KPMG: Hong Kong IPO fundraising is expected to reach HK$500 billion this year.

KPMG has released its "Mainland China and Hong Kong IPO Markets: 2026 Q3 Review," stating that active listing applications currently exceed 600, and Hong Kong is expected to record its strongest annual fundraising performance ever, with full-year fundraising potentially reaching HK$500 billion. Hong Kong's initial public offering (IPO) market continued to set fundraising records in 2026. In the first three quarters, there were 116 new listings, with total fundraising exceeding HK$388 billion, more than double the same period last year and the highest fundraising record for any first nine months in history. A+H listings and specialist technology companies continued to be the main drivers of market growth. It is reported that Hong Kong's IPO market set a record high for fundraising in the first nine months of 2026, with 116 listings raising over HK$388 billion. As market momentum remains strong, Hong Kong is expected to break the annual fundraising record of HK$427 billion set in 2010, achieving the highest annual fundraising amount in history. A+H listings continued to be the primary growth engine of Hong Kong's IPO market. During the period, there were 37 A+H listings, more than triple the number in the same period last year, with fundraising increasing by over 180% and accounting for nearly 70% of Hong Kong's total IPO fundraising. The increase in A+H listings further highlights Hong Kong's position as an important offshore fundraising platform connecting mainland Chinese enterprises with international capital. Technology and innovation enterprises continued to be an important growth driver of Hong Kong's IPO market. High-tech companies in artificial intelligence (AI), semiconductors, and robotics together accounted for more than half of Hong Kong's total IPO fundraising, reflecting that innovation has become an important source of market growth. During the period, 19 specialist technology companies listed under Chapter 18C of the Listing Rules, raising HK$36.2 billion; in contrast, there were only 8 such IPOs in total over the past three years. The continued rise in listing activity by specialist technology companies reflects sustained investor interest in innovation-driven enterprises and demonstrates the increasing maturity of Hong Kong's technology financing ecosystem. A+H listing enterprises, technology companies, and other new economy companies continued to account for a significant proportion of applications, and these sectors are expected to remain important growth drivers for Hong Kong's IPO market in the fourth quarter of 2026 and into 2027. Liu Dacheng, Head of Hong Kong Capital Markets Group at KPMG China, said: "The strong performance of Hong Kong's IPO market is built on a broader and more diversified pipeline of listing applications, with A+H listings and specialist technology companies being important drivers of the market, while demand from international investors for quality issuers also remains undiminished. An ample pipeline of listing applications, combined with continuous optimization of market systems, will help support the momentum of the IPO market through the fourth quarter and beyond. If the market environment remains stable and existing applications progress as expected, Hong Kong's full-year IPO fundraising is expected to reach a historic high and could approach HK$500 billion."