BLOG POST: Hong Kong’s IPO Renaissance – And How MUNG Is Already There

📈 A Market Reignited: Hong Kong Set to Dominate Global IPO Scene in 2025

With US$7.7 billion raised across 22 listings in the first half of 2025, Hong Kong is leading the world in IPO activity once again. This marks a major comeback for the city’s capital markets after years of regulatory and geopolitical uncertainty.

Driving this surge is a combination of:

• Regulatory reforms, including Chapter 18C, allowing earlier-stage specialist tech companies to go public

  
  

• Support from Chinese regulators, encouraging domestic companies to list closer to home

  
  

• Shift away from U.S. listings, as Chinese firms face mounting barriers abroad

  
  

• Strong investor appetite, especially for technology, green energy, and innovation-driven firms

  
  

Hong Kong is not just back — it’s back in a big way.

🏛️ Understanding the Types of IPOs in Hong Kong – And Why They Matter

Hong Kong offers a diverse and increasingly tailored IPO ecosystem. Beyond the traditional Main Board listings, the city has introduced targeted regimes such as the GEM Board (Growth Enterprise Market) for small-to-mid-cap firms, and more recently Chapter 18C, which facilitates listings for “specialist technology companies” that may not yet be profitable or revenue-generating. These categories encompass sectors such as artificial intelligence, robotics, biotech, digital infrastructure, Web3, and green technology — exactly where the global innovation frontier is headed.

Additionally, dual-primary and secondary listings have become more common for companies with existing listings in the U.S. or mainland China. This route allows established firms to tap into a different investor base while mitigating geopolitical risk.

MUNG has been playing an integral role in this evolving landscape. We have advised on both Main Board IPOs and GEM listings, particularly for cross-border entities with complex shareholding and VIE structures. Our experience extends to pre-IPO restructuring, advising founders and corporate groups on re-domiciling to suitable jurisdictions like the Cayman Islands, BVI, Japan, UK, and more setting up trust arrangements, and preparing full legal documentation to meet the stringent requirements of the HKEX and the SFC.

We are also well-versed in SPACs (Special Purpose Acquisition Companies), having worked with early investors and promoters to structure clean, regulatory-compliant vehicles for acquisitions of tech and fintech targets. Our firm is deeply engaged in advising early-stage tech companies, especially in Web3, who aim to list under Chapter 18C, helping them design governance, tokenomics, and compliance frameworks that are HKEX-ready.

From traditional industrial companies to next-gen AI firms, from founder-led family businesses to regional conglomerates with multiple offshore vehicles — MUNG is embedded across the IPO spectrum in Hong Kong.

⚖️ Where We Come In: MUNG’s Experience in the IPO and Trust Arena

MUNG is not new to this game.

We have advised and underwritten multiple IPOs across the world, particularly in Hong Kong, the United Kingdom and Cayman Islands. Our work includes:

• Acting as legal counsel on IPO underwritings, offering comprehensive support from prospectus review to regulatory compliance

  
  

• Establishing trusts and holding structures for pre-IPO planning, wealth protection, and post-listing governance

  
  

• Advising on cross-border shareholding, particularly for founders and early-stage investors in tech, Web3, and emerging sectors

  
  

• Coordinating with offshore jurisdictions, such as our partner firms in the Cayman Islands, to streamline trust, SPV, and listing structures

  
  

We don’t just follow developments in the IPO market — we help shape them.

🧭 Strategic Advisory with a Legal Backbone

As Hong Kong gears up to be the world’s IPO capital again, we are here to ensure our clients don’t just participate — they lead.

Whether you’re a founder looking to list, an investor navigating compliance, or a trust manager planning succession and governance post-IPO, MUNG brings deep legal knowledge and commercial insight to every stage of the capital markets journey.

💬 Final Thoughts

The window is open. Markets are hungry. Regulators are ready.

Hong Kong is back at the IPO frontier — and so are we.

MUNG: Legal Architects for IPOs, Trusts, and the New Economy.

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Interested in structuring your next IPO, or need legal guidance on public market entry? Reach out to our capital markets team today.