AI Boom Drives Hong Kong Stock Fundraising to Five-Year High in H1
N.R. Finch
Hong Kong's equity market raised roughly $44 billion in the first half of 2026, up 29% year-on-year and the highest in nearly five years; AI supply-chain companies drove the surge, and whether the second-half pipeline can keep absorbing mega-sized deals will test the rally's staying power.
How big is $44 billion in context?
Across IPOs, block trades and placements, Hong Kong raised about $44 billion in H1 — a 29% year-on-year jump.
That was the single largest share of the $122 billion raised across Asia-Pacific in the same period. This means → for every $3 raised in the region, more than $1 flowed through Hong Kong.
In plain terms = Hong Kong didn't just participate in Asia's equity boom — it led it.
Who is driving the fundraising wave?
CATL (宁德时代) raised $5 billion via placement this year, following a similarly large Hong Kong listing last year. AI large-model company Zhipu listed in January and, according to people familiar with the matter, could raise billions more as soon as next month.
In the queue: Luxshare Precision (立讯精密), preparing a roughly $3 billion Hong Kong listing, alongside Innolight (中际旭创) and Baidu's AI-chip subsidiary Kunlun Core (昆仑芯).
This reflects a broader shift: Hong Kong is evolving from a generic offshore listing venue into a dedicated fundraising hub for China's AI supply chain.
The Hang Seng is down 12% — why are deals still getting done?
The Hang Seng Index has fallen nearly 12% this year. Beijing's regulatory measures constrain some listings, and Middle East tensions have stoked inflation concerns — yet none of these headwinds have stopped deals from closing.
J.P. Morgan's Asia-Pacific ECM head Ricky Wong noted: "The market has repeatedly demonstrated its ability to absorb multi-billion-dollar offerings."
This means → buyers are not chasing the broad index; they are chasing the AI supply chain — the single highest-conviction theme in the market.
How are other Asia-Pacific markets performing?
South Korea: SK Hynix has filed for a U.S. listing of roughly $29 billion, potentially one of the largest equity offerings in history.
Taiwan: tech firms have raised a record $4.8 billion through convertible bonds this year, already surpassing any full calendar year on record. Mainland China: CXMT and YMTC are each planning multi-billion-dollar raises.
India is the clear laggard — equity fundraising totalled just over $14 billion, down 32% year-on-year. Morgan Stanley Asia-Pacific head Saurabh Dinakar said the challenge is "less about supply and more about demand and valuations," adding that India lacks the large-scale AI names that attract investor attention.
What to watch in the second half?
Goldman Sachs Asia ECM head James Wang said: "We expect Greater China activity to accelerate further in H2 — the AI ecosystem remains one of the most important drivers of capital formation."
Whether Luxshare, Innolight, Kunlun Core and Zhipu can close their follow-on raises will be a direct test of the market's absorption capacity.
In plain terms = the first half proved "the money is willing to show up." The second half must answer a harder question: "Is there enough money to catch this many deals?"
Content is for reference only, not financial advice.