Hong Kong will likely fortify its position as one of the world's top destinations for equity fundraising, driven by secondary listings by companies based in mainland China. The amount raised on the main stock exchange jumped more than eightfold to $49.2 billion in the first half of 2025, driven mainly by follow-on offers from companies already listed on other exchanges, according to S&P Global Market Intelligence data. The combined IPOs and follow-ons on the Shanghai Stock Exchange raised $10.63 billion in the first six months of 2025, a year-over-year increase of 51.4%.