Hong Kong’s equity capital markets have seen record growth in 2025, with this trend expected to continue through 2026, according to the Hong Kong Exchange.
In 2025, Hong Kong topped the global IPO fundraising, rising 231% year-on-year to US$37.4 billion ($52 billion), while the overall investor base coming out of the Special Administrative Region expanded as well, with global institutional investors gaining precedence across deals.
The largest IPOs in Hong Kong in 2025 were Contemporary Amperex Technology Co (CATL) (3750.HK) in May 2025 at US$5.2 billion, followed by Zijin Gold International (2259.HK) in September at US$3.69 billion.
2025 also saw Jiaxin International Resources (3858.HK), a tungsten company operating in Kazakhstan, complete a dual listing in August in Hong Kong and on the Astana International Exchange (AIX), raising US$153 million, and Chifeng Jilong Gold’s (6693.HK) A and H share listing, raising US$363 million.
Speaking on the Global Gold Rush panel at this week’s Resourcing Tomorrow, Rachel Xia, Partner at Zhong Lun Law Firm, said that she sees Hong Kong continuing to act as a major trading centre and centre for industry IPOs moving forward.
Following Zijin’s landmark listing in 2025, Xia noted that Shandong Gold Group’s subsidiary, Shanjin International, another leading Chinese state-owned gold producer, is also expected to list in Hong Kong later this year.
Shanjin owns six mining companies, five of which are gold mines alongside a lead-zinc-silver polymetallic mine and boasts resources of 280,935 tonnes of gold and 8,021,389 tonnes of silver and has 7.6 tonnes of gold and 164.1 tonnes of silver production.
Xia notes that Hong Kong is uniquely positioned as a trading hub for Chinese companies looking to IPO, especially as they globalise their operations and investor base.
She cites Hong Kong’s clear advantages, as a financial centre, but also as a gold trading hub and a region with deep liquidity, close access to China, and its trusted legal and financial systems, as key motivators for Chinese companies looking to list outside of China.
For international investors looking to gain access to these Chinese companies, using the Hong Kong exchange means that these companies are adopting global standards for reporting, ESG, and a host of other factors, with Xia noting that the HKEX imposes both discipline and quality for Chinese assets.
The global junior mining market has its eyes on Hong Kong this week with Resourcing Tomorrow running alongside Ignite Partners’ Hong Kong event, connecting junior miners with investors from across the region.
Hong Kong’s role as the world’s leading IPO hub is more than a headline, it’s a signal of where capital is flowing, especially within the resources sector.
With Chinese majors like Zijin and Shandong Gold listing in Hong Kong, global investors are gaining exposure to some of the biggest assets shaping the commodity markets.
For Australian juniors, this trend underscores the importance of Hong Kong as a source of liquidity and gateway to Asian institutional investors.
Write to Amy Rotman at Mining.com.au
Images: Unsplash
