1、 Mainland and Hong Kong IPO Markets 3 July 20252025 Q2 review2Chinese Mainland and Hong Kong IPO Markets 2025 KPMG,a Hong Kong SAR partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by
2、guarantee.All rights reserved ContentsGlobal IPO landscapeA-share IPO marketHong Kong IPO market3Chinese Mainland and Hong Kong IPO Markets 2025 KPMG,a Hong Kong SAR partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a
3、private English company limited by guarantee.All rights reserved Global IPO landscape4Chinese Mainland and Hong Kong IPO Markets 2025 KPMG,a Hong Kong SAR partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private Eng
4、lish company limited by guarantee.All rights reserved Global IPO market:2025 H1 highlightsGlobal IPO funds raised(2023 2025 H1)The global IPO market remained soft in 2025 H1,under the backdrop of persistent uncertainties.(USDB)(1)Analysis based on actual data as at 30 June 2025.(2)Sources:Bloomberg
5、and KPMG analysis,included REIT deals and excluded special purpose acquisition company(“SPAC”or“blank check”)deals.Heightened global volatilityGlobal trade tensions Four out of the top ten IPOs by funds raised in 2025 H1 are from Hong Kong.AI and high-tech industries drivenUSD60.9BTotal Funds Raised
6、 10%to 2024 H1544Completed IPOs 5%compared to 2024 H130%of global total proceeds was raised by top 10 IPOsComparable to 2024 H1020406080100120140160202320242025 H1H1 Funds raisedH2 Funds raisedH1647580544Full year1,3711,281No.of deals:USD 65BUSD 78BUSD 66BUSD 56BUSD 61B5Chinese Mainland and Hong Kon
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