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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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From PolyU Research to Geneva Global Debut: GOOD Vision oka³y! ™ Redefines Precision in Freeform Orthokeratology
Beyond Traditional Toric Lenses: The Future of Freeform Orthokeratology
With myopia expected to affect 50% of the world’s population by 2050, demand for effective management is high. While Ortho-K is a highly effective strategy, traditional symmetric and spherical/ toric designs often underestimate corneal shape complexity, causing lens decentration and poor visual outcomes.
The oka³y!™ freeform technology, incorporating the company’s proprietary FAST-360 and CORe Technology, surpasses traditional lens design. AI-based FAST-360 reconstructs missing corneal data for faster scans, while CORe ensures precise alignment with the visual axis, leading to 3.1 times greater stability.
Precision Myopia Correction and Control for High Astigmatism and Asymmetric Corneas
For optometrists and clinic owners, oka³y!™’s key benefit is improving workflow by automating complex mathematics, cutting chair time by 64%. This boosts myopia management capacity without extra staff or lengthy training. “As a registered optometrist in Hong Kong and a researcher in one of the world’s leading optometric institutes, I witnessed a growing gap between the number of patients seeking Ortho-K and the limited range of conventional products available to treat them,” says Dr. Kin Ho Chan, Ken, the lead inventor of oka³y!™. “By focusing on the ‘3A’: AI-guided, Astigmatism, and Asymmetry, and working alongside The Hong Kong Polytechnic University (Poly U), we have developed a design that not only delivers superior vision but also enhances safety by reducing corneal staining. We are turning a frustrating, manual trial-and-error process into a predictable one-click adjustment.”
From Niche Specialty to Global Enterprise: Scaling the Future of Eye Care
As myopia rates reach epidemic levels, GOOD Vision partners with PolyU, harnessing its research strengths and support from its startup ecosystem PolyVentures, to redefine primary eye care by transforming a niche specialty into a scalable global enterprise. By replacing manual OK lens design with oka³y!™, the company has created a technology bridging clinical complexity and scalability. This transition enables practitioners to manage myopia, high astigmatism, and asymmetrical cases precisely, removing barriers to modern refractive error management.
“By embedding and automating the complex mathematics of lens design, we provide clinicians with the tools to treat ‘difficult’ patients who were previously considered unsuitable for Ortho-K,” added Professor Chea-su Kee, Founder of GOOD Vision. “This is about elevating the global standard of care and ensuring that precision myopia management is accessible to the next generation on a global scale.”
Experience the Future of Myopia Control
GOOD Vision invites investors, distributors, and practitioners to a live demonstration of the oka³y!™ at the International Exhibition of Inventions Geneva:
- Location: PolyU Delegation Booth, Hall 2, Palexpo, CP 112, Route François-Peyrot 30, 1218 Le Grand-Saconnex, Geneva, Switzerland
- Dates: 11–15 March 2026
Hashtag: #GOODVision
The issuer is solely responsible for the content of this announcement.
About GOOD Vision Technologies Co., Limited
GOOD Vision, a Hong Kong-based startup nurtured by PolyU, is dedicated to advancing the field of corneal reshaping technologies. With a focus on innovation, efficiency, and affordability, the company develops innovative solutions to empower eye practitioners and enhance the quality of eye care worldwide.
For additional details about GOOD Vision and their innovative offerings, please visit https://www.linkedin.com/company/goodvisiontech
Central Landmark Set for Revitalization with International Expertise
HONG KONG SAR – Media OutReach Newswire – 9 March 2026 – In a vote of confidence in Hong Kong’s vibrant and enduring business environment, Nexxus Building, a landmark Grade‑A commercial property in Central’s prestigious CBD, has been acquired by a leading figure in the technology sector. Trivium Asset Management (“Trivium”), an Asian real estate investment and asset management firm, has been appointed as Nexxus Building’s Asset Manager (“AMC” or Asset Management Company), taking charge of the asset’s comprehensive management and operations.
Under new ownership, Nexxus Building is set to undergo a forward‑looking transformation integrating next‑generation technologies with world‑class professional management. The revitalization aims to redefine the building’s market positioning, enhance its tenant experience, and reinforce its status as an iconic and premier Grade‑A property in the heart of Hong Kong’s CBD.
Leveraging Trivium’s extensive expertise, the enhancement programme will incorporate smart‑building management systems and sustainability‑driven upgrades designed to meet the evolving needs of global tenants. The reimagined Nexxus Building aims to attract financial institutions, fintech platforms, and technology enterprises, reaffirming Central’s position as Asia’s dynamic financial and innovation hub.
Mr. Wilfred Ma, Managing Partner of Trivium Asset Management, said, “Trivium is honored to be entrusted with the role of Asset Manager (“AMC” or Asset Management Company) for Nexxus Building, one of Hong Kong’s most iconic commercial landmarks. Drawing on our track record in real estate investment and operations across Hong Kong and Japan, we are committed to implementing forward‑thinking strategies that enhance tenant value, optimize building performance, and unlock Nexxus Building’s full potential as a commercial anchor in the city’s core.”
Originally built in 1962 as the former headquarters of Hang Seng Bank, Nexxus Building has been a witness to Hong Kong’s rise as a global financial centre. Following a major renovation in 2008 and the addition of a direct footbridge to IFC and the Airport Express in 2020, the building continues to host multinational corporations, leading financial institutions and professional services firms, and premium retail tenants – including the iconic Hong Kong Bankers Club – reinforcing its status as one of Central’s most distinguished Grade‑A office towers.
Hashtag: #TriviumAssetManagement
The issuer is solely responsible for the content of this announcement.
About Trivium Asset Management
Founded in 2022, Trivium Asset Management is a Hong Kong‑based real estate investment and asset management firm overseeing assets valued at over US$900 million across Asia. Trivium serves institutional investors, financial institutions, and family offices through integrated investment and asset management, value‑creation strategies, and technology integration. The firm’s mission is to maximize long‑term value and promote sustainable growth for clients and communities alike.
Media OutReach
HOFA Announces the Second Edition of the Digital Art Awards, in Collaboration with Exhibition Partner PhillipsX in Hong Kong, proudly backed by Lightyear
The awards ceremony will take place on 24 March 2026, featuring the four key categories of Still Image, Moving Image, Innovation and Experiential and followed by a private sale exhibition hosted by Phillips in Hong Kong, from 25–28 March 2026.
As a highlight of Hong Kong’s spring art calendar, the awards celebrate the growing cultural significance of digital art and spotlights the visionary artists redefining visual culture through cutting-edge technologies.
Thirty two international finalists will be selected for their work pushing the boundaries of digital creativity. Each of the four category winners will receive a $10,000 USDC commission towards a new artwork.
The thirty two finalists include several prominent figures in digital and generative art, such as Erick Calderon (Snowfro) Founder of Art Blocks, Botto, Sarah Meyohas, William Mapan, Sasha Stiles and Mario Klingemann – underscoring the calibre of talent the awards are already attracting with over two hundred applications across more than fifty countries.
Refik Anadol is nominated for the Honorary Career Award for Sense of Healing, an AI Data Sculpture that emerges from Refik Anadol Studio’s long-term research into creating meditative art based on neurological data.
Finalists and winners will be selected by a panel of leading experts in art, hospitality and technology, including Irini Mirena Papadimitriou, Exhibitions Director at Diriyah Art Futures, Thomas Heyne, Co-Founder and CEO at Scorpios, Dorothy di Stefano, Art Curator and Creative Strategist at Molten Immersive Art, Danielle So, Hong Kong Head of Auction, Modern & Contemporary Art, Phillips, Sebastien Borget, Co-Founder & Global of The Sandbox, SANDchain, President of Blockchain Game Alliance and Co-Founder of Artverse, Jean-Michel Pailhon, Co-Founder and Chief Investment Officer at Grailcapital, Simonida Pavicevic, Co-Founder and Curator at HOFA, Justin Gilanyi, Founder of WhereArt.Works and Curator at SILK, and Matt Zhang, Founder and Managing Partner at Hivemind Capital.
The Digital Art Awards are proudly backed by Lightyear, a subsidiary of Hivemind Digital Group. A full-stack digital culture partner, Lightyear provides infrastructure, liquidity and market expertise, and hands-on delivery for digital ownership and engagement across physical and digital experiences. Lightyear is committed to championing artists and organizations pushing the boundaries of digital culture.
Hashtag: #HOFA #PhillipsX
The issuer is solely responsible for the content of this announcement.
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