The Phoenix Star 2025 Hong Kong IPO Brand Report, jointly presented by Phoenix TV and the international brand valuation consultancy Brand Finance PLC, was officially released on March 31 during the gala celebrating the 30th anniversary of Phoenix TV. The Chief Executive of the Hong Kong Special Administrative Region, Mr. John Lee Ka-chiu, attended the event to witness the launch alongside distinguished guests from various sectors.
In 2025, Hong Kong's capital market achieved a historic breakthrough. The number of new listings reached 119 for the year, with total IPO fundraising amounting to HK$286.9 billion, reclaiming the top spot globally after four years.
Since the inaugural Phoenix Star Best Listed Companies Awards in 2023, Phoenix TV has closely monitored the evolution of Hong Kong's capital market. This year, leveraging the milestone performance of the 2025 IPO market, Phoenix TV partnered with Brand Finance to launch the professional evaluation focused specifically on the Hong Kong IPO sector.
The evaluation utilizes objective, professional, and multi-dimensional data models to comprehensively analyze the three key participants in the IPO ecosystem: listed enterprises, investment banking institutions, and receiving banks. The resulting report features four major award categories, highlighting outstanding representatives across the Hong Kong IPO landscape.
Best Market Performance IPO Brand
This evaluation covers 115 IPOs (excluding listings by introduction) on the Hong Kong Stock Exchange in 2025. Scores were calculated based on core indicators, including fundraising scale and stock returns across two distinct time periods.
CATL (Contemporary Amperex Technology) secured the top spot with the highest score, followed by Zijin Gold International and Sany Heavy Industry.
Among the top ten companies, seven are A+H dual-listed entities (listed simultaneously on mainland China and Hong Kong exchanges). This reflects the trend of leading mainland enterprises utilizing the Hong Kong platform to accelerate international expansion and confirms Hong Kong’s status as the preferred gateway for Chinese firms going global. Notably, the list includes battery leader CATL, automakers Seres and Chery, and key component supplier Sanhua Intelligent Controls, demonstrating the strong appeal of the Hong Kong market for the New Energy Vehicle (NEV) supply chain.
IPO Sector Excellence Brand
The "IPO Sector Excellence Brand" award is dedicated to identifying leaders in specific market segments. The evaluation covers five major industries: Information Technology, Healthcare, Industrials, Consumer Discretionary, and Consumer Staples. These five sectors accounted for 97 IPOs, representing 84% of the total evaluated.
In the Information Technology sector, autonomous driving firms Pony.ai and Hesai Technology, both of which opted for dual primary listings in Hong Kong, ranked among the top three.
In the Healthcare sector, Jiangsu Hengrui Pharmaceuticals (an A+H listed firm) took the top spot. Genfleet Therapeutics, listed under Chapter 18A of the Listing Rules, also ranked in the top three, showcasing Hong Kong’s capacity as the world’s second-largest biotech direct financing hub for pharmaceutical companies at various stages of development.
Best IPO Investment Bank Brand
The "Best IPO Investment Bank Brand" award focuses on the number of projects and the total fundraising amount sponsored by the institutions. Among the top five brands, three are Chinese institutions and two are international institutions. This illustrates a "dual-track" landscape where Chinese and international firms each excel, highlighting the internationalism and inclusivity of Hong Kong as one of the world’s most open financial markets.
CICC (China International Capital Corporation Hong Kong Securities) secured the top position with the highest number of projects and total sponsorship value, reflecting the deep presence and resource integration capabilities of leading brokerages in the Hong Kong market.
Best IPO Receiving Bank Brand
In the "Best IPO Receiving Bank Brand" category, Bank of China (Hong Kong) ranked first for serving the highest number of IPO projects in 2025. The inclusion of CMB Wing Lung Bank reflects its unique advantages in cross-border finance and local expertise, giving it a competitive edge in serving New Economy and SME IPO projects.
Among the top five, Chinese-funded banks occupied four seats, reflecting their role as "bridgeheads" for mainland enterprises listing in Hong Kong. The presence of both Chinese and international receiving banks mirrors the "dual-track" investment banking landscape, collectively forming a diverse, professional, and efficient financial service matrix for the Hong Kong IPO ecosystem.
Moving forward, Phoenix TV will continue to focus on the Hong Kong IPO ecosystem, providing global investors and companies with authoritative insights through professional brand reports and diverse content products, actively supporting Hong Kong in consolidating its status as an international financial centre.
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