Chinese companies are increasingly opting for Hong Kong over U.S. markets for their initial public offerings (IPOs) in 2025, driven by regulatory and geopolitical tensions. According to data from Dealogic and PwC, Hong Kong IPOs surged 164% year-on-year, reaching 56 deals and raising $18.4 billion. In contrast, U.S. listings for Chinese firms plummeted to $875.7 million from 23 deals. The shift is attributed to Hong Kong's policy reforms and the introduction of targeted channels for technology and biotech sectors, making it a more attractive destination for Chinese companies seeking to go public. This trend highlights the growing preference for Hong Kong as a financial hub amid ongoing global market uncertainties.