Deloitte maintains full-year forecast of 160 new Hong Kong IPO, raising $300 billion

Deloitte has maintained its full-year forecast of 160 new listings raising HK$300 billion in Hong Kong, projecting the city to clinch the top-three position globally in fundraising.

The firm also projected that at least five new listings could raise at least HK$10 billion in aggregate, across hard technology, semiconductors, consumer products, healthcare, chemicals, and telecommunications.

Meanwhile, Deloitte said there are forecasts of 78 initial public offerings raising about HK$203.3 billion in the first half of 2026, up 86 percent and 90 percent, respectively, second only to Nasdaq, after the listing of SpaceX. Nasdaq also recorded 60 new listings, raising HK$872.4 billion.

Edward Au, Southern Region Managing Partner of Deloitte China, said the firm has not revised its fundraising forecast upward, given that the local market could become more discerning, and not all enterprises will necessarily be able to satisfy investor appetite. He added that certain small- to medium-sized IPO candidates may have to bide their time until an appropriate listing window opens.

Financial Secretary Paul Chan Mo-po stated in this year's Budget that he has requested the Hong Kong Exchanges and Clearing Limited (0388) to review the relevant listing requirements to facilitate and attract more aerospace enterprises to list in Hong Kong. When asked whether Deloitte has any recommendations in this regard, Au noted that the existing Chapter 18C listing regime for specialist technology companies already covers the aerospace technology sector. 

He added that, however, these enterprises are typically large in scale, may not be able to achieve rapid commercialization, and that very few venture capital funds invest in aerospace technology companies at an early stage. He therefore suggested that HKEX could consider tailoring specific guidelines for such companies, such as provisions relating to the equity stake, investment amount, and definition of anchor sophisticated independent investors.

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