2025年第二季度香港市场概况

Contents PitchBook Data, Inc. MMarket overview Nizar TarhuniExecutive Vice President of Research andMarket Intelligence CCommentary Paul CondraGlobal Head of Private Markets ResearchKyle StanfordDirector of Research, US Venture HVC deal activity6 MVC exit activity Institutional Research Group EVC fundraising activity9 Analysis Melanie TngAnalyst, APAC Private Capitalmelanie.tng@pitchbook.com VPE fundraising activity12 Data Charlie FarberManager, Data Analysis Oscar AllawayData Analyst pbinstitutionalresearch@pitchbook.com Published on September 15, 2025 Additional country snapshots will be released throughoutthe year. View the latest snapshots below: Q1 2025 South Korea Market SnapshotQ2 2025 Singapore Market Snapshot Market overview Commentary With this edition, we launch our coverage of Hong Kong. Our Country Snapshot series provides an overview of both macroeconomic and microeconomic trendsin the region, covering various countries across Europe and Asia. We look at how both public and private data points trended in Q2 2025. Market backdropSince 2024, Hong Kong’s equity market has seen a recovery after a Looking ahead, government support could help reinvigorate early-stageformation and broaden sectoral diversity. One major initiative is the HKD10 billion Research, Academic and Industry Sectors One-plus (RAISe+)scheme, which channels funding into eight University Grants Committee– prolonged period of headwinds, including COVID-19 lockdowns andmainland China’s property market downturn, among others. Over the The recent surge has been underpinned by several factors.Breakthroughs such as DeepSeek’s AI success in early 2025encouraged mainland retail investors to channel capital intoHong Kongthrough the Stock Connect trading link, reinforcing Private equityHong Kong’s PE market is small in scale, averaging just five deals per quarter since 2020. Activity spiked briefly in Q1 2022 on the back of a fewoutsized transactions, but this proved to be an anomaly. Deal count andvalue have since reverted to modest, steady levels, punctuated only by As a result of the healthier equity backdrop, IPO activity hasaccelerated. Hong Kong has seen a surge in listings since 2022,and roughly 240 companies are currently in the queue to debuton the main board.1This rebound in public market liquidity also Most of these deals are nondomestic-led, reflecting both the city’s appealas a listing venue for undervalued consumer and retail assets and itsstructural reliance on international capital. Domestic institutional investorsremain underrepresented in the PE space, as Hong Kong lacks the deep Nevertheless, this dynamic could begin to shift. Hong Kong’s MandatoryProvident Fund is considering allowing investments into listed PE fundsfollowing new guidance from the Securities and Futures Commission. If However, weak macroeconomic data from China continues tocast uncertainty over earnings growth and investor sentiment,highlighting Hong Kong’s dependence on broader regional Venture capitalHong Kong’s VC market is small by regional standards, averaging just 41 deals per quarter since 2020. For comparison, Japan and SouthKorea averaged 331 and 440 deals per quarter, respectively, over thesame period. Activity has also trended downward: From a peak of 237 1: “About 250 Firms in Line for Hong Kong IPOs,” China Daily, Wu Menglei, September3, 2025. The weakness reflects both structural and cyclical factors.Structurally, Hong Kong’s startup ecosystem is narrow, with relativelyfew venture-backed companies compared to larger Asian markets.The city’s role has historically been stronger in capital intermediation,such as hosting funds, facilitating cross-border listings, and serving as The fundraising environment has also been weak. The number of newVC funds launched fell from 45 in 2021 to just eight in 2024, with onlytwo funds raised so far in 2025. The result has been a concentration Private markets Private markets VC deal activity VC deal activity VC exit activity VC fundraising activity PE deal activity PE deal activity PE fundraising activity Corporate acquisition activity Equity markets Hong Kong HSI Additional research Q3 2025 PitchBook AnalystNote: Southeast Asia’s Early- Q2 2025 SingaporeMarket SnapshotDownload the reporthere Download the reporthere 2025 APAC Private CapitalOutlook: Midyear Update Q2 2025 PitchBook AnalystNote: Opportunities in APAC Download the reporthere Download the reporthere Q1 2025 JapanMarket SnapshotDownload the reporthere Q1 2025 South KoreaMarket SnapshotDownload the reporthere