The Zhitong Finance App learned that during the 9th China International Import Expo, PricewaterhouseCoopers Capital Market Service Managing Partner Gold Qian said that the popularity of the Hong Kong cross-border IPO market since 2026 was not driven by a single sentiment, but was the result of a combination of three factors: the industrial cycle, optimization of the Hong Kong listing system, and global capital allocation. The positive trend is expected to continue in 2027. Meanwhile, Rao Shenghua, the managing partner of PricewaterhouseCoopers's Zhongtian Central Audit Market, said, “The capital market no longer only pays for 'parameters'; it is paying for 'implementation'”, which confirms this judgment from the two levels of market data and valuation logic.
Gold money first attributed this boom to a shift in the industrial cycle. He pointed out that AI infrastructure, semiconductor, high-end manufacturing and robotics companies are moving from R&D investment to capacity expansion and commercialization. The scale of financing is larger, and more Chinese and international investors are also required to participate.
This trend is directly reflected in the data. According to Rao Shenghua, the amount of Hong Kong stock IPOs raised in the first half of 2026 exceeded HK$210 billion, an increase of 92% over the previous year, ranking second in the world. By the end of October, the Hong Kong Stock Exchange had processed about 600 listing applications, with hard technology such as AI and semiconductors being particularly prominent. In other words, the main force of listing is shifting from traditional industries to hard technology and a new economy, which echoes the industrial cycle described by Gold Money.
At the international capital level, gold money emphasizes that investors do not simply pursue technological concepts, but rather pay more attention to technology implementation and commercialization capabilities, on-hand orders, gross profit margin, cash flow, and whether they have global customers and supply chain capabilities. He believes that China's advantages in AI infrastructure, digital economy databases, and hardware supply chains are uniquely appealing to international capital.
Rao Shenghua's observation is highly consistent with this, and further explained in terms of valuation logic: “The capital market no longer only pays for 'parameters'; it is paying for 'landing.'” In her opinion, the market should answer who is paying, how much, and whether it can continue to pay; the technical narrative must switch to a payment model, gross margin, and repurchase rate. Companies that have completed this transition will have a more solid valuation base.
At the institutional level, Gold Money mentioned that Hong Kong's listing system is continuously being optimized. Hong Kong launched an 18C section in 2023 to cover specialty technology companies. In 2025, a dedicated line for science and technology enterprises was set up to improve reporting efficiency. The A+H path enabled mainland technology leaders to obtain international capital through Hong Kong.
In response, Rao Shenghua said that institutional dividends are being implemented. Currently, the Hong Kong Stock Exchange review environment is positive, and the secondary market is paying attention to hard technology in valuation, forming a certain positive cycle. Corresponding to this, PricewaterhouseCoopers is moving from a “gatekeeper” to a “peer” for science and innovation companies to help match the financial structure and compliance framework in the early stages of the enterprise, rather than waiting for a “temporary remedial course” during the filing phase.