According to LiveReport data, the Hong Kong stock market welcomed a total of 117 new listed companies from January to December 2025. This figure included 114 IPOs, 1 introduction listing, and 2 transfers from the GEM to the Main Board. Over the preceding 24-month and 36-month periods ending in December, the total number of new listings reached 187 and 260, respectively, with IPO listings accounting for 184 and 252 of those totals. Among the various IPO intermediaries, the entities handling the most projects across these periods were: CICC (Sponsor); Ernst & Young and KPMG (Auditors); Jingtian & Gongcheng (PRC Legal Counsel); Clifford Chance (Overseas Legal Counsel); Harneys and Maples (Cayman Legal Counsel); and Frost & Sullivan (Industry Consultant).
In the Hong Kong IPO sponsor rankings for the period from January to December 2025, 43 sponsors participated in the underwriting of 114 Hong Kong stock IPOs. The sponsors with the highest number of projects were: ① CICC (41 deals); ② CITIC Securities (32 deals); ③ Huatai International (22 deals).
For the past 24-month period (January 2024 - December 2025), 54 sponsors participated in 184 Hong Kong stock IPOs. The sponsors with the highest project count were: ① CICC (60 deals); ② CITIC Securities (44 deals); ③ Huatai International (29 deals).
Over the past 36-month period (January 2023 - December 2025), 66 sponsors participated in 252 Hong Kong stock IPOs. The leading sponsors by project volume were: ① CICC (81 deals); ② CITIC Securities (47 deals); ③ Huatai International (39 deals). During this 36-month span, 12 sponsors handled 10 or more deals, representing 18% of all sponsors. Conversely, 26 sponsors handled only a single deal, accounting for 39% of the total.
Analyzing the industries of the IPO listing entities, the 114 IPOs from the past 12 months were distributed across approximately 23 sectors. The sectors with the highest number of IPOs, along with the sponsors that led the most listings in each, were: Healthcare (26 deals): ① CITIC Securities (11 deals); ② CICC (8 deals); ③ Morgan Stanley (6 deals). Software Services (21 deals): ① CICC (10 deals); ② Huatai (4 deals); ③ CITIC Securities, Guotai Junan (3 deals each). Industrial Manufacturing (12 deals): ① CICC (7 deals); ② CMB International, Huatai (3 deals each).
In terms of fundraising scale, the 114 IPOs from January to December 2025 raised a combined total of approximately HKD 260.67 billion. The top three sponsors by cumulative funds raised through their IPO projects were: ① CICC (HKD 132.0 billion); ② CITIC Securities (HKD 74.57 billion); ③ Morgan Stanley (HKD 63.46 billion).
Regarding IPO application filings, from January to December 2025, 61 sponsors, acting alone or jointly, submitted filings for a cumulative total of 451 projects. Of these, 278 applications remained in process as of the end of December. The sponsors with the highest number of cumulative filing projects during this period were: ① CICC (131 deals); ② CITIC Securities (119 deals); ③ Huatai International (65 deals).
In the Hong Kong IPO auditor rankings, 9, 12, and 13 auditing firms participated in Hong Kong stock IPO audits during the 2025, 24-month, and 36-month statistical periods, respectively. The auditors with the most projects in each period were the "Big Four" firms. Collectively, the "Big Four" handled 100, 164, and 225 Hong Kong stock IPO projects in these respective periods, accounting for 88%, 89%, and 89% of the total project volume.
For Hong Kong IPO legal counsel rankings, among PRC legal advisors from January to December 2025, 34 firms provided listing legal services for 114 Hong Kong stock IPOs. The leaders were: ① Jingtian & Gongcheng (47 deals); ② Commerce & Finance Law Offices (39 deals); ③ JunHe (18 deals). Over the past 24 months, 40 PRC law firms served 184 IPOs, led by: ① Jingtian & Gongcheng (77 deals); ② Commerce & Finance Law Offices (54 deals); ③ King & Wood Mallesons (30 deals). In the 36-month period, 51 firms served 252 IPOs, with the top being: ① Jingtian & Gongcheng (104 deals); ② Commerce & Finance Law Offices (74 deals); ③ King & Wood Mallesons (40 deals).
Among overseas legal counsel for the 2025 period, 122 firms served 114 IPOs. The leaders were: ① Clifford Chance (23 deals); ② Davis Polk (17 deals); ③ Cooley (14 deals). For the 24-month period, 170 firms served 184 IPOs, led by: ① Clifford Chance (38 deals); ② Davis Polk, Paul Hastings (20 deals each). Over 36 months, approximately 203 firms served 252 IPOs, with the top being: ① Clifford Chance (46 deals); ② Davis Polk (29 deals); ③ O'Melveny, Paul Hastings (24 deals each).
For offshore/Cayman legal counsel in 2025, 9 firms provided services for 37 Hong Kong IPOs (Cayman entities). The leaders were: ① Harneys (9 deals); ② Conyers (7 deals); ③ Ogier (6 deals). Over 24 months, 9 firms served 75 Cayman-entity IPOs, led by: ① Maples (18 deals); ② Harneys (16 deals); ③ Conyers (15 deals). In the 36-month period, 11 firms served 119 such IPOs, with the top being: ① Maples (31 deals); ② Conyers, Harneys (24 deals each).
For Hong Kong IPO industry consultant rankings, 8, 13, and 14 industry consultants participated in Hong Kong stock IPO projects during the 2025, 24-month, and 36-month statistical periods, respectively. The consultant with the most projects in each period was Frost & Sullivan.
Regarding A+H share intermediary rankings, 19 A+H shares were listed on the Hong Kong Exchange in 2025. The intermediaries with the highest number of projects for these listings, across sponsors, auditors, legal advisors, and industry consultants, were CICC, PwC, Jingtian & Gongcheng, and Frost & Sullivan, respectively. This ranking focuses solely on IPO listings and excludes SPACs, introduction listings, and board transfers.
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