Wind: In the first three quarters of 2026, total equity financing in Hong Kong's primary market was approximately HK$712.1 billion, a year-on-year increase of 67.36%.

Title context: Wind: In the first three quarters of 2026, total equity financing in Hong Kong's primary market was approximately HK$712.1 billion, a year-on-year increase of 67.36%. Text: In the first three quarters of 2026, the Hong Kong stock secondary market experienced an overall correction. From December 31, 2025 to September 30, 2026, the Hang Seng Index fell 4.80% cumulatively, while the Hang Seng Tech Index fell 23.74% cumulatively. Influenced by the global trend of capital flowing into Asia, the Hong Kong stock market, as an important hub connecting China and international capital, attracted more overseas investment institutions to actively position themselves, and trading activity increased significantly. According to Wind data, total equity financing in Hong Kong's primary market (including IPO and refinancing) in the first three quarters of 2026 was approximately HK$712.1 billion, an increase of 67.36% from approximately HK$425.5 billion in the same period of 2025. By project type, in the first three quarters of 2026, there were 115 Hong Kong IPOs, including 113 on the Main Board and 2 on GEM, an increase of 69.12% from 68 in the same period last year; total IPO proceeds amounted to HK$385.566 billion, an increase of 105.09% from approximately HK$188 billion in the same period last year. Refinancing proceeds amounted to approximately HK$326.5 billion, an increase of approximately 37.46% from approximately HK$237.6 billion in the same period last year; the number of projects was 436, an increase of 8.46% from 402 in the same period last year. From the perspective of IPO underwriting and sponsorship, CICC ranked first with a sponsorship scale of HK$84.933 billion and 36 sponsorships; CITIC SEC (Hong Kong) ranked second with HK$37.839 billion and 29 sponsorships; Goldman Sachs ranked third with HK$31.140 billion and 7 sponsorships. From the perspective of refinancing underwriting, CICC ranked first with a refinancing underwriting scale of HK$64.404 billion and 15 underwritings; Morgan Stanley ranked second with an underwriting scale of HK$31.323 billion and 8 underwritings; CITIC SEC (Hong Kong) ranked third with HK$27.343 billion and 15 underwritings. Overview of the Hong Kong Stock Equity Financing Market 1.1 Equity Financing Scale Trend In the first three quarters of 2026, total equity financing in Hong Kong's primary market was approximately HK$712.1 billion, an increase of 67.36% from approximately HK$425.5 billion in the same period last year. By quarter, financing scale in the first, second, and third quarters was approximately HK$147.9 billion, HK$190.8 billion, and HK$373.4 billion, respectively, with financing scale rising noticeably in the third quarter. 1.2 Distribution of Financing Methods By specific financing method, in the first three quarters of 2026, IPO proceeds were HK$385.566 billion, accounting for 54.15% of total proceeds; placement proceeds were HK$299.965 billion, accounting for 42.12%; rights issue proceeds were HK$5.140 billion, accounting for 0.72%; consideration issue proceeds were HK$21.429 billion, accounting for 3.01%. 1.3 Industry Distribution of Financing Entities By financing amount across industries, hardware equipment, software services, and consumer discretionary retail were the top three industries by fundraising scale, with fundraising amounts of HK$193.641 billion, HK$113.206 billion, and HK$86.217 billion, respectively. By number of financing events across industries, the software services industry ranked first with 59 deals, the hardware equipment industry ranked second with 49 deals, and the construction industry ranked third with 41 deals. IPO Section 2.1 IPO Issuance Volume Trend In the first three quarters of 2026, the number of Hong Kong IPOs was 115, an increase of 69.12% from 68 in the same period last year. 2.2 IPO Financing Scale Trend In the first three quarters of 2026, total Hong Kong IPO proceeds were HK$385.566 billion, an increase of 105.09% from approximately HK$188 billion in the same period last year. 2.3 Distribution of IPO Listing Boards By IPO listing board, in the first three quarters of 2026, a total of 115 companies listed in Hong Kong, including 113 on the Main Board and 2 on GEM; Main Board proceeds were HK$385.401 billion, accounting for 99.96%, and GEM proceeds were HK$165 million, accounting for 0.04%. 2.4 Industry Distribution of IPO Listing Entities By IPO proceeds across industries, the hardware equipment industry ranked first with HK$188.052 billion; the semiconductor industry ranked second with HK$55.687 billion; the software services industry ranked third with HK$43.302 billion. By number of IPOs across industries, the hardware equipment industry ranked first with 26; the software services industry ranked second with 18; the semiconductor industry ranked third with 15. 2.5 Top 10 IPO Financing Amounts In the first three quarters of 2026, the company with the highest IPO proceeds was Zhongji Innolight, with proceeds of HK$61.422 billion; Luxshare Precision Industry and Victory Giant Technology ranked second and third with HK$25.060 billion and HK$23.135 billion, respectively. The top ten IPO projects raised a total of HK$178.154 billion, accounting for 46.20% of total IPO proceeds. 2.6 Statistics on IPO Financing Amount Ranges In the first three quarters of 2026, Hong Kong IPOs with proceeds below HK$1 billion were the most numerous, at 41, accounting for 35.65% of total IPOs; followed by the HK$1 billion to HK$2 billion range, with 32, accounting for 27.83%; projects with proceeds exceeding HK$4 billion numbered 29. Refinancing Section 3.1 Follow-on Offering Financing Trend In the first three quarters of 2026, total Hong Kong refinancing proceeds were approximately HK$326.5 billion, an increase of approximately 37.46% from approximately HK$237.6 billion in the same period last year; the number of refinancing projects was 436, an increase of 8.46% from 402 in the same period last year. 3.2 Industry Distribution of Refinancing Entities By refinancing amount across industries, the consumer discretionary retail industry ranked first with HK$81.996 billion; the software services industry ranked second with HK$69.904 billion; the electrical equipment industry ranked third with HK$45.044 billion. By number of refinancings across industries, the software services industry ranked first with 41; the construction industry ranked second with 39; the non-bank financial industry ranked third with 30. 3.3 Top 10 Refinancing Projects by Financing Scale In the first three quarters of 2026, the company with the largest refinancing scale was BABA-W, with a financing amount of HK$80.000 billion; Contemporary Amperex Technology ranked second with HK$39.190 billion; Z.AI ranked third with HK$31.411 billion. Institutions Section 4.1 IPO Sponsorship Scale Ranking CICC ranked first with a sponsorship scale of HK$84.933 billion and 36 sponsorships; CITIC SEC (Hong Kong) ranked second with HK$37.839 billion and 29 sponsorships; Goldman Sachs ranked third with HK$31.140 billion and 7 sponsorships. 4.2 IPO Sponsorship Volume Ranking CICC participated as sponsor in 36 IPOs, ranking first; CITIC SEC (Hong Kong) participated in 29 IPOs, ranking second; Huatai Financial Holdings participated in 16 IPOs, ranking third. 4.3 IPO Global Coordinator Ranking CICC participated as global coordinator in 44 IPOs, ranking first; CITIC SEC (Hong Kong) participated in 43 IPOs, ranking second; Huatai Financial Holdings participated in 26 IPOs, ranking third. 4.4 IPO Bookrunner Ranking Futu Securities participated as bookrunner in 61 IPOs, ranking first; CICC participated in 44 IPOs, ranking second; CITIC SEC (Hong Kong) participated in 43 IPOs, ranking third. 4.5 IPO Underwriting Scale Ranking By IPO underwriting amount, CICC ranked first with an underwriting scale of HK$90.968 billion and 45 underwriting deals; CITIC SEC (Hong Kong) ranked second with HK$39.338 billion and 43 underwriting deals; Goldman Sachs ranked third with HK$31.833 billion and 10 underwriting deals. 4.6 IPO Underwriting Volume Ranking By number of IPO underwritings, Futu Securities ranked first as underwriter for 67 IPOs; CICC ranked second with 45; CITIC SEC (Hong Kong) ranked third with 43. 4.7 Refinancing Underwriting Scale Ranking CICC ranked first with a refinancing underwriting scale of HK$64.404 billion and 15 underwritings; Morgan Stanley ranked second with an underwriting scale of HK$31.323 billion and 8 underwritings; CITIC SEC (Hong Kong) ranked third with HK$27.343 billion and 15 underwritings. 4.8 Refinancing Underwriting Volume Ranking Guotai Junan (Hong Kong), CITIC SEC (Hong Kong), and CICC all participated as underwriters in 15 refinancing events, tied for first. Issuance Intermediaries Section 5.1 IPO Auditor Ranking Ernst & Young participated in 53 IPOs, ranking first among auditors; KPMG participated in 18 IPOs, ranking second; Deloitte participated in 16 IPOs, ranking third. 5.2 IPO Lawyer Ranking In terms of IPO lawyers (domestic business), Jingtian & Gongcheng participated in 40 IPOs, ranking first; Commerce & Finance Law Offices participated in 27 IPOs, ranking second; King & Wood Mallesons participated in 25 IPOs, ranking third. In terms of IPO lawyers (overseas business), Clifford Chance participated in 24 IPOs, ranking first; King & Wood Mallesons participated in 21 IPOs, ranking second; Davis Polk, Hogan Lovells, and Jingtian & Gongcheng all participated in 16 IPOs, tied for third. This article is reprinted from the "Wind WanDe" WeChat public account. GMTEight editor: Feng Qiuyi.