Hong Kong Exchanges and Clearing has delivered a record annual performance, as a surge in initial public offerings and heightened trading activity propelled the city back to the top of global equity fundraising rankings.

The exchange operator reported its strongest results to date, driven by a sharp rebound in new listings and robust turnover across equities and derivatives markets.

The resurgence in IPO activity marks a notable turnaround after a prolonged slowdown, underscoring renewed investor confidence and improved capital market conditions.

Large-scale offerings from mainland Chinese enterprises and international companies seeking access to Asian capital were central to the rebound.

Market participants said a combination of stabilising macroeconomic conditions, supportive policy signals and improved liquidity contributed to a more favourable fundraising environment.

Daily average turnover on the stock exchange rose significantly over the year, boosting trading and clearing revenues.

The derivatives market also recorded solid growth, reflecting increased hedging demand and participation from institutional investors.

Executives at HKEX attributed the performance to structural enhancements in market infrastructure and continued expansion of cross-border connectivity schemes linking Hong Kong with mainland financial markets.

These channels have broadened the investor base and deepened liquidity, reinforcing the city’s role as a bridge between China and global capital.

The exchange’s leadership said continued innovation in product offerings, including exchange-traded funds and renminbi-denominated instruments, would be central to sustaining momentum.

Analysts noted that while global market volatility remains a factor, Hong Kong’s ability to attract major listings highlights its enduring appeal as an international fundraising venue.

The record-breaking year positions HKEX at the forefront of global IPO markets, signalling a restoration of Hong Kong’s prominence in equity capital formation.