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Hong Kong IPOs raise record HK$388b in first nine months of 2026
KPMG's Q3 review: 116 Hong Kong listings raised over HK$388 billion in the first three quarters, more than double last year and already past the 2010 full-year record.
Why it matters
Hong Kong's IPO market has roared back: nine-month fundraising has already beaten every comparable period on record and surpassed the 2010 full-year high, cementing the city's role as the offshore fundraising platform for mainland Chinese companies.
Full report
KPMG China's Chinese Mainland and Hong Kong IPO Markets 2026 Q3 Review shows 116 new listings in Hong Kong raised more than HK$388 billion (about US$49.44 billion) in the first three quarters of 2026, more than double the same period last year and a record nine-month total.
A+H dual listings were the main growth driver: 37 completed during the period, contributing nearly 70% of total proceeds. Deal volume more than tripled year on year, and funds raised rose more than 180%.
Technology and innovation stayed at the centre: more than half of total proceeds came from high-tech sectors such as artificial intelligence, semiconductors and robotics. Specialist technology companies listed under Chapter 18C raised HK$36.2 billion across 19 listings, compared with eight such listings over the previous three years combined.
More than 600 active IPO applications are in the pipeline. KPMG says full-year proceeds could approach HK$500 billion if market conditions remain supportive and the pipeline converts as expected, which would make 2026 the strongest fundraising year ever. HKEX also published a consultation paper on the second phase of its listing-framework competitiveness review on September 21.
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