Global IPO Proceeds Rise – Especially in Greater China

Global IPO proceeds have been on the rise and stock markets in Mainland China and Hong Kong are booming especially. This is seen in data by consultancy EY. While in 2024, Chinese IPO proceeds stood at $9.3 billion, this had more than doubled to $19.8 billion in 2025. In Hong Kong, proceeds even tripled to $34.9 billion, up from $11.3 billion. For comparison, U.S. IPO proceeds were up by 38 percent over the same time period. Investment bank Morgan Stanley sees IPOs rebound as AI pushes stocks, market volatility decreases, interest rates hold more steady and firms that have become mature but waited on an IPO are now moving ahead.

In Q1 and Q2 of 2026, EY reports that Asia-Pacific stock markets already brought in $47 billion in IPO proceeds, much more than the $29 billion they generated in the same time period one year earlier. While the United States is having the most IPOs and the biggest proceeds overall, Hong Kong continued to see higher proceeds per IPO in 2024 and 2025 than other countries.

However, experts warn that Hong Kong's high IPO pricing is not always lasting. According to the Financial Times, half of Hong Kong's new listings from November and December 2025 flatlined or dropped on the first day of trading. In cases of severe drops, FT sources say initial prices were too high to begin with and suspect banks repeatedly stepping in to save listings.

Furthermore, structural issues in some sectors like automotive, but also cross-border commerce, have been identified as reasons for IPOs being less successful. Finally, the complicated interplay between international and Mainland China buyers in Hong Kong has been named as a potential factor for market crashes.