Hong Kong’s status as a global financial hub has been dealt several blows in recent years. First came clashes between police and pro-democracy protesters ahead of a national security law, passed by Beijing in 2020, that severely curtailed political freedoms in the city. That was followed by a lengthy period of draconian Covid-19 lockdowns. With the entrepot’s economy tied to fortunes on the mainland, China’s property market crash and its ensuing deflationary slowdown have made matters worse. The past five years have been characterised by stories of multinationals souring on the city and dwindling investor activity. This year, however, the outlook has brightened.
Hong Kong’s equity market is in the midst of an encouraging turnaround. In the first half of 2025, it was the world’s number one listing venue, raising $13.9bn in initial public offerings and secondary issuance, according to data compiled by KPMG that excludes special purpose acquisition company deals. Over 200 companies applied for listings on its stock exchange in the first six months of the year. In June, 75 companies applied — a record number for a single month.
Recent activity has been dominated by secondary listings of Chinese companies, including electric battery group CATL, which raised $5.3bn. On Tuesday the FT reported that the Singapore-based online retailer, Shein, had confidentially filed for a Hong Kong IPO too, amid drawn-out efforts to list in London.