In 2025, Hong Kong was the #1 IPO venue in the world, with more than US$36 billion raised by companies from around the world, underlining dynamism and global connectivity of the city’s capital markets.
HKEX has proactively and continuously enhanced its listing rules to improve market attractiveness in recent years, with new listing rule changes in April 2018 helping establish Hong Kong as a global new economy marketplace.
Since the launch of new listing chapters in 2018, over 430 new economy companies have listed on HKEX, raising over US$150 billion. This includes biotech, healthcare and specialist technology companies listed under Chapter 18A and Chapter 18C, reflecting strong investor support for innovation‑driven sectors.
Hong Kong has also hosted many of the world’s most significant IPOs in recent years, with two of the five largest IPOs and ECM deals in the world, and eight IPOs of more than US$1 billion in 2025.
Looking ahead, HKEX is committed to continuously enhancing its listing rules, regulatory processes and market infrastructure, ensuring the attractiveness and competitiveness of Hong Kong – and HKEX – as listing venue for companies from around the world.
To learn more about our markets, benefits of going public, the IPO process, and the requirements for listing on HKEX, please contact our Global Issuer Services team.
Stock Connect is a unique collaboration between the Hong Kong, Shanghai and Shenzhen Stock Exchanges; it allows international and Chinese Mainland investors to trade securities in each other's markets through the trading and clearing facilities in Hong Kong or the Chinese Mainland. Launched in November 2014, the scheme now covers over 2,000 eligible equities in Shanghai, Shenzhen and Hong Kong. Learn more about Stock Connect.
With a focus on new economy innovation, HKEX is actively building product diversity on its market. Many high growth technology companies have chosen to launch their IPOs or secondary listings in Hong Kong. Their listings have transformed the composition of our market.
Strong growth momentum in new economy company fundraising since new listing rules:
【2】Total funds raised contribution refers to new economy funds raised as a percentage of total funds raised in that year.
【3】Total market cap contribution refers to the market cap of new economy companies listed in a particular year as a percentage of total market cap as of 2025.
Working alongside innovators, research institutes, investors and the wider global healthcare industry, HKEX is committed to supporting the sector, by providing platforms that help steer the industry towards investments and growth. The industry is currently going through a global period of rapid change and expansion.
Reforms within the global healthcare industry such as the accelerated review and approval of drugs, and the expansion of the reimbursement scheme have provided a real catalyst for transformation and innovation across this sector in the Chinese Mainland.
We offer a choice of routes for companies to the Hong Kong markets; and offer our Issuers step-by-step support on the journey to listing.
Main Board
A market for more established companies that satisfy our financial and track record requirements. Companies listed on our Main Board range from conglomerates, banks and property developers to internet companies and healthcare providers. Issuers can choose to list on the Hong Kong Main Board in the form of shares or Hong Kong depository receipts.
GEM
A market for small and mid-sized companies, with less stringent eligibility criteria but similar continuing obligations as the Main Board.
Learn more >
We know that an IPO is one of the most significant events for any company. We are here, every step of the way:
Profit test:
Market Cap / Revenue test:
Market Cap / Revenue / Cashflow test:
