Hong Kong reclaimed its position as the world's top IPO market in 2025, according to a white paper released last week. Large-scale listings led the way, highlighted by Chinese battery giant CATL and mining group Zijin. Nearly half of all funds raised came from A-plus-H listings, in which companies are dually listed on the Chinese mainland and Hong Kong. Xiao Geng, Associate Dean at the School of Public Policy, Chinese University of Hong Kong, Shenzhen, attributed the surge to Chinese firms shifting toward high-tech growth, adding that Hong Kong's market appeal has broadened globally amid a wider reassessment of Chinese assets.