Hong Kong’s initial public offering (IPO) market recorded a significant surge in the first nine months of 2026, with funds raised doubling compared to the same period last year and reaching the highest level since records began in 1980. According to data released by LSEG Data & Analytics, 112 companies raised a total of US$48.4 billion on the main board, alongside two listings on the city’s Growth Enterprise Market (GEM) board. The total of 114 new listings across both boards marked a 72 percent increase in deal count year-on-year and the busiest nine-month stretch since 2018.
Despite this strong performance, Hong Kong remains behind the Nasdaq exchange, where companies raised US$144 billion during the same period. Nasdaq’s lead was further extended by the historic US$86.2 billion listing of Elon Musk’s SpaceX in June, the largest public offering to date. Hong Kong, however, maintained a considerable gap ahead of the New York Stock Exchange, which raised US$17.8 billion, and the Chinese exchanges, with the Shanghai Stock Exchange’s Star Market and the Shenzhen exchange raising US$12.2 billion and US$5 billion, respectively.
The market outlook for the remaining months of 2026 remains robust, with over 500 companies currently in the Hong Kong listing pipeline and estimates suggesting this figure could exceed 600 when confidential applications are factored in. Deloitte projects that three to four companies may each raise more than HK$10 billion (approximately US$1.3 billion) in the fourth quarter. Industry experts highlight sustained investor interest particularly in sectors such as artificial intelligence, technology, metals and mining, and healthcare.
Technology sector offerings dominated the Hong Kong IPO landscape, accounting for 46.9 percent of total proceeds—US$22.7 billion—a more than tenfold increase over the first nine months of 2025. Key contributors included firms in semiconductors, telecommunications equipment, and electronics. In response to emerging industry trends, the Hong Kong Exchanges and Clearing (HKEX) operator plans to consult on revised listing rules in the first half of 2027 aimed at encouraging space-related businesses to list, capitalizing on the growing aerospace sector.
While Hong Kong held the global IPO fundraising crown last year and during the early months of 2026, market watchers anticipate Nasdaq could reclaim the top spot later this year, helped by the anticipated November listing of Anthropic, which may raise up to US$100 billion. UBS projects Hong Kong's full-year IPO fundraising to fall between HK$400 billion and HK$450 billion, potentially setting a new record if the upper estimate is realized.
Among the largest deals in the city this year, nine megalistings have each raised more than US$1 billion, with three major secondary offerings from mainland Chinese companies—Zhongji InnoLight, Apple supplier Luxshare Precision Industry, and printed circuit board manufacturer Victory Giant Technology—leading the pack. Zhongji InnoLight raised US$7.8 billion in July, making it the largest offering of the year.
Haitong International’s co-head of equity capital markets, Kenneth Ho Shiu-pong, expects deal activity to remain strong in the fourth quarter, especially in the next two months as issuers seek to capitalize on market conditions. He noted that Hong Kong’s unique position allows it to attract primary Chinese issuances while maintaining appeal for top-tier global institutional investors.
In efforts to enhance market efficiency and competitiveness, HKEX launched the second phase of its listing framework review in September. The proposals include reducing the mandatory waiting period for spin-offs from three years to one year and lowering the threshold for transactions requiring shareholder approval, measures intended to streamline regulatory processes and boost Hong Kong’s attractiveness as a listing venue.