Hong Kong eyes record-high $500b IPO fundraising in 2026: KPMG

Hong Kong is set for its best annual fundraising performance on record this year, with proceeds potentially reaching HK$500 billion, driven by A+H listings and tech deals, according to KPMG.

For the first three quarters, the city's initial public offering market has welcomed 116 new listings raising more than HK$388 billion, a figure that has more than doubled year-on-year and already surpassed every previous nine-month total in the market's history, the accounting firm said.

With momentum remaining strong, the city is well-positioned to surpass the previous annual fundraising record of HK$427 billion set in 2010, it added.

A+H listings remained the primary growth engine, with deal volume more than tripling and funds raised increasing by more than 180 percent. A total of 37 A+H listings were completed during the nine months, contributing nearly 70 percent of Hong Kong's total IPO proceeds.

Meanwhile, more than half of Hong Kong's IPO fundraising came from companies operating in high-tech sectors such as artificial intelligence, semiconductors and robotics during the period.

Specialist Technology Companies listed under Chapter 18C raised HK$36.2 billion across 19 listings, compared with just eight such listings completed over the previous three years combined.

KPMG estimated that A+H applicants, technology companies and other new economy issuers continue to represent a significant proportion of prospective listings, positioning these segments to remain important drivers of the market through the fourth quarter and into 2027.

Besides, global IPO markets also maintained strong momentum in the first three quarters, with 944 listings raising US$289.9 billion (HK$2.26 trillion).

Hong Kong ranked second globally by funds raised, following Nasdaq, where the two largest IPOs SpaceX and SK Hynix listed. They raised a combined US$112.8 billion, accounting for nearly 40 percent of total global IPO proceeds.

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓