Deloitte lifts HK IPO forecast this year to at least $480 bln, eyeing record since 2010

Deloitte lifted the full-year forecast for Hong Kong initial public offering fundraising to at least HK$480 billion, potentially surpassing the record of about HK$450 billion set in 2010.

The number of new listings is expected to reach 160.

Hong Kong is also expecting to see 116 new listings for the first three quarters of this year, raising a total of HK$387.9 billion, according to Deloitte – up 76 percent and 1.12 times year on year, respectively.

Among them, 38 are A-to-H listings, accounting for nearly 70 percent of total funds raised.

Edward Au Chun-hing, Southern Region managing partner at Deloitte China, said the upward revision of the fundraising forecast was due to the market’s revaluation of the artificial intelligence industry chain, which has lifted not just chipmakers and large-model companies but related upstream and downstream sectors as well.

Benefiting from a strong pipeline of mega listings, policy incentives for A-to-H listings, and a massive fundraising wave driven by mainland enterprises, Hong Kong's market growth momentum will remain strong, Deloitte said.

This will be driven mainly by new listings from sectors directly related to AI large-model training and infrastructure – such as high-performance computing, semiconductors, data centers, and advanced power supplies – alongside robotics, biotechnology, and consumer businesses.

The firm expects an additional three to four mega-listings targeting at least HK$10 billion each, and a concrete pipeline of over 500 IPO applications, according to public information as of late August 2026.

Au added that the earlier forecast was conservative, mainly due to market uncertainties including the geopolitical situation in the Middle East and unclear interest rate trends, which could easily affect the listing windows for large new listings. 

Recent large-scale share placements by Alibaba (9988) and Z.AI (2513) – formerly Zhipu AI – reflect that the Hong Kong market has sufficient liquidity to absorb large-scale fundraising.

US stock exchange market Nasdaq, ranked first globally with total funds raised of HK$1.122 trillion in the first three quarters, benefited from the two largest listings – aerospace company SpaceX and chipmaker SK Hynix, Deloitte noted. Hong Kong ranked second, followed by the New York Stock Exchange, the Shanghai Stock Exchange, and the National Stock Exchange of India.

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