The tide of offshore listings by Chinese companies turned sharply back to Asia in 2025, lifting Hong Kong to the world’s leading IPO market in terms of fundraising for the year, as New York rapidly lost momentum. Policy shifts, both at the government and stock exchange levels, were the main driver of the sea change, leading many to forecast the shift would accelerate this year and continue into the foreseeable future.
2025年，中国企业赴海外上市的浪潮明显回流亚洲，在纽约市场动能迅速减弱之际，推动了香港跃居全球IPO募资规模最大的市场。这场转向的关键推力来自政府与交易所层面的政策变化，也使不少市场人士预期，这一趋势将在今年进一步加速，并在可预见的未来持续下去。
Companies, the vast majority of them Chinese, raised about HK$280 billion ($36 billion) through Hong Kong IPOs last year, equal to nearly a quarter of the roughly $160 billion raised worldwide, according to annual reports by the world’s top accounting firms. That made Hong Kong the world’s top IPO market by fundraising, ahead of the Nasdaq, which was the second with about $26 billion raised, according to Deloitte.
根据多家全球顶级会计师事务所的年度报告，去年企业透过香港IPO合共募资约2,800亿港元（360亿美元），相当于全球约1,600亿美元IPO募资总额的近四分之一，其中绝大多数为中资公司。德勤指出，按募资规模计，香港由此成为全球最大的IPO市场，领先排名第二、募资约260亿美元的纳斯达克。
The banner year ends a losing streak that saw Hong Kong raise just HK$239 billion in the previous three years combined. Much of that poor performance owed to China’s rapidly slowing economy, compounded by deteriorating relations between China and the West, most notably with the U.S.
这个亮眼的一年，为香港此前的低迷走势划下句号。过去三年间，香港IPO募资总额仅约2,390亿港元。当时表现疲弱，主要源于中国经济快速放缓，再加上中国与西方关系恶化，尤其是与美国之间的紧张局势。