Hong Kong's IPO market saw a significant boost in 2025, raising $75 billion, largely driven by six Chinese tech companies that debuted with notable gains. Five of these firms opened above their initial public offering prices, collectively raising HK$6.99 billion ($900 million). The surge was supported by improved macroeconomic conditions and a positive shift in investor sentiment, as indicated by a rising fear and greed index. The tech and AI sectors were at the forefront of this growth, benefiting from increased regulatory clarity. Looking ahead, Zhipu AI is poised to enter the market in early 2026, aiming to raise over HK$9 billion, further underscoring the robust interest in tech IPOs.