In 2026, the Hong Kong stock refinancing market will see significant expansion. According to Wind data, as of September 18, listed Hong Kong stock companies achieved a total refinancing scale of over HK$320 billion during the year through placement, price issuance, and share supply, an increase of more than 40% over the same period last year. Among them, the placement model absolutely dominates, with fund-raising accounting for over 90%. Judging from the types of financing entities, a number of technology companies such as Alibaba, Smart Spectrum, MiniMax, and BiZao Technology are among the top in terms of fund-raising scale. The Hong Kong stock refinancing market is leaving the old pattern dominated by the consumer industry. Technology and advanced manufacturing have become the new engines driving the development of the market. A number of market participants interviewed said that the popularity of refinancing by technology companies is high, which not only reflects that new productivity such as artificial intelligence and semiconductors has become the direction of domestic economic transformation, but also shows that global capital fully recognizes the long-term development value of China's hard technology.

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