Deloitte: Hong Kong's IPO fundraising in the first half of the year reached 203.3 billion Hong Kong dollars, ranking second globally.

Deloitte released the 2026 Mid-term Review and Outlook Report for the Mainland China and Hong Kong IPO Markets. In the first half of this year, Hong Kong will have 78 new IPOs raising HKD 203.3 billion, compared to 42 new IPOs raising HKD 107.1 billion in the first half of 2025, with a 86% increase in the number of new IPOs and nearly a 90% increase in fundraising amount. Among them, 5 mega-sized IPOs and 12 large-sized IPOs accounted for over 60% of the fundraising total in the Hong Kong IPO market in the first half of the year, including a mega-sized IPO from a mainland PCB manufacturer ranking fourth among the top ten new IPOs globally. Kelvin Lau, Head of Listing Services, Capital Markets, Deloitte China South, stated that Hong Kong maintained its second position in global fundraising rankings in the first half of 2026. Lau mentioned that the market is also undergoing transformation, with a group of new economy companies emerging from semiconductor, AI value chain companies, Siasun Robot & Automation, biotechnology, specialty technology companies, as well as hard technology companies from the A-share market. These companies accounted for over 70% of the number of new IPOs in Hong Kong in the first half of 2026, raising nearly 80% of the total IPO funds in Hong Kong. This represents unprecedented success in various regulatory reforms, including the launch of a new listing system for innovative companies in 2018, the introduction of a specialty technology company listing system in 2023, the launch of the "Science and Enterprise Premium" streamline service last year, various technology indices, and the simplification of the IPO approval process for large A-share listed companies. Hong Kong's new IPO fundraising is expected to reach HKD 300 billion this year, ranking at least third globally. The bank stated that with 8 companies listing in hard technology, semiconductors, consumer goods, healthcare, chemicals, and telecommunications industries within the year, each raising a minimum of HKD 10 billion, it is expected that by the end of 2026, Hong Kong will rank at least third globally in terms of new IPO fundraising. As of the end of May 2026, there were over 600 active listing applications in the market, with over 100 being A-share issuers, nearly a quarter being technology companies, and about one-fifth being high-end manufacturers. It is estimated that around 160 new IPOs will be listed in Hong Kong in 2026, raising HKD 300 billion. Approximately 70 new IPOs are expected to be listed in the A-share market in the first half of the year, raising RMB 69.3 billion. Deloitte stated that as of the end of the first half of 2026, it is expected that around 70 new IPOs will be listed in the A-share market, raising RMB 69.3 billion, an increase of 37% in the number of new IPOs and approximately 85% in fundraising amount compared to the first half of 2025, with the Shanghai Stock Exchange being the exchange with the highest IPO fundraising, raising RMB 30.5 billion through 19 IPOs; the Shenzhen Stock Exchange raising RMB 27.5 billion through 16 new IPOs; and Beijing Securities Trading is expected to maintain the record for the most number of new IPOs (35 companies), with a fundraising amount of RMB 11.3 billion. Huang Tianyi, Head of A-share Listing Business, Deloitte China Capital Markets Services, stated that the A-share new IPO market is moving towards a very positive and healthy development direction. The bank sees that IPO review and issuance speeds are faster than before. The fourth set of listing standards for the growth enterprise board and the STAR Market reform are encouraging more fundraising activities from industries such as AI, commercial aerospace, low-altitude economy, quantum technology, and biomanufacturing, all of which are key industries in the national "15th Five-Year Plan". Along with a list of representative mega-sized and large-sized new IPOs preparing to be listed, it is expected that the A-share market will shine again in 2026. Benefiting from SpaceX's listing, Nasdaq tops the new IPO fundraising list. The bank pointed out that against the backdrop of tensions in global energy resources due to US-Iran military actions, Nasdaq saw 60 new IPOs listed in the first half of the year, raising approximately HKD 872.4 billion in total. With the largest-ever new IPO from SpaceX in the US, the first half of 2026 saw global new IPO performance surpassing that of the first half of 2025, with fundraising amounts nearly quintupling. Benefiting from SpaceX's listing, Nasdaq took the top spot, followed closely by the New York Stock Exchange. The NYSE had four entities listed among the top ten new IPOs globally in the first half of 2026, ranking third. Eric Au, Head of Deloitte China South, stated that looking ahead, Hong Kong can further improve the listing and fundraising mechanisms for Aerospace Hi-Tech Holding Group and related industry chain companies, providing more suitable capital market support for commercial aerospace, satellite applications, low-orbit satellite communications, and other cutting-edge technology enterprises. This will not only help align with the country's direction of technological innovation and industrial upgrading, but also help Hong Kong nurture new growth drivers, enhance market depth, and international competitiveness.