LSEG: In the first three quarters, the total IPO proceeds of Chinese mainland enterprises reached US$37.77 billion, up 140% year on year.

On November 5, LSEG released its capital markets report and league tables for the first three quarters of 2026. In global capital markets equity and equity-linked offerings during the first three quarters of 2026, Chinese mainland enterprises raised a total of approximately US$158.70 billion, up 69% year on year and up 75% quarter on quarter. The number of issues rose 33% from the same period in 2025 to 554, with the third quarter of 2026 up 9% from the second quarter. Total IPO proceeds reached US$37.77 billion, up 140% year on year and up 40% quarter on quarter. Total follow-on offerings reached US$93.67 billion, up 67% year on year and up 128% quarter on quarter. Chinese convertible bonds and equity-linked issuance totaled US$27.26 billion, up 25% year on year and down 7% quarter on quarter. In the first three quarters of 2026, the high-tech industry led other sectors with a 39.1% market share, raising a total of US$62.01 billion, up 279% from the same period last year. It was followed by industrials, materials, energy and power, and retail. In the first three quarters of 2026, CICC ranked first in the China equity and equity-linked underwriter league table. By number of transactions, Zhong Lun Law Firm ranked first in the China equity and equity-linked issuer counsel league table. In the underwriter counsel league table, Jingtian & Gongcheng ranked first. China Bonds Market Overview The RMB bond market totaled approximately RMB23.1 trillion in issuance in the first three quarters of 2026, down 1% year on year, with third-quarter 2026 total issuance down 3% from the second quarter; by number of issues, it reached 11,406 in the first three quarters of 2026, essentially flat from the same period in 2025, with the third quarter of 2026 up 1% from the second quarter. The panda bond market totaled approximately RMB170.13 billion in issuance in the first three quarters of 2026, up 82% year on year, with the third quarter of 2026 down 11% from the second quarter. In the first three quarters of 2026, government and agency bond issuance accounted for a 50.4% market share at approximately RMB11.7 trillion, down 3% year on year, with the third quarter down 9% from the second quarter. It was followed by financials, industrials, energy and power, and real estate. CITIC led the RMB bond underwriting league table; Bank of China ranked first in the panda bond underwriting league table. Issuer counsel: Fangda Partners led the RMB bond business league table, while Freshfields, King & Wood Mallesons (KW) and Linklaters topped the China G3 currency bond business league table. Underwriter counsel: Allen Overy Shearman Sterling led the RMB bond business league table, while King & Wood Mallesons (KW) topped the China G3 currency bond business league table. China Syndicated Loans Bank of China led the China bookrunner league table for syndicated and club loans in all currencies, and also ranked first in the China bookrunner league table for syndicated loans in all currencies.