HONG KONG SAR, 30 June 2026 – The first half of 2026 marked another strong performance for Hong Kong’s IPO market, with HK$209.9 billion raised across 85 new listings – the strongest first-half result in five years, according to KPMG’s Chinese Mainland and Hong Kong IPO Markets 2026 Mid-Year Review. The city recorded 24 A+H listings and 13 specialist technology IPOs during the period, both of which already surpassed their full-year totals from 2025, and together accounted for more than 70% of total funds raised in the first half. These listings are expected to continue driving the city’s IPO momentum for the remainder of 2026.
Global IPO Markets: Completion of a historic mega-deal
Global IPO markets saw 530 deals in the first half of 2026, raising a total of US$190.9 billion – which has already exceeded the full-year total global proceeds in 2025. This also represents a significant 209% increase in funds raised compared to the same period in 2025, despite a slight 5% decrease in deal volume. The strong performance was largely driven by the landmark IPO of SpaceX, which became the largest IPO in history by raising USD86.3 billion, accounting for 45% of the total global proceeds in the first half of 2026. This historic listing propelled NASDAQ to the top global exchange, a position it is expected to maintain for the rest of the year. The Hong Kong and New York Stock Exchange rounded out the top three global destinations at second and third place respectively, followed by the Shanghai Stock Exchange and Euronext Amsterdam.
Mega-IPOs often serve as a strong anchor for international capital, driving robust market volume and fostering a vibrant trading environment. Looking ahead, we anticipate more large-scale IPOs, particularly from tech giants specialising in artificial intelligence (AI), as they actively gear up for major market launches.
A-Share Market: Positive growth alongside continued enhancements
The A-share market demonstrated robust growth in the first half of 2026, raising RMB100.5 billion through 79 deals, representing an 87% increase in funds raised and 30% rise in deal volume compared to the same period in 2025. The Beijing Stock Exchange stood out, recording RMB11.4 billion funds raised across 36 new listings – five times the funds raised and number of listings recorded in 1H2025.
The introduction of ChiNext’s fourth listing standard marked a significant milestone, allowing pre-profit, high-quality technology companies to list on ChiNext. This reinforces ChiNext's role as a dedicated platform for growth-oriented innovative firms. Furthermore, the China Securities Regulatory Commission (CSRC) has announced plans to reform the STAR market, including the expansion of the fifth listing criterion to encompass the AI sector. These changes aim to support developers of AI and other advanced technologies, aligning with the global AI boom and opening new avenues for high-tech capital raising.
The A-share market is gaining momentum, driven by an accelerated vetting process that is supporting its positive and sustainable growth trajectory. The CSRC has recently expressed support for eligible Hong Kong-listed Chinese Mainland companies to pursue dual listings on the A-share market (H+A listings). Some Hong Kong-listed companies have submitted their A-share IPO applications or initiated pre-IPO counselling, which is expected to lead to a rise in H+A listings in the future.
Hong Kong: Significant momentum amidst market breakthroughs
Hong Kong’s IPO activity remained remarkably strong in the first half of 2026, raising HK$209.9 billion across 85 IPOs. This marks a 92% increase in funds raised and a 102% increase in the number of IPOs compared to the same period in 2025, representing the strongest first-half performance in five years in terms of both deal volume and fundraising totals.
This exceptional performance was largely driven by the completion of 24 A+H listings, which already surpasses the 19 A+H listings recorded across the entire 2025 calendar year. Additionally, the listing of 13 Specialist Technology Companies (Chapter 18C) was another major bright spot, standing in stark contrast to the mere 8 Chapter 18C listings seen over the previous three years combined. These segments accounted for 58% and 14% of total funds raised, respectively, and are expected to make up the majority of funds raised for the rest of 2026.
Looking ahead, the market boasts a record-breaking pipeline of over 500 active IPO applicants (including confidential filings). Of these, 443 applications were publicly filed as of 26 June 2026, representing a 52% increase from the start of the year. Among these, 116 are A+H applications and 145 are technology companies, both of which continue to be the primary growth engines of Hong Kong's IPO market.
We are optimistic about the outlook for the Hong Kong IPO market, driven by the thriving IPO activities and a robust pipeline. The notable surge in Chapter 18C listings is particularly encouraging, as these listings play a crucial role in fostering a high-tech ecosystem in Hong Kong. Additionally, the successful listings of multiple AI-related companies have strengthened Hong Kong’s position as one of the top global capital-raising hubs for AI companies.
The consultation period for the initial phase of HKEX’s listing framework competitiveness review concluded in May, and the final conclusions are expected to be published soon. The next phase of the review is anticipated to arrive in the second half of 2026, with a focus on reducing administrative burden for listed issuers while emphasising strong corporate governance and investor protection, further enhancing Hong Kong’s appeal as a listing destination.
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KPMG in China has offices located in 31 cities with over 14, 000 partners and staff, in Beijing, Changchun, Changsha, Chengdu, Chongqing, Dalian, Dongguan, Foshan, Fuzhou, Guangzhou, Haikou, Hangzhou, Hefei, Jinan, Nanjing, Nantong, Ningbo, Qingdao, Shanghai, Shenyang, Shenzhen, Suzhou, Taiyuan, Tianjin, Wuhan, Wuxi, Xiamen, Xi'an, Zhengzhou, Hong Kong SAR and Macau SAR. It started operations in Hong Kong in 1945. In 1992, KPMG became the first international accounting network to be granted a joint venture licence in the Chinese Mainland. In 2012, KPMG became the first among the “Big Four” in the Chinese Mainland to convert from a joint venture to a special general partnership.
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