PwC Raises Hong Kong IPO Forecast as Mainland Tech Listings Drive Market Revival

Hong Kong’s IPO market is regaining global relevance after several slow years. PwC now expects full-year IPO fundraising to reach HK$380 billion in 2026, with the possibility of moving toward HK$400 billion if market conditions remain stable and more mega-sized companies list in the second half. The firm’s forecast is more bullish than other Big Four estimates cited by Caixin, with Deloitte at at least HK$300 billion, EY at HK$320 billion and KPMG at HK$350 billion. This marks a major upgrade from PwC’s earlier January projection of HK$320 billion to HK$350 billion and signals that Hong Kong is again being viewed as one of the world’s top fundraising venues.

The first-half numbers explain the optimism. According to PwC, Hong Kong raised HK$210 billion from 87 new listings in the first half of 2026, up 92% in proceeds and 98% in listing count from a year earlier. The city ranked second globally behind Nasdaq, and the strongest sectors were information technology and telecommunications services, industrials and materials, and healthcare and pharmaceuticals. PwC said the rebound has been driven by three main forces: leading mainland enterprises choosing Hong Kong for capital raising, more mainland technology companies pursuing dual listings, and stronger international investor demand for new-economy themes such as artificial intelligence, new materials, semiconductors, chips and creative robotics.

KPMG’s mid-year review supports the same direction, even though its deal count differs slightly from PwC’s methodology. KPMG said Hong Kong raised HK$209.9 billion across 85 IPOs in the first half, the strongest first-half result in five years. It also highlighted 24 A+H listings and 13 specialist technology IPOs, which together accounted for more than 70% of funds raised. The pipeline is also large: KPMG counted more than 500 active IPO applicants, including confidential filings, with 443 publicly filed applications as of June 26. Among them, 116 were A+H applications and 145 were technology companies, suggesting that Hong Kong’s second-half market will continue to depend heavily on mainland issuers and high-growth tech narratives.

Recent deal flow shows why the market has gained momentum. On June 29, five Chinese technology and advanced-manufacturing companies launched Hong Kong offerings seeking to raise up to HK$44.1 billion, including Luxshare Precision Industry, Chaozhou Three-Circle, Nexchip Semiconductor, Guangdong Dtech Technology and Rokae Robotics Group. Reuters reported that first-half 2026 Hong Kong new listings had raised about $22.45 billion, up nearly 57% from a year earlier, making it the city’s busiest start to a year in five years. This wave reflects Beijing’s encouragement for domestic champions to list closer to home and investors’ growing appetite for companies tied to AI, chips, electronics and robotics.

Still, the revival should not be mistaken for a risk-free boom. Reuters reported that Apple supplier Lingyi iTech fell 4.6% below its offer price on its Hong Kong debut, even as several smaller listings surged, showing that investors are becoming more selective. Analysts warned that the market is no longer in a phase where every IPO is treated as a guaranteed winner, especially as valuations, post-listing performance and geopolitical uncertainty remain important concerns. The stronger conclusion is that Hong Kong’s IPO market has recovered, but quality now matters more than hype. If the second half brings large, credible technology and A+H listings with disciplined pricing, PwC’s upgraded forecast looks achievable. If post-listing returns weaken or macro pressure rises, the city may still remain a top global IPO venue, but with a more cautious and selective investor base.