An IMGW News Report
When Britain handed Hong Kong back to China in July 1997, Western media predicted the collapse of the territory’s political and commercial standing. Nearly three decades on, it has emerged not merely unscathed but as a thriving financial centre – its inhabitants now, by some measures, wealthier than many in the West. A far cry from the expected bust.
In the first half of 2025, 208 companies lodged applications for primary or secondary listings on the Hong Kong Stock Exchange (HKEX), eclipsing the previous record of 189 in 2021. June alone saw 75 filings – the most in any month. Funds raised via IPOs and secondary listings reached US$13.9bn, topping the Nasdaq’s US$9.2bn and New York Stock Exchange’s US$7.8bn. By contrast, London managed a mere £160mn – its weakest opening half since 1995.
“Hong Kong’s economic clout extends well beyond the bourses. In 2024, its GDP per capita stood at approximately US$66,200 (PPP), a figure that surpasses the EU average and approaches US levels”
Much of the listings surge stems from Chinese firms eager to issue in US‑dollar‑pegged equity beyond the ambit of Beijing’s capital restrictions. The so‑called A‑to‑H issuers – firms already listed on Shanghai or Shenzhen seeking a Hong Kong listing – have flourished. Among the headline acts was CATL’s US$5.3bn raise in May. Other participants include Jiangsu Hengrui, Midea, and even globally focused firms such as Thailand’s IFBH. Amid cross‑Strait tensions and mainland lethargy, Hong Kong has become the offshore listing ground of choice .
“… its citizens enjoy standards comparable with those of the US and comfortably ahead of the EU”
Stating the obvious: forecasts of a post‑1997 economic collapse have been spectacularly wide of the mark.
GDP per capita: no mean feat
Turning to living standards, Hong Kong’s economic clout extends well beyond the bourses. In 2024, its GDP per capita stood at approximately US$66,200 (PPP), a figure that surpasses the EU average and approaches US levels. By comparison, the United States registered roughly US$75,500 (PPP), while the EU averaged about US$62,600. In nominal terms, Hong Kong’s GDP per head reaches around US$44,700, respectable against many advanced economies.
These numbers underline that Hong Kong’s prosperity – across both market dynamism and per capita income – rivals that of its Western counterparts. When adjusted for cost of living, its citizens enjoy standards comparable with those of the US and comfortably ahead of the EU. Thus, in both business and broader economic terms, the territory today stands in marked contrast to the pessimistic forecasts of old.
