: Holistic and Continuous CKD Care as a Model for Chronic Disease
Taiwan centers its approach on “precise care,” continuously optimizing the integrated chronic kidney disease care system to implement policy blueprints in clinical practice. Director General of National Health Insurance Administration, Lian-Yu Chen, mentioned that Taiwan has progressively refined various measures, from educational programs for pre-end-stage renal disease patients to integrated care plans for early chronic kidney disease. The medical team can adjust personalized treatment strategies based on patient risk classification and clinical data, strengthening disease management and follow-up effectiveness for early-stage patients. She indicated that by integrating and providing feedback across units, care gaps could be minimized to ensure that patients receive consistent medical services across different levels of care. Director General of Health Promotion Administration, Ching-Fen Shen, remarked that grassroots health education and community health advocacy go hand in hand to enhance public awareness of kidney health. Years of efforts have significantly slowed the deterioration of early kidney disease progression, with patients participating in integrated care exhibiting a lower future risk of dialysis compared to those who do not participate, showing tangible effectiveness of the Taiwan model.
Policy Linkage and Sustainable Vision: Achieving the Healthy Taiwan Goals and Leading the New Landscape of Asia-Pacific
In response to the government’s “Healthy Taiwan” policy, Taiwan is implementing a preventive kidney care model based on the Early CKD P4P and Pre-ESRD P4P systems and the Early Kidney Disease Annual Report. President of the Taiwan Society of Nephrology, Mai-Szu Wu, stated that investing in early chronic kidney disease management not only contributes to health sustainability but also reduces waste of medical resources, achieving dual benefits of health outcomes and environmental sustainability, assisting the government in its goal to reduce chronic disease mortality by one-third by 2030.
During the Asia-Pacific Nephrology Conference (APCN) held in Taipei this year, the Asia-Pacific’s first Early Kidney Disease Annual Report was officially unveiled. President of the International Society of Nephrology, Marcello Tonelli, and Immediate Past-President , Masaomi Nangaku, along with the President Elect of the Asia Pacific Society of Nephrology Hyeong-Cheon Park and Honorary Secretary Sunita Bavanandan attended as witnesses, attracting experts from South Korea, Japan, Thailand, Malaysia, Australia, New Zealand, Singapore, Hong Kong, Mongolia, Indonesia, and the Philippines. Additionally, various important domestic academic societies, including the Taiwan Academy of Family Medicine, Taiwan Society of Cardiology, the Diabetes Association of the Republic of China (Taiwan), the Taiwan Association of Clinical Diabetes, and the Taiwan Medical Clinics Association also participated and supported the event. Minister Chung-Liang Shih expressed gratitude for the collective efforts and emphasized that this kidney annual report showcases Taiwan’s leading position in medical data integration and clinical evidence, hoping that real-time and comprehensive data analysis will once again showcase Taiwan’s precision care model to the international community, working together with other countries to create a new global framework for chronic kidney disease prevention and treatment.
Hashtag: #TaiwanSocietyofNephrology
The issuer is solely responsible for the content of this announcement.
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The Government of Angola Launches an International Public Tender for the Management of the Namibe Corridor
The concession, with an initial duration of 30 years, extendable up to 50 years, covers the operation, management, maintenance and preservation of the Moçâmedes–Menongue Railway Line, including rolling stock, associated infrastructure, workshops and the training centre. It further encompasses the possibility of designing and constructing new sections, extensions and branch lines, as well as railway connections to the Republic of Namibia and, at a later stage, to the Republic of Zambia.
The Secretary of State for Land Transport, Jorge Bengue, noted at the launch event that the process constitutes a strategic opportunity for international operators with a proven track record in the railway sector. “The Namibe Corridor has the potential to strengthen Angola’s role as a regional logistics platform, enhance supply chains, foster new investments, and increase the competitiveness of exports. We anticipate a dynamic tender process with strong participation from established industry operators,” he stated.
Jorge Bengue further emphasised that Angola has carried out structural reforms in recent years that have strengthened legal certainty and created a more competitive business environment. The success of the concession of the Lobito Corridor has demonstrated the country’s capacity to implement partnership models that stimulate private investment and accelerate the modernization of transport infrastructure.
Individual companies or consortiums of competitors with proven experience in the management of railway infrastructure and freight operations are eligible to apply. The detailed technical and financial requirements are set out in the tender documents, which are available for a fee of USD 20,000, or the equivalent in kwanzas at the exchange rate of the National Bank of Angola at the time of the transaction.
The Namibe Corridor encompasses the Moçâmedes Railway, with a total length of 855 km, and the Port of Namibe, forming a strategic logistics axis for the export of minerals, ornamental stones, agricultural products, and other goods. The infrastructure allows for a theoretical capacity of up to 5 million tonnes per year, serving as a connection point for landlocked countries in the region, in coordination with the Lobito and Walvis Bay corridors.
This corridor also contributes to tourism development and regional integration, strengthening Angola’s position in Atlantic–Indian trade routes and consolidating the country as a significant commercial hub within the African context.
Distributed by APO Group on behalf of Ministry of Transport of Angola.
Download Image: https://apo-opa.co/48GQeet
Caption: The official launch of the Public Tender, presided over by the Secretary of State for Land Transport, Jorge Bengue
The issuer is solely responsible for the content of this announcement.
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VinFast VF 8 – Crafted for high-expectation markets in the GCC
Premium design meets industry-leading warranty and long-term support
DUBAI, UAE – Media OutReach Newswire – 12 December 2025 – The Middle East’s electric vehicle market is still developing but advancing quickly. In the Gulf Cooperation Council (GCC) region, EV sales penetration doubled from about 2 per cent to roughly 4 per cent in just one year, placing the region among the fastest-growing EV markets globally. 91% of battery-electric vehicle owners here say they plan to buy another EV, above the global average of 87%.
Amid that backdrop, buyers are seeking vehicles that match or exceed the space, performance, and refinement expected from premium SUVs. VinFast VF 8 arrives as a direct response to these elevated expectations, combining sophisticated design, robust capability, and a comprehensive ownership framework built around long-term confidence.
The VF 8 is shaped by VinFast’s “Dynamic Balance” design philosophy, a deliberate interplay between flowing curves and precise, angular lines that creates a sense of energy and visual structure without sacrificing harmony. This design language feels both contemporary and enduring. The result is a vehicle that projects presence without aggression, offering an aesthetic that balances boldness with sophistication, qualities that resonate with Middle Eastern consumers who view their vehicles as reflections of personal standards.
Under the sculpted exterior lies engineering tuned for high-demand regional driving. The VF 8 Plus variant delivers all-wheel drive with up to 402 horsepower and 620 Nm of torque, accelerating from 0 to 100 kph in under 5.5 seconds. This translates to confident overtaking on high-speed highways, assured merging in dense urban traffic, and the capability to handle extended cruising. Range reaches up to 493 km (NEDC) in the Eco configuration, a practical threshold aligned with intercity travel patterns across the region.
The 15.6-inch infotainment display provides intuitive access to navigation and vehicle settings. Crucially for the region, dual-zone climate control paired with ventilated seats are essential features designed to maintain cabin comfort even during peak heat.
The VF 8 integrates a comprehensive suite of smart systems designed to reduce driver workload. Traffic Jam Assist manages stop-and-go driving in congested environments, easing the fatigue of gridlock. Highway Assist supports sustained motorway cruising, helping drivers maintain lane position during long-distance travel. These systems work together to create a driving experience that feels more secure and less demanding.
Where the VF 8 truly distinguishes itself is in VinFast’s approach to long-term ownership. Addressing anxieties around battery longevity and service maturity, VinFast offers what may be the industry’s most comprehensive warranty structure. The VF 8 comes with a 10-year/200,000-km vehicle warranty and a 10-year unlimited-kilometer battery warranty, and 5-year/100,000-km of free service, eliminating one of the primary concerns of electric vehicle ownership. It’s also supported by practical service infrastructure: mobile service capabilities bring maintenance to customers’ locations, while 24/7 roadside assistance ensures support is available whenever needed.
The VF 8 represents VinFast’s understanding that success in sophisticated markets like the GCC requires vehicles that genuinely align with how people live, drive, and make long-term decisions. For Middle Eastern buyers navigating the transition to electric mobility, the VF 8 offers confidence in all aspects: design, performance, comfort, and warranty support. From the first drive to years down the road, it’s an electric vehicle crafted to deliver peace of mind alongside capability.
Hashtag: #VinFast
The issuer is solely responsible for the content of this announcement.
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