EY sees 85 Hong Kong IPOs in first half of 2026, raising $209.8 billion

Ernst & Young (EY) expects Hong Kong to see 84 initial public offerings in the first half of the year, raising HK$209.8 billion in total, aiming to rank second globally in fundraising. 

EY said the fundraising amount in the first half of the year rose 92 percent year on year from the level seen over the past five years, adding that the IPO market will remain active in the second half of the year, maintaining its full-year forecast of HK$320 billion in proceeds.

Jacky Lai, Assurance Partner at EY, noted the structural rebound and rapid growth in Hong Kong’s IPO market. He said over 420 enterprises are now actively applying for a publicly filed IPO. Together with over 59 companies that have already filed with the China Securities Regulatory Commission but have not yet gone public, Lai expressed optimism about the IPO market’s momentum.

He stated that the market currently expects large-scale AI companies to list on Nasdaq, positioning the Hong Kong Stock Exchange well to maintain its second-place position in the global fundraising rankings.

EY noted that the dual-listed A and H shares model remains highly popular, attracting industries such as artificial intelligence, biopharmaceuticals, new energy, new consumption, and other key sectors, to prepare for listings in Hong Kong. However, EY cautioned that market risks persist, including an upcoming wave of IPO lock-up periods worth up to HK$1 trillion, as well as potential reversals in US interest rate expectations.

According to EY, among the top new Hong Kong IPOs, eight were A+H listed companies, reflecting that listing in Hong Kong has become the mainstream for cross-border financing by leading enterprises. As of June 23, among those submitted listing applications this year, 121 A-share companies have already planned to list in Hong Kong.

Benefiting from SpaceX and a number of AI-concept stocks listed on the Nasdaq in the US, Nasdaq saw 45 new listings during the period, raising US$113.1 billion (HK$882 billion) in total, ranking first globally. The New York Stock Exchange ranked third, raising US$14.3 billion in total. Notably, among the top 10 global IPOs by fundraising amount, five were from Nasdaq.
 

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