While Nasdaq led U.S. IPOs with $21.3 B raised in H1 and NYSE followed at $8.7 B, Hong Kong made waves globally—securing 31 IPOs ($10B) and follow-on deals totaling $26B—the highest listing volume worldwide by number.
HKEX’s reforms—including the Tech board and simplified IPO framework—fueled a pipeline surge to over 160 firms and triggered a 21% rally in the Hang Seng . In contrast, U.S. attention remains anchored in mega-deals like CoreWeave and Chime, though interest in overseas listings appears to be rebalancing toward Asia.
The parallel surge in Hong Kong IPO activity and the rebound of U.S. exchanges reflects a revitalized sense of optimism across global capital markets. With Shein’s confidential Hong Kong filing now in play, attention may pivot once again to the East as a leading destination for large-scale IPOs.
