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Exclusive | Hong Kong to dominate 2025 IPO action amid rush of quality mainland Chinese firms: UBS

As many as 30 Chinese companies poised for dual listings this year, co-head of global banking at UBS Securities says

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A view of Exchange Square in Central, home of the city’s bourse operator, on April 7, 2025. Photo: Jelly Tse
Zhang Shidongin Shanghai

Hong Kong is poised to be the world’s top initial public offering (IPO) venue at the end of the year, as a surge in listings by high-quality Chinese companies coincides with interest from global investors seeking alternatives to US assets, according to UBS Group.

The city’s stock market had taken the lead in global IPO rankings, with investor interest, liquidity and turnover exceeding expectations, said Edwin Chen, Beijing-based co-head of global banking at UBS Securities, the wholly owned Chinese brokerage of the Swiss bank. In addition, 20 to 30 Chinese companies that trade on mainland exchanges were expected to offer shares in the city in 2025, he added.
Midea Group’s successful share offering in September, and its solid post-IPO performance, paved the way for similar deals, Chen said in an interview on Friday.
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“Hong Kong welcomes A+H listings,” Chen said, referring to mainland-listed companies that sell Kong Kong shares, or H shares, in addition to their yuan-denominated A shares. “When there’s a supply of good and high-quality IPOs, that will attract global investors and capital to Hong Kong.”

The city’s IPO market regained its feet in 2025 after overseas traders fled amid China’s bleak growth outlook over the past few years.

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Including the US$5.2 billion IPO earlier this month by Contemporary Amperex Technology (CATL) – 2025’s biggest stock sale globally – 22 companies have raked in US$7.7 billion in net proceeds in Hong Kong this year, the most among global IPO venues, according to London Stock Exchange Group data. If the momentum continues, the city will take the global annual title for the first time since 2019, when it generated proceeds of about US$40 billion.

Chen said a number of unspecified mainland companies were in UBS’ pipeline for Hong Kong offerings.

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