In the first quarter of 2025, Hong Kong's equity capital markets witnessed an unprecedented rise, driven by significant secondary offerings. The market raised a staggering US$16.7 billion, reflecting a remarkable thirteen-fold increase compared to the same period last year. This surge was largely attributed to two substantial transactions in March: BYD's issuance worth US$5.6 billion and Xiaomi's offering valued at US$5.5 billion. These deals not only highlighted the robust demand for capital but also underscored Hong Kong's role as a pivotal financial hub for large-scale fund-raising activities.

Initial Public Offerings also contributed significantly to the overall growth, with Hong Kong exchanges generating US$2.3 billion, marking a 281.9% increase from the previous year. Chinese enterprises led the IPO landscape, accounting for 87% of the total proceeds, raising US$2.0 billion. Sectors such as Retail, Materials, and Consumer Products & Services were the primary contributors, collectively representing three-quarters of the IPO funds. On a global scale, the Hong Kong Stock Exchange ranked fourth in IPO proceeds, capturing an 8.8% market share, following major exchanges like Nasdaq and New York.

The follow-on offerings segment experienced a notable resurgence, reaching its highest level in four years with US$14.0 billion raised during the first quarter of 2025, a twenty-two-fold increase from the prior year. Additionally, the number of deals rose by 9.6%, making it the most active start since 2021. Among underwriters, Goldman Sachs emerged at the forefront, securing 24.2% of the market share with proceeds amounting to US$4.0 billion.

Hong Kong's equity capital markets have demonstrated exceptional resilience and adaptability, attracting both domestic and international investors. This growth signifies the city's enduring appeal as a premier financial destination, fostering innovation and economic expansion. As the market continues to evolve, it is poised to play a crucial role in shaping the future of global finance, reinforcing the importance of strategic investments and collaboration.