Hong Kong's initial public offering market ranked first globally by funds raised in 2025, Hong Kong Exchanges and Clearing said on Dec 22.

Average daily turnover in the cash market reached a record HK$230.7 billion in the first 11 months of the year, up 43% from a year earlier, the exchange said.

As of Dec 19, 106 companies had listed in Hong Kong this year, raising a combined HK$274.6 billion. Four of the deals ranked among the world's top 10 IPOs by proceeds in 2025.

Listed companies also raised $66 billion through follow-on offerings, HKEX said.