Goldman Sachs: Hong Kong IPO momentum to accelerate in 2026, HKEX and some Chinese securities firms will benefit.

Goldman Sachs said that the momentum of IPOs in the Hong Kong market will accelerate in 2026, and the recovery of IPO activities will help drive the growth of the Hong Kong Stock Exchange and Chinese securities firms with more offshore business exposure to achieve better growth. Focus on IPO candidate companies and buy into peers in the same industry, or grasp effective investment strategies that take advantage of positive spillover effects. Analysts like Si Fu pointed out in the report that the recovery trend of Hong Kong IPOs is benefiting from the market's shift towards "hard technology," as well as the transformation of the "new economy" including biotechnology and new consumption, and a significant increase in the number of A-share companies listed in Hong Kong. The market has enough capital to absorb new shares issued, including $180 billion in corporate distribution, $200-300 billion in global long-term investor capital redistribution, $200 billion in inflows of southbound funds, and continued active participation of retail investors. It is expected that the total equity supply in the Hong Kong market for the whole year of 2026 will be $110 billion, including $60 billion in IPO issuance and $50 billion in refinancing.