International Capital Markets Round Up 2025

We are very pleased to announce the publication of Bird & Bird's International Capital Market Deal Round-Up for 2025! This features some of the biggest deals we worked on over the past year, and acts as a great opportunity to reflect on what trends we saw. Click on the image to enlarge.

The equity capital markets have demonstrated notable resilience and activity throughout 2025, with Bird & Bird observing a general uptick in ECM transactions across all of our offices. This renewed momentum reflects growing investor confidence and an increasingly favourable regulatory environment, particularly within the UK and Hong Kong markets, which were our most active in 2025.

UK

One of the most striking sectoral trends has been the marked increase in mining fundraisings in the United Kingdom. This surge in activity can be attributed to several factors, including heightened investor interest in critical minerals and natural resources, alongside the global transition towards sustainable energy infrastructure. The rally in gold prices throughout 2025 has proved a particularly significant driver, reinvigorating investor appetite for precious metals exposure and enabling gold-focused mining companies to access capital markets on favourable terms. Mining companies have capitalised on this appetite for exposure to commodities, with several successful capital raises completing during the year across both the Main Market and AIM.

The UK listing landscape has been significantly reshaped by recent reforms to the listing rules, which have streamlined requirements and reduced barriers to entry for companies seeking a premium listing. These regulatory changes have catalysed a notable trend of AIM companies migrating to the Main Market, seeking access to deeper liquidity pools and enhanced institutional investor bases. A prime example of this movement is Gamma Communications plc's successful transition to the Main Market, which are team were proud to have acted on, demonstrating both the viability of such moves and the attractive proposition that the reformed Main Market now presents to ambitious growth companies. Beyond this migration trend, AIM itself has witnessed several compelling new listings, suggesting that the junior market continues to serve as an attractive venue for earlier-stage and growth companies seeking public market access. Our team were delighted to close two AIM listings in December – leading AI-enabled media company, Pathos Communications plc, and acting for Zeus Capital Limited on the dual listing of TSX-v listed Sintana Energy Inc.

The Autumn Budget's tax reforms have introduced further catalysts for IPO activity, most significantly, the abolition of stamp duty for Main Market companies post-flotation, making them more attractive to institutional investors and improving secondary market trading dynamics. This measure, combined with the listing rule reforms, positions the London Stock Exchange as an increasingly competitive venue for international companies weighing their public market options in 2026 and beyond.

Hong Kong

Following a prolonged period of subdued IPO activity in Hong Kong, the second half of 2025 saw a meaningful improvement in new listings, particularly in the technology, healthcare, and new economy sectors, with several high-profile transactions completing successfully and demonstrating renewed investor appetite. 

The recovery was underpinned by several positive developments. First, regulatory clarity improved significantly, with the Hong Kong Stock Exchange providing enhanced guidance on listing requirements and streamlining approval processes (including performance pledges), which helped to restore issuer and investor confidence. Second, the implementation of the HKEX's reforms aimed at attracting specialist technology companies began to bear fruit, with the framework for specialist technology companies gaining traction and several innovative businesses choosing Hong Kong as their listing venue. Third, valuation levels stabilised and in some cases improved, reflecting a more constructive market sentiment as geopolitical concerns moderated and economic data from mainland China showed signs of resilience.

Our team was pleased to play a significant role in this market recovery, having been mandated on several IPO transactions (both Main Board and GEM) during this period of renewed activity. We are happy to have acted for UBTech Robotics Corp Ltd (stock code: 9880) on several placings of new shares during 2025, as well as acting for MTT Group Holdings Limited (stock code: 2350) as the offeree in relation to its mandatory general offer by an offeror and acting for Westwell Holdings (Hong Kong) Limited as the offeror for its partial offer of XiangXing International Holding Limited (stock code: 1732), demonstrating our broad capabilities across different spectrums of Hong Kong capital markets transactions across a multitude of different sectors. Our success in winning these deals reflects both the improving market conditions and our strong client relationships in the Hong Kong capital markets.