Hong Kong IPO fundraising to top HK$300 bln in 2026, Deloitte says

Hong Kong could see about 160 initial public offerings in 2026, raising at least HK$300 billion, including seven mega-deals of more than HK$10 billion each, Deloitte said.

The city’s fundraising ranking is likely to remain among the world’s top three next year, supported by expectations that large Chinese mainland companies will continue to tap the Hong Kong market, said Deloitte China Southern region managing partner Edward Au Chun-hing.

Au noted that about 14 mainland listed firms, each with a market capitalisation above 300 billion yuan (HK$331 billion), have yet to list in Hong Kong, and are potential candidates to underpin future IPO activity.

He added that while some overseas listings, including a US aviation technology firm and a US government-backed real estate investment trust, could raise more than HK$100 billion each if they proceed in the United States, Hong Kong currently has no comparable mega-scale listing applications in the pipeline.

However, whether the city can maintain its top global ranking remains uncertain, he added, as a US aviation technology company and a US government-backed real estate investment trust are planning listings that could each raise more than HK$100 billion, although it remains unclear whether the deals will proceed next year, while Hong Kong currently has no IPO applications of a comparable scale.

For 2025, Deloitte expects 114 IPOs in Hong Kong, raising HK$286.3 billion, representing year-on-year increases of 63 percent in deal numbers and 2.3 times in funds raised, placing the city at the top of the global IPO league tables.

Deloitte said the rebound was driven by streamlined listing approval processes, policy support encouraging mainland companies to list in Hong Kong, returning international capital flows and a gradual recovery in market valuations.

Globally, Nasdaq ranked second in IPO fundraising this year with HK$205.2 billion, boosted by Medline’s HK$48.8 billion listing, followed by India’s National Stock Exchange, the New York Stock Exchange and the Shanghai Stock Exchange.