Hong Kong retains global IPO crown in first quarter but faces US mega listings
Second place for IPO funds raised is Nasdaq, with US$5.65 billion from 18 listings, while the New York Stock Exchange ranks third
Hong Kong has retained its top position in terms of initial public offering (IPO) funds raised in the first quarter of this year but industry experts said the city could lose its lead to the US over the full year given the number of mega IPOs expected there, from OpenAI to Elon Musk’s SpaceX.
A total of 37 companies raised about US$13.26 billion on the Hong Kong stock exchange’s main board in the three months ended March 31, according to data released on Tuesday by LSEG Data and Analytics. That represents a 453 per cent increase from the same period in 2025.
There was also one GEM IPO that raised US$9 million, bringing the total for all boards to the highest first-quarter total in five years.
Second place for IPO funds raised was Nasdaq, with US$5.65 billion from 18 listings, while the New York Stock Exchange ranked third with US$4.95 billion raised through nine listings. The Shanghai Stock Exchange’s Star Market ranked seventh, Singapore was in eighth place and Shenzhen ChiNext was No 10, according to LSEG.
Although Hong Kong was off to a very strong start this year, “the real question is the full year”, according to Edward Au, southern region managing partner for Deloitte China.
“We’re seeing strong competition from the US, especially with potential mega IPOs in [artificial intelligence] and space that could raise very significant amounts individually. If those deals go ahead, they could shift the global rankings quite quickly,” said Au.