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      9 April 2026, Hong Kong (SAR), China ("Hong Kong") – The Hong Kong IPO market leaped out of the gates in 2026, raising HK$109.9 billion in the first quarter across 40 new listings - nearly six times the amount raised and three times the number of new listings in the same period last year, according to KPMG’s latest Chinese Mainland and Hong Kong IPO Markets 2026 Q1 Review. Nearly 80% of funds raised came from A+H and specialist technology listings; both segments are expected to continue supporting strong IPO performance this year. 

      Globally, IPO markets raised USD42.6 billion across 251 deals in 2026 Q1, marking a 45% increase in funds raised year-on-year despite a 15% decline in deal volume. Hong Kong once again topped the global rankings in terms of IPO proceeds. US stock exchanges came in second and third, with their combined fundraising increasing by 21% year-on-year. Euronext Amsterdam and National of India Exchange ranked fourth and fifth respectively.                     

      Paul Lau Paul Lau, Partner, Head of Capital Markets and Professional Practice, KPMG China, says,
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      Global IPO markets entered the year with strong momentum, building on the gradual rebound seen in 2025. AI and space-tech are expected to be the key themes in 2026, while a wave of mega US listings could draw substantial capital and accelerate IPO activities worldwide.

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      The A-share market remained stable in Q1, raising RMB27.4 billion across 31 deals, representing an 8% increase in funds raised while a slight drop of 6% in deal volume year-on-year. The Beijing Stock Exchange saw a significant uptick in IPO activity, completing 16 listings and raising RMB4.9 billion—five times the number of deals and double the funds raised compared to the same period last year.

      Industrial markets and TMT sectors continued to be the largest sectors in terms of both funds raised and number of listings, reflecting the ongoing support from regulators and interest from investors in emerging technologies and advanced manufacturing.

      Looking ahead, expected reforms to Shenzhen Stock Exchange’s ChiNext Board include more precise and inclusive listing standards, the establishment of a pre-review IPO mechanism, and new provisions allowing companies under IPO review to raise capital from existing shareholders.

      Gabriel Ho Irene Chu, Partner, Head of New Economy and Life Sciences, Hong Kong SAR, KPMG China, says:
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      A-share IPO activities remain stable, with a continued focus on companies engaged in high-tech, innovation and biotech industries. The upcoming A-share market refinements will better support fundraising for companies with high quality and facilitate technological advancement, further strengthening the high-quality development of China’s real economy.

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      Hong Kong’s IPO market delivered a standout performance in 2026 Q1, raising HK$109.9 billion across 40 listings—representing a staggering increase of 489% in funds raised and 167% in deal volume compared to 2025 Q1. This marks the strongest first quarter performance in the past five years for both capital raised and number of deals.

      The surge was primarily driven by 15 completed A+H listings, which accounted for 60% of total IPO funds raised, compared to just one in 2025 Q1. Specialist technology companies listing under Chapter 18C also saw a significant uptick during the quarter, raising HKD19.5 billion across 6 IPOs, representing 18% of total proceeds.

      Hong Kong’s IPO pipeline is at a multi-year high with A+H listing applications reaching record levels.  This depth of demand should sustain momentum in A+H listings through the rest of the year.

      However, the influx of listing applicants has sparked concerns among regulators regarding the strain on professional resources and a decline in quality of listing documents. 

      Louis Lau Louis Lau, Partner, Head of Hong Kong Capital Markets Group, KPMG China, says:
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      Amidst this surge in listing applications, Hong Kong regulators have moved to address pressure on professional resources and concerns over document quality. These measures are expected to reinforce market standards and investor protection while supporting orderly, sustainable market development.

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      Despite heightened regulatory measures, they are not expected to significantly impact the performance of the IPO market. The Hong Kong IPO market is on track to meet our earlier forecast of raising HK$350 billion in 2026.

      In March 2026, HKEx published a consultation paper outlining measures to enhance listing competitiveness. Key proposals include refining listing requirements for companies with weighted voting rights (WVR) structures and streamlining the process for overseas-listed issuers seeking a secondary listing in Hong Kong. These proposals aim to help HKEx maintain a robust and competitive listing framework, further cementing Hong Kong’s position as a leading international financial centre.

      -Ends-

      Chinese Mainland and Hong Kong IPO Markets 2026 Q1 Review
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