Hong Kong saw sharp growth in initial public offerings (IPOs) on its public bourse in the first half of 2025, propelling it to take back the crown of ranking first globally in the amount of funds raised through IPOs. It is expected that the IPO trend in Hong Kong will continue into 2026 and is likely to lead to higher demand for D&O policies to cover directors and officers against personal financial losses arising from allegations or findings of wrongful acts committed in their managerial capacity. Given the level of scrutiny and public interest in the business operations of listed companies in Hong Kong, it is essential for private companies in the process of listing to evaluate their directors' and officers' potential exposure and ensure sufficient and appropriate insurance is in place to afford comfort to management.