Chinese IPOs in Hong Kong 2025 have surged as many firms avoid U.S. listings amid Beijing-Washington tensions and U.S. regulatory scrutiny. Dealogic and PwC data show a marked rotation into Hong Kong, led by large tech and resource offerings that boosted 2025 fundraising and global listing rankings.
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Shift in listing venue: Chinese companies are prioritizing Hong Kong over U.S. markets following regulatory and geopolitical friction.
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Dealogic reports just $875.7 million raised in 23 U.S. IPOs in 2025, down sharply from 2021 levels.
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Hong Kong recorded a 164% year-on-year rise in Chinese IPOs, with PwC projecting more than $25.5 billion in 2025 fundraising.
Chinese IPOs in Hong Kong 2025 surge as firms shift away from U.S. listings; Dealogic and PwC data show renewed momentum — read COINOTAG’s market analysis.
Published: October 15, 2025 · Updated: October 15, 2025 · Author: COINOTAG
How are Chinese IPOs in Hong Kong 2025 reshaping global listings?
Chinese IPOs in Hong Kong 2025 accelerated as companies steered clear of U.S. markets amid heightened regulatory scrutiny and bilateral tensions. Dealogic data show a steep decline in U.S. deal value, while Hong Kong’s reforms and targeted listing channels attracted sizeable tech and resource offerings, boosting fundraising and global ranking.
Why are Chinese companies avoiding U.S. listings in 2025?
Regulatory friction between Beijing and Washington, plus tighter U.S. oversight of foreign issuers, has made U.S. listings less attractive and more uncertain for Chinese firms. Dealogic reports U.S. Chinese IPO deal value in 2025 fell 4% year-on-year to $875.7 million from 23 deals, a sharp decline from 2021’s $13 billion across listings. Market practitioners cite high-profile cases such as DiDi Global and the halted Ant Group offering as turning points. Perris Lee, Head of Equity Capital Markets for APAC at Mergemarket, said that Chinese listings in the U.S. have “pretty much become non-existent” for companies in government-sensitive sectors, prompting a strategic pivot toward Hong Kong. This trend is supported by institutional commentary from J.P. Morgan and research forecasts reported by PwC and Macquarie.
Frequently Asked Questions
How many Chinese IPOs moved to Hong Kong in 2025 compared with the U.S.?
Dealogic data indicate Chinese IPO activity in Hong Kong rose sharply in 2025, with a 164% year-on-year increase to 56 IPOs that raised $18.4 billion. By contrast, U.S. listings raised $875.7 million from 23 deals, reflecting a significant reallocation of primary-listing activity to Hong Kong.
Will Hong Kong sustain this momentum into 2026?
Market participants expect momentum to continue into late 2025 and the first half of 2026. Peihao Huang, Head of Equity Capital Markets for Asia Pacific at J.P. Morgan, forecasted a busy Q4 and an active H1 2026 as firms pursue secondary and dual listings. Structural measures introduced by Hong Kong—such as a Technology Enterprises Channel—are aimed at sustaining higher IPO throughput.
Market context and data
Chinese IPO volumes in 2021 surged to near-record levels, followed by a downturn as Beijing tightened oversight of domestic firms after several contentious cross-border listing attempts. Dealogic’s 2025 figures show the U.S. channel has sharply contracted: total proceeds from Chinese IPOs in the U.S. dropped to $875.7 million across 23 deals, down dramatically from 2021. In parallel, Hong Kong’s market saw 56 IPOs raise about $18.4 billion in 2025, a 164% jump year-on-year. PwC forecasts up to 100 Hong Kong IPOs in 2025 and estimates total fundraising could exceed $25.5 billion, driven by a handful of billion-dollar deals including major offerings from battery and resources companies.
“Chinese listings in the U.S. have pretty much become non-existent since DiDi Global’s ill-fated IPO in the U.S. It will be increasingly challenging to receive a greenlight [from China to list in the U.S.], especially for companies that fall under China’s government-orchestrated strategic industries.”
– Perris Lee, Head of Equity Capital Markets for APAC at Mergemarket.
Drivers behind Hong Kong’s appeal
Analysts point to several factors supporting Hong Kong’s resurgence: policy reforms to ease fundraising and listing processes, a dedicated channel for technology and biotech companies, and a stronger investor appetite for selective technologies such as biotech and advanced manufacturing. Eugene Hsiao of Macquarie cited improved fundraising conditions and the unexpected rise of startups like DeepSeek as catalysts that drew investor interest. Large transactions—such as a reported $5.3 billion listing by a major battery company and a $3.2 billion resources offering—helped push Hong Kong toward the top global listing destination in 2025, according to market data compilations.
Key Takeaways
- Venue rotation: Chinese firms are increasingly choosing Hong Kong over U.S. listings due to regulatory and geopolitical headwinds.
- Data-driven shift: Dealogic and PwC data show a sharp fall in U.S. proceeds and strong fundraisings in Hong Kong in 2025.
- Policy and sector focus: Hong Kong’s specialized channels and interest in tech/biotech are set to sustain IPO momentum into 2026.
Conclusion
Chinese IPOs in Hong Kong 2025 reflect a clear market rotation driven by geopolitical tensions, regulatory constraints in the U.S., and targeted policy support in Hong Kong. Authoritative market data from Dealogic and forecasting from PwC, alongside commentary from Mergemarket, Macquarie and J.P. Morgan, confirm a substantive reallocation of listings. As firms and investors reposition, Hong Kong is poised to remain a primary listing venue into 2026—market participants should monitor policy updates and sector-specific approvals for the next phase of activity.
