HONG KONG SAR, 6 October 2026 – Hong Kong’s IPO market is setting new fundraising records in 2026. With 116 listings raising more than HK$388.0 billion in the first three quarters, funds raised have more than doubled year-on-year and already surpassed every previous nine-month total in the market’s history. The surge has been powered by A+H listings and Specialist Technology Companies, which have emerged as the market’s primary growth engines. With more than 600 active IPO applicants in the pipeline, Hong Kong is well positioned to deliver its strongest annual fundraising performance on record, with proceeds potentially reaching HK$500 billion by the end of the year, according to KPMG China’s Chinese Mainland and Hong Kong IPO Markets 2026 Q3 Review.
Mega-IPOs reshape Global fundraising
Global IPO markets maintained strong momentum in the first three quarters of 2026, with 944 listings raising US$289.9 billion. While deal volume remained stable, funds raised surged by 160%, reflecting an IPO landscape increasingly shaped by large transactions. The two largest IPOs to date, SpaceX and SK Hynix, were both listed on Nasdaq, raising a combined US$112.8 billion which accounted for nearly 40% of total global IPO proceeds. As a result, Nasdaq ranked first globally by funds raised, followed by the stock exchanges in Hong Kong, Shanghai, New York and Shenzhen.
Mega-IPOs are becoming an increasingly powerful force in global capital markets, accounting for a growing share of overall fundraising activity. We expect artificial intelligence companies to feature prominently in the next wave of large-scale offerings, with the anticipated listing of Anthropic potentially becoming the largest IPO in history, marking another milestone in the evolution of global capital markets.
A-share fundraising doubles amid technology-driven growth
The A-share market gained significant momentum in the first three quarters of 2026, with 134 listings raising RMB254.4 billion. This represented year-on-year increases of 41% in deal volume and 125% in funds raised. The acceleration was led by the Shanghai STAR Market, which raised RMB105.5 billion, more than 13 times the amount recorded a year earlier. Much of this growth was attributable to CXMT Corp., Chinese Mainland’s leading DRAM manufacturer, whose RMB66.6 billion IPO contributed over 60% of the STAR Market’s total funds raised.
The Beijing Stock Exchange also delivered strong growth, completing 62 listings and raising RMB21.1 billion. Deal volume and funds raised increased by 313% and 314% year-on-year, respectively, with the exchange recording the highest number of IPOs among the A-share exchanges during the period.
Ongoing regulatory initiatives continue to support innovation and high-quality economic growth. The China Securities Regulatory Commission (CSRC) has reiterated its support for eligible Hong Kong-listed companies seeking A-share listings, while the 15th Five-Year Plan promotes a more inclusive listing framework for strategic emerging industries.
The strong growth in A-share fundraising reflects continued investor confidence in innovation-driven sectors and the market’s increasing capacity to support large-scale technology offerings. Ongoing regulatory initiatives and a healthy pipeline of listing applicants are creating favourable conditions for sustained listing activities. These developments are also strengthening the appeal of the A-share market for eligible Hong Kong-listed companies seeking to broaden their investor base and access additional sources of capital.
A+H and Specialist Technology Companies drive Hong Kong’s record IPO momentum
Hong Kong’s IPO market delivered its strongest nine-month fundraising performance on record, with 116 listings raising more than HK$388.0 billion in the first three quarters of 2026. With momentum remaining strong, the city is on course to surpass the previous annual fundraising record of HK$449.5 billion set in 2010.
A+H listings remained the primary growth engine, with deal volume more than tripling and funds raised increasing by more than 180% year-on-year. The 38 A+H listings completed during the period contributed nearly 70% of Hong Kong’s total IPO proceeds, highlighting the city’s importance as an offshore fundraising platform for Chinese Mainland enterprises seeking access to international capital.
Technology and innovation remained at the centre of Hong Kong’s IPO market in 2026, with more than half of total IPO proceeds raised by companies operating in high-tech sectors such as artificial intelligence, semiconductors and robotics. Specialist Technology Companies listed under Chapter 18C raised HK$36.2 billion across 19 listings, compared with just eight such listings completed over the previous three years combined. The continued rise of technology-related issuers highlights both strong investor demand for innovation-led businesses and the growing maturity of Hong Kong’s technology fundraising ecosystem.
A+H applicants, technology companies and other new economy issuers continue to represent a significant proportion of prospective listings, positioning these segments to remain important drivers of the market through the fourth quarter and into 2027.
Hong Kong’s IPO momentum is being underpinned by a broader and more diverse pipeline, particularly A+H listings and specialist technology companies, alongside sustained international demand for high-quality issuers. The depth of the active pipeline and continued enhancements to the listing framework should support activity into the fourth quarter and beyond. If market conditions remain supportive and the current pipeline converts as expected, Hong Kong could deliver a record year, with full-year IPO proceeds potentially approaching HK$500 billion.
Hong Kong continues to enhance its listing framework to support long-term market competitiveness and attract a broader range of issuers. On 21 September 2026, HKEX published a consultation paper on the second phase of its listing framework competitiveness review, focusing on post-listing requirements relating to notifiable transactions, connected transactions and spin-off transactions. The 2026 Policy Address also outlined upcoming proposals to promote the listing of overseas enterprises in Hong Kong, further strengthening the city’s role as an international financial centre. Together, these initiatives demonstrate Hong Kong’s commitment to promoting an internationally competitive listing platform while upholding high standards of market quality and investor protection.
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