The Australian Society of Accountants: It is expected that the IPO fundraising in Hong Kong next year will be at least HK$300 billion, ranking first globally.

The Vice President of the Greater China Division of the CPA Council of Australia (CPA) and Vice Chairman of the Financial and Economic Affairs Committee, Leung Youting, stated at a press conference that it is expected that new IPOs in Hong Kong next year will raise at least HKD 300 billion, with more IPOs than this year. He estimates that the Hong Kong Stock Exchange will rank first in global IPO fundraising this year, and will continue to do so next year. Regarding whether Middle Eastern companies will be listing in Hong Kong next year, Leung Youting mentioned that the Hong Kong Stock Exchange has signed many MOUs with the Middle East, and hopes that next year there will be Middle Eastern companies listing in Hong Kong. The Hong Kong new IPO market rebounded strongly this year, reclaiming the top spot in global IPO fundraising in the third quarter. Looking ahead, 66% of respondents expect that IPO activity in 2026 will further increase. Additionally, 22% of respondents believe that "strengthening financial connectivity between Hong Kong and other regions" is the most beneficial policy for companies, followed by China's "going out" strategy (21%). The President of the Greater China Division of the CPA Council of Australia for the year 2025, Wang Wenhui, stated that the Hong Kong capital market is an important engine for driving economic growth in Hong Kong, and is a key differentiating factor for maintaining global competitiveness. Despite geopolitical tensions and market fluctuations, Hong Kong is still viewed as a safe haven for international investors and businesses to manage assets and diversify risks. To maintain its competitive advantage, the CPA Council of Australia suggests that the Hong Kong government and regulatory authorities should consider introducing an "IPO connectivity" mechanism to allow mainland investors to participate in Hong Kong IPOs, attract more family offices to enhance liquidity and retain wealth, and simplify the process for mainland companies to list in Hong Kong. Additionally, Hong Kong should continue to expand its connections with overseas financial markets to attract global investors to Hong Kong. According to the CPA Council of Australia's Hong Kong Business Confidence Survey results, 57% of respondents expect a salary increase next year, with 40% predicting a slight increase and 33% expecting salaries to remain the same. 63% of respondents anticipate steady economic expansion in Hong Kong next year. The main drivers of economic growth mentioned by respondents include a competitive tax system (39%), a vibrant capital market (30%), and economic growth in mainland China (24%). Wang Wenhui stated that the recent Yong Tau Foo Yuen fire in Hong Kong has seen a strong unity among Hong Kong residents, with rapid support from the Hong Kong government. She believes that this is an isolated incident and estimates that the influx of mainland Chinese tourists to Hong Kong will increase, thereby supporting the Hong Kong consumer industry. She also believes that the incident will not have a major impact on the Hong Kong property market, as residential property prices in Hong Kong have already increased by 1.1%, coupled with the effect of interest rate cuts, the Hong Kong property market is expected to gradually recover. Furthermore, the property price outlook for Hong Kong next year is leaning towards weakness, with over half of respondents expecting prices of retail shops, industrial buildings, and office buildings to decline, while the residential market outlook is slightly better but still showing differentiation. Encouragingly, 42% of respondents rated Hong Kong's international competitiveness as "very high" or "quite high". Expectations for income next year are more conservative, with only 39% of respondents predicting an increase in company income in 2026, lower than the 51% reported in the 2025 survey, while 37% expect it to remain stable. The competition pressure intensifies, with 29% citing it as the primary challenge for next year, higher than the previous 19%. Cost management (43%) has been the top strategy for surveyed companies for the third consecutive year.