The Zhitong Finance App learned that KPMG released the “Review of the Mainland China and Hong Kong IPO Markets for the Third Quarter of 2026”. Currently, there are more than 600 active listing applications. Hong Kong is expected to record the strongest annual fund-raising performance in history, with an opportunity to raise HK$500 billion throughout the year. The Hong Kong initial public offering (IPO) market continued to set new capital raising records in 2026. A total of 116 IPOs were listed in the first three quarters, and the total amount raised exceeded HK$388 billion, more than double the same period last year, and set the record for the highest capital raised in the first nine months. A+H listings and specialty technology companies continue to be the main drivers of market growth.
According to reports, in the first three quarters of 2026, the Hong Kong IPO market hit a record high of capital raised in the first nine months. A total of 116 listings were recorded, raising more than HK$388 billion. As market momentum continues to be strong, Hong Kong is expected to break the annual fund-raising record of HK$427 billion set in 2010, the highest annual capital raised in history. The A+H listing continues to be the main growth engine for the Hong Kong IPO market. There were 37 A+H listings during the period, more than three times that of the same period last year. The amount raised also increased by more than 180%, accounting for nearly 70% of the total amount of IPOs raised in Hong Kong. The increase in A+H listings further highlights Hong Kong's position as an important offshore financing platform for mainland Chinese companies to connect to international capital.
Technology and innovation companies continue to be an important growth engine for the Hong Kong IPO market. High-tech companies such as artificial intelligence (AI), semiconductors and robotics together account for more than half of the total capital raised in Hong Kong's IPOs, reflecting that innovative industries have become an important source of market growth. A total of 19 specialty technology companies were listed under Chapter 18C of the “Listing Rules” during the period, raising capital of HK$36.2 billion; in comparison, there were only 8 similar IPOs in the past three years. The listing activity of specialty technology companies continues to heat up, reflecting investors' continued interest in innovation-driven enterprises. It also shows that Hong Kong's technology finance ecosystem is becoming more mature.
A+H listed companies, technology companies and other new economy companies still account for a significant share of applications. It is expected that the relevant sector will continue to be an important growth engine for the Hong Kong IPO market from the fourth quarter of 2026 to 2027.
Liu Dachang, managing partner of KPMG's Hong Kong Capital Markets Group, said, “The strong performance of the Hong Kong IPO market is based on a wider and more diverse range of listing applications. Among them, A+H listings and specialty technology companies are important drivers of the market, and international investors' demand for high-quality issuers continues unabated. Adequate reserves for listing applications, combined with continuous optimization of the market system, will help support the momentum of the IPO market until the fourth quarter and beyond. If the market environment remains stable and the current application projects proceed as expected, Hong Kong's annual IPO capital raising is expected to reach a record high, and there is an opportunity to approach HK$500 billion.”