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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.
Media OutReach
MIMO: The AI-Native Storage Species Enables Desktop Scale AI Clusters With NVIDIA DGX Spark
- Engineered for the AI era, MIMO delivers breakthrough metrics: 400 GB/s bandwidth, 54 million IOPS, and 40–90 μs latency—all within a form factor comparable to a large suitcase.
- MIMO serves as both a high-performance data hub for large-scale GPU clusters and a flexible edge deployment platform, extending seamlessly to desktop environments where it orchestrates workflows with various DGX Spark units based on NVIDIA’s GB10 Grace Blackwell superchip.
- This architecture enables independent AI clusters supporting up to 16 computing nodes within constrained environments, managing the complete workflow from large-scale pre-training and fine-tuning to production inference—effectively democratizing enterprise-grade AI capabilities for labs, edge sites, and distributed teams.
SINGAPORE –
Professor Zhang Sheng from Tsinghua University Shenzhen International Graduate School expressed a more pragmatic view: “With this solution, we finally no longer have to rely on the university’s data center. Our current annual budget alone is enough to deploy an AI cluster within our lab that better fits our needs—this will significantly boost our research efficiency both technically and operationally. It’s truly fantastic news.”
Asia Debut Marks Industry Inflection Point
Earlier at the 8th China International Import Expo (CIIE), the solution’s core—the world’s first AI-native storage system MIMO—made its strategic Asian debut. Engineered for the AI era, MIMO delivers breakthrough metrics: 400 GB/s bandwidth, 54 million IOPS, and 40–90 μs latency—all within a form factor comparable to a large suitcase.
The platform’s defining Fast-Light-Edge proposition, delivered through its breakthrough architecture, cut through the exhibition noise, generating immediate and widespread attention. MIMO earned exclusive features in top-tier media including Hong Kong Ta Kung Pao and China Securities Journal, while its product demonstration videos gained rapid traction across leading digital channels.
Addressing Foundational Challenges: Technical Dialogues That Matter
During the exhibitions, technical leaders from the United States, Spain, Singapore, Colombia, the UAE (Dubai), India, Pakistan, and Hong Kong SAR engaged in substantive dialogues with Ridger’s Asia team, raising questions that revealed systemic industry gaps:
Architectural Transformation & Strategic Positioning
“Can MIMO fundamentally replace legacy storage architectures—traditional NAS, unified, distributed, and parallel file systems—to deliver accelerated parallel training and high-concurrency inference?”
“With such exceptional performance, would deploying MIMO for traditional enterprise applications represent strategic overinvestment or forward-looking infrastructure?”
Mobile Deployment & Borderless Operations
“MIMO’s suitcase-sized footprint suggests unprecedented mobility. Can it truly accompany research teams globally like standard equipment? How does it maintain operational continuity across jurisdictions? What’s the customs protocol for such ‘technical luggage’?”
Seamless Integration & Global Accessibility
“In scenarios with unnetworked AI servers, can MIMO rapidly establish dedicated training environments with true plug-and-play functionality?”
“Does MIMO integrate transparently with existing AI infrastructure and software stacks without requiring modifications?”
“Beyond Asia-Pacific, what’s the procurement pathway for MIMO? Which currencies and payment methods are accommodated?”
Architectural Breakthrough: Redefining What’s Possible
Addressing these operational realities, Ridger demonstrated MIMO’s system-level value—transcending its role as a storage device to become an architectural cornerstone. MIMO serves as both a high-performance data hub for large-scale GPU clusters and a flexible edge deployment platform, extending seamlessly to desktop environments where it orchestrates workflows with various DGX Spark units based on NVIDIA’s GB10 Grace Blackwell superchip.
Notably, eight global OEM partners—including Dell, HPE, Lenovo, xFusion, H3C, MSI, GIGABYTE, and Acer—have concurrently launched Spark versions based on NVIDIA’s GB10 Grace Blackwell superchip, creating a robust compatibility foundation for MIMO’s ecosystem integration.
This architecture enables independent AI clusters supporting up to 16 computing nodes within constrained environments, managing the complete workflow from large-scale pre-training and fine-tuning to production inference—effectively democratizing enterprise-grade AI capabilities for labs, edge sites, and distributed teams.
As Zhu Ting, an industry observer from Beijing, noted: “This represents the ‘IBM PC moment’ for AI infrastructure—transforming specialized capability into accessible utility.”
Market Validation Through Early Adoption
Market response has been decisive. Following the exhibitions, pioneering organizations across pathological image foundation model development, legal-tech innovation, industrial visual inspection, and naked-eye 3D content production have joined Ridger’s Early Access program, validating the architecture’s transformative potential in real-world operational contexts.
Global Rollout: Accelerating Accessibility
Responding to accelerating global demand, Ridger confirmed the imminent launch of the complete MIMO portfolio and optimized solution bundles for specific DGX Spark configurations through the Ridger Official Global Store. Designed as a frictionless procurement channel, the platform will support diverse payment options including multiple fiat currencies and cryptocurrencies—streamlining access to advanced AI infrastructure.
Organizations seeking deeper understanding of MIMO and its integrated lightweight AI solution with DGX Spark are invited to connect with Ridger team or its strategic partner, NVIDIA Elite Solution Partner SinoInfo.
Hashtag: #Technology #ESG #AI #GPU #Enterprise #Finance #Storage #Flash #Compute #DGX-Spark #NVIDIA #AI-Lab #GDS #NAS #AI-Native
https://ridger.tech/
https://www.linkedin.com/company/ridger/
https://www.youtube.com/@ridgertech
The issuer is solely responsible for the content of this announcement.
Ridger
Ridger is a global technology pioneer building next-generation computing & storage infrastructure for the AI era. Born in the East and operating worldwide, Ridger challenges conventional paths to create new technological paradigms.
The team unites seasoned experts from global storage leaders with visionary AI architects, all driven by a shared mission to democratize cutting-edge technology, rejects incremental improvements and hollow prestige, focusing exclusively on foundational breakthroughs that deliver tangible value and sustainable impact.
From architecture to implementation and from service to empowerment, Ridger provides end-to-end solutions that help clients worldwide ascend to their highest summits.
Media OutReach
Johnson & Johnson and Asia Pacific Patient Advocacy Group Leaders Unite to Strengthen Shared Decision-Making in Lung Cancer Care
J&J deepens its commitment to patient empowerment in Asia Pacific by launching J&J withMe, a new patient portal offering tailored patient resources, and co-driving market-specific initiatives with patient advocacy groups
SINGAPORE – Media OutReach Newswire – 11 December 2025 – Johnson & Johnson announced the next phase of The 3rd Opinion campaign across Asia Pacific, focused on championing shared decision-making between lung cancer patients and healthcare professionals through events and stakeholder engagements at ESMO Asia 2025 in Singapore.
At a Patient Reception on 6th December 2025, 20 leaders from 17 patient advocacy groups from across Asia Pacific, Europe and the United States shared their support for the need to strengthen shared decision-making. On December 7, 2025, the ESMO Asia 2025 Symposium, ‘Advancing EGFRm NSCLC Treatment Through Shared Decision-Making’ highlighted the role of healthcare professionals not only in making sense of the data but also in helping patients and their families navigate complex decision-making.
“High prevalence in Asia of certain NSCLC mutations makes the choice of first-line therapy absolutely critical. Treatment decisions must balance clinical objectives with patient values — weighing disease biology, survival prospects, durable disease control and the tradeoffs of side effects. That’s why shared decision-making is essential: clinicians should present all appropriate treatment options, so the final choice is collaborative and aligned with each patient’s goals,” said Professor Zhu Zhengfei, Director of the Radiation Oncology Department, Fudan University Shanghai Cancer Center.
“When lung cancer patients are empowered to speak up and understand their options, they are more likely to continue the treatment and their dignity is preserved. Initiatives like ‘The 3rd Opinion’ are vital for fostering truly patient-centered partnerships between people living with cancer and their healthcare teams,” noted Ms. Liu Yiting, Marketing & Branding Director, China MeetHealth Mi-Jian Patient Community.
“The shared commitment validates what many people living with lung cancer have long expressed: shared decision making is essential. From our experience supporting patients, meaningful conversations with clinicians help acknowledge patients’ experiences, address their concerns, and preserving their hopes,” added Mr. Jung-Il Cho, Chairman of Korea Lung Cancer Patients Association.
Our commitment comes off the back of a recent patient survey revealing that 90% of Japanese lung cancer patients want to play an active role in their treatment decisions. The survey also found that shared decision-making, where physicians and patients jointly compare treatment options and decide together, is the strongest driver of treatment satisfaction.1
Patient survey finds that those engaged in shared decision-making were 11 times more likely to report higher satisfaction with their treatments, with 90% of lung cancer patients in Japan wanting to play an active role in their treatment decisions. This finding underscores the importance of shared decision-making and patient-centered care.1
To bridge the gap between patients’ desire to engage in shared decision making and their lack of practical support, J&J has launched “J&J withMe”, an online hub that equips lung cancer patients and caregivers with tailored toolkits and conversation guides to prepare for consultations and make informed, personalized treatment decisions.
Anthony Elgamal, Vice President of Oncology, Johnson & Johnson Innovative Medicine Asia Pacific said, “The 3rd Opinion truly puts patients at the center of care. As part of our deep commitment to address patients’ unmet needs, we will continue partnering with patient advocacy groups and healthcare professionals to help patients to find their voice and the moment when medical advice meets what truly matters to patients.”
In recognition of diverse cultural and clinical norms across Asia Pacific, J&J has also rolled out tailored market activations in collaboration with local patient advocacy groups:
- Provision of patient resources such as the “Lung Cancer Book of Answers” in China, ‘Value of Time’ video for patients in Japan, and educational assets in India and Australia/New Zealand;
- Digital and social media engagement featuring patients and creators discussing the importance of shared decision-making across Singapore, Malaysia, Philippines, Thailand, and Vietnam;
- Event engagement via the establishment of a patient advisory board in India;
- Corporate Social Responsibility program with a lung cancer patient group in Korea, bringing employees and patients together to better understand the disease burden of patients and strengthen emotional support for the patient community.
###
About the 3rd Opinion
“The 3rd Opinion”, the patient’s own opinion, is a new term that sparks a social movement in the lung cancer treatment journey – designed to elevate the patient voice and empower individuals to take an active role in shaping their treatment plan. By prioritizing shared decision-making between patients and healthcare professionals, this collaborative approach ensures that treatment choices are aligned to each patient’s goals, preferences and circumstances. This results in more informed decisions, greater patient satisfaction, and the best possible outcomes.
About Non-Small Cell Lung Cancer
Worldwide, lung cancer is one of the most common cancers, with NSCLC making up 80 to 85 percent of all lung cancer cases.[1], [2] The main subtypes of NSCLC are adenocarcinoma, squamous cell carcinoma, and large cell carcinoma.[3] Among the most common driver mutations in NSCLC are alterations in EGFR, which is a receptor tyrosine kinase controlling cell growth and division.[4] EGFR mutations are present in 10 to 15 percent of Western patients with NSCLC with adenocarcinoma histology and occur in 40 to 50 percent of Asian patients.[5], [6],[7],[8],[9],[10] EGFR ex19del or EGFR L858R mutations are the most common EGFR mutations.[11] The five-year survival rate for all people with advanced NSCLC and EGFR mutations treated with EGFR tyrosine kinase inhibitors (TKIs) is less than 20 percent.[12],[13] EGFR exon 20 insertion mutations are the third most prevalent activating EGFR mutation.[14] Patients with EGFR exon 20 insertion mutations have a real-world five-year overall survival (OS) of eight percent in the frontline setting, which is worse than patients with EGFR ex19del or L858R mutations, who have a real-world five-year OS of 19 percent.[15]By comparison, other common cancers, such as breast and prostate cancer have a 5-year real world OS of 90% and 97% respectively[16].
[2] The World Health Organization. Cancer. https://www.who.int/news-room/fact-sheets/detail/cancer. Accessed March 2025.
Hashtag: #Johnson&Johnson
The issuer is solely responsible for the content of this announcement.
About Johnson & Johnson
At Johnson & Johnson, we believe health is everything. Our strength in healthcare innovation empowers us to build a world where complex diseases are prevented, treated, and cured, where treatments are smarter and less invasive, and solutions are personal. Through our expertise in Innovative Medicine and MedTech, we are uniquely positioned to innovate across the full spectrum of healthcare solutions today to deliver the breakthroughs of tomorrow, and profoundly impact health for humanity.
Learn more at
https://www.jnj.com/ or at
www.innovativemedicine.jnj.com. Follow us at
@JNJInnovMed.
Johnson & Johnson Innovative Medicine Asia Pacific, a division of Johnson & Johnson International (Singapore) Pte. Ltd is a Johnson & Johnson company.
© Johnson & Johnson International (Singapore) Pte. Ltd. [2025] All rights reserved.
Media OutReach
Skychakra Global Capital Strategy Upgrade: Advancing Cross-Border Listings and RWA Ecosystem
As a global hub for innovation and capital, Hong Kong serves as a significant gateway for the activation of Skychakra’s global strategy. This inauguration not only symbolizes the completion of the facility but also marks the comprehensive rollout of Skychakra’s international layout.
Official Launch of Cross-Border Listing Incubation Center
During the inauguration, Skychakra announced the establishment of a cross-border listing incubation center, led by a professional team qualified with SEC, PCAOB, and FINRA credentials, boasting over a hundred projects in cross-border listings. The service scope includes U.S. stocks, Hong Kong stocks, and SPACs. Unlike traditional investment banks and financial advisors, Skychakra offers a “full-link” service for enterprise capitalization, encompassing red-chip structure setup, financial and audit compliance, SEC and Hong Kong Stock Exchange filing guidance, dual-path IPO/SPAC design, market value management, enterprise internationalization guidance, and digital upgrades.
Originally planning to sign contracts for four companies at the conference, Skychakra exceeded expectations by signing 12, demonstrating its strong appeal and industry influence in cross-border listings and capital operations.
RWA Technology Ecosystem: Making Enterprise Assets Visible to the Financial System
Real World Assets (RWA) are becoming the core of global financial transformation. From BlackRock’s launch of tokenized funds to Hong Kong and Singapore incorporating RWA into financial infrastructure, RWAs are transitioning from concept to large-scale implementation. Skychakra emphasizes that small and medium-sized enterprises face common challenges such as lack of recognition for their assets within the financial system, difficulties in cross-border financing, and a lack of transparency in asset value.
The Skychakra RWA ecosystem will provide enterprises with: tokenizable asset identification, asset structuring and entitlement, on-chain mapping and minting, cross-border compliance design, global issuance and liquidity channels, and on-chain risk control and transparent tracking. The core value of RWA lies in reducing friction for enterprises in connecting to global capital, enhancing asset liquidity and valuation potential.
A Holistic Growth Model: “From People to Enterprises, From Enterprises to Capital”
Skychakra’s differentiated advantage stems from its foundational logic of “starting with people.” The Skychakra energy courses utilize scientific equipment to measure energy fields, emotional frequencies, and meridian states, assisting individuals in enhancing stability, insight, and decision-making abilities.
Based on this foundation, Skychakra constructs three major systems:
1. Enterprise Growth System: Enhancing organizational capabilities, introducing international business, and providing capital operation guidance.
2. Capitalization System: Building global financing capabilities through listings and RWA structures.
3. Asset Digitalization System: Making enterprise value quantifiable, verifiable, and tradable.
These three systems dynamically interact in a spiral structure, forming Skychakra’s unique full-link growth ecosystem.
Conclusion: Global Layout for Greater International Influence
The inauguration of Skychakra’s Hong Kong International Center signifies the official implementation of the group’s globalization strategy. Looking forward, the focus will be on Hong Kong as the core, with Asia as the main axis, while establishing deep collaborations with the North American and Middle Eastern markets. Through this global layout, Skychakra is creating a new organizational model that transcends regions, industries, and capital, enabling enterprises to achieve value flow in the global market and allowing more Asian companies to gain a stronger voice on the international stage.
Hashtag: #Skychakra
The issuer is solely responsible for the content of this announcement.
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