Deloitte: Expects Hong Kong's new stock financing to be no less than 300 billion Hong Kong dollars next year.

On December 18, Deloitte China's Capital Market Services department released a report on the "China Mainland and Hong Kong IPO Market Review in 2025 and Outlook for 2026." The Capital Market Services department predicts that in 2026, supported by a list of over 300 IPO applications, Hong Kong's new stock market will see approximately 160 new stocks with a total financing of no less than 300 billion Hong Kong dollars. It is expected that 7 of these new stocks will raise at least 10 billion Hong Kong dollars each, including leading companies from the mainland. In addition to a large number of A+H share listing applicants, projects in technology, media and telecommunications, healthcare, consumer industry, international companies, and Chinese concept stocks listed in the US will also be the focus of the market. Deloitte mentioned that factors such as the US interest rate cuts and bond buying, Chinese companies going global, domestic policy support, support for hard technology and new productivity sectors, and capital market reforms in Hong Kong that aim to enhance market competitiveness will attract more large new stock listings, along with A+H share listings, applicants from industries such as biotechnology, AI, Chinese concept stocks already listed in the US, and international companies listing in Hong Kong. Deloitte's Managing Partner for the Southern China region, Eric O, stated that the outlook for Hong Kong's new stock market will still be influenced to a certain extent by macroeconomic and geopolitical factors, including the direction of US monetary policy, global fund allocation trends, and China's policies on overseas expansion and increasing domestic demand. At the same time, continuous reforms and system optimizations in the capital market will play a key role in enhancing Hong Kong's overall market competitiveness, liquidity, and valuation levels, and gradually improving the ecosystem and performance of the new stock market. He further pointed out that discussions have recently been held on reforms such as revising the requirements for companies with dual class share structures to list, adjusting the trading units for new stocks, and he hopes that regulatory agencies will further review the dual primary and secondary listing system, deepen cooperation between the HKEX and Southeast Asian stock exchanges, and establish more targeted mechanisms to facilitate overseas companies listing in Hong Kong.