Fidelity, BlackRock Return to Hong Kong IPOs After Four-Year Gap
Global institutional investors end four-year absence from Hong Kong IPOs as market rebounds to #1 global ranking. 119 listings raised $37.2B in 2025—what this means for Asia's capital markets.
Global institutional investors including Fidelity International, BlackRock, Temasek, and Qatar Investment Authority have returned as cornerstone backers in Hong Kong IPOs, ending a multi-year absence that coincided with subdued market conditions across the city's capital markets.
Institutional Investors Return After Four-Year Hiatus
Fidelity International's last major cornerstone commitments in Hong Kong dated to 2021, when it backed Kuaishou Technology's US$5.4 billion IPO and Medlive Technology's US$543.4 million listing. The asset manager then went quiet for four years before returning in late 2024 and into 2025.
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Its comeback included a cornerstone position in gold miner Zijin Gold International's US$3.2 billion listing in September 2025. It also backed crypto platform HashKey Group, alongside BlackRock and Temasek, making it a rare instance of three major global institutions simultaneously anchoring a single listing.
"We have seen a robust comeback of international long-only investors, especially European and Middle Eastern sovereign funds, in Hong Kong's IPO market, and we expect that momentum to carry into 2026," said John Lee, Vice-Chairman and Head of Greater China for Global Banking at UBS.
Hong Kong Reclaims Global Number One IPO Ranking
Hong Kong hosted 119 IPOs in 2025, raising HK$286.9 billion (~US$37.2 billion), a 220% increase from HK$87.5 billion (~US$11.3 billion) raised across just 70 listings in 2024. The result returned Hong Kong to the top global IPO venue ranking.
Eight mega-IPOs, each raising at least HK$10 billion (US$1.3 billion), contributed approximately 50% of total annual proceeds. Average daily trading turnover on HKEX rose 89.5% to 95% year-on-year, reaching HK$249.8 billion to HK$255.8 billion (US$32.4 billion to US$33.2 billion), providing the liquidity depth that institutional investors require before committing anchor capital.
New economy sectors including AI, biotech, and specialist technology comprised over two-thirds of IPO activity. Hong Kong biotech listings outperformed NASDAQ by approximately 70% during the year. The returning investor base spanned European long-only funds, Middle Eastern sovereign wealth funds, US institutions, and Singapore-based funds.
Pipeline and Early 2026 Momentum Signal Continued Growth
January 2026 fundraising reached US$4.2 billion from 12 listings, a 447% year-on-year increase. AI-sector listings led early activity, with Shanghai Biren Technology rising 68% post-listing and Minimax surging 259%.
HKEX ended 2025 with 345 active listing applications, the highest figure in eight quarters, with over 300 companies in the pipeline including AI firms and health technology companies. Hong Kong held a 32% share of Asia-Pacific IPO volumes in 2025, ahead of Japan, India, and South Korea.
Deloitte projects at least HK$300 billion (~US$38.9 billion) to be raised in 2026 across approximately 160 listings, sustained by continued A+H share activity from mainland Chinese enterprises and ongoing regulatory reforms including listing framework updates for pre-revenue biotech and specialist technology companies.
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