Mainland firms are flooding into Hong Kong's equity market, reinforcing the city's status as the leading stage for secondary listings. A fresh wave of A-share heavyweights is driving the pipeline, dominated by chipmakers, biotech groups, and advanced manufacturers.
The pace built steadily through September before peaking at month-end, when 18 companies filed in a single day, with nearly half of them already trading in Shanghai or Shenzhen.
Between Sept. 24 and 30, almost 52 applications landed, including 16 A-share issuers, a late-month surge that made up nearly 70% of September's pipeline.
In total, more than 75 companies filed in September, signaling Hong Kong's magnetic pull as an offshore fundraising hub.
The surge in dual listings was particularly striking. Nearly 24 A-share companies filed in the city during September alone, about half of the 47 new A+H listing applications recorded by KPMG in the first half of 2025.
By contrast, only five such applications were filed in the entire year of 2024, according to data compiled by MT Newswires.
The line-up captured the breadth of China's innovation economy. Electronic test equipment manufacturer Rigol Technologies (SHA:688337), electrical appliance maker XGIMI Technology (SHA:688696), drugmaker Changchun High-Tech Industry (SHE:000661), chip foundry Nexchip Semiconductor (SHA:688249), and pump producer Leo Group (SHE:002131) were among the A-share names seeking a Hong Kong float.
This wave builds on blockbuster debuts earlier in the year. EV battery giant Contemporary Amperex Technology, also known as CATL (SHE:300750, HKG:3750), delivered the city's largest float of 2025, raising HK$41 billion, followed by Zijin Gold (HKG:2259), a unit of Zijin Mining (SHA:601899, HKG:2899), with the second-biggest at HK$25 billion.
Other prominent entrants included Jiangsu Hengrui Pharmaceuticals (SHA:600276, HKG:1276), Foshan Haitian Flavouring and Food (SHA:603288, HKG:3288), and Zhejiang Sanhua Intelligent Controls (SHE:002050, HKG:2050).
Policy has been central to the rebound. In early 2024, the China Securities Regulatory Commission streamlined cross-border listing procedures and fast-tracked approvals for priority sectors, signaling a return to pragmatism after years of crackdowns.
The Hong Kong Stock Exchange followed with enhancements to its biotech listing regime, the launch of Chapter 18C for specialist technology firms, and measures to simplify documentation and shorten processing times, thereby cutting through red tape.
Deloitte's Robert Lui said, "Together with policies encouraging leading mainland enterprises to list in Hong Kong and streamlining the application process for A-share listed companies, this has led to mega and large IPOs flocking to the Hong Kong market again, allowing Hong Kong to maintain its leading position in global IPO fundraising in Q3 2025.
Momentum now looks set to carry into the final quarter. With more than 230 active applications and at least five mega deals in the pipeline, Deloitte projects Hong Kong could host over 80 IPOs this year, raising HK$250 billion to HK$280 billion.
Backed by policy support, an expanded listing framework, and a swelling wave of dual listings, Hong Kong is on track to close 2025 as one of the world's busiest IPO markets and the offshore venue of choice for China's corporate champions.
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