Nearly 50% of Hong Kong listings in 2025 have fallen over three months, underperforming global IPO and local indexes.
Hong Kong led global IPO fundraising in 2024 and maintained momentum into early 2025, raising more capital than the New York Stock Exchange and Nasdaq. Over 600 companies await listing on the exchange, reflecting strong pipeline demand.
Despite the volume, 89 of 179 Hong Kong IPOs since January have declined over the past three months. The Hang Seng index edged lower during the same period, while the FTSE Renaissance Global IPO Index rose over 10%. Performance gaps widen further for stocks included in the Stock Connect program.
Of 33 Hong Kong-listed stocks added to Stock Connect on March 9, eight surged over 300% pre-inclusion but have since dropped at least 10%. AI startup Deepexi fell 51% from its peak as of June 3.