Hong Kong Stock Primary Market Raised HK$712.1 Billion in First Three Quarters, Up 67% YoY
nashnova research
Hong Kong's primary equity market raised roughly HK$712.1 billion in the first three quarters of 2026, up 67% year-on-year; the third quarter alone hit HK$373.4 billion — nearly matching the first two quarters combined.
How big is HK$712.1 billion?
The same period last year totalled about HK$425.5 billion. This year's figure is almost HK$290 billion higher.
Quarter by quarter: Q1 HK$147.9 bn → Q2 HK$190.8 bn → Q3 HK$373.4 bn. Q3 alone nearly equals the first two quarters combined.
This means → capital is not flowing in evenly — it is accelerating hard, with a clear clustering of listings in the Q3 window.
Where did the money come from?
IPO proceeds: HK$385.6 billion, or 54% of the total — the single largest channel. Placements (secondary share sales or directed offerings) contributed HK$300 billion, or 42%.
Consideration issues (paying for acquisitions with shares instead of cash) added HK$21.4 bn; rights issues just HK$5.1 bn. Together, under 4%.
In plain terms = more than half the capital came from brand-new listings; the other four-tenths-plus came from companies already listed topping up from the market.
Which sectors attracted the most capital?
On the IPO side: hardware equipment led with HK$188.1 bn, semiconductors followed at HK$55.7 bn, and software services came third at HK$43.3 bn — tech hardware dominated.
On the refinancing side: consumer discretionary/retail topped at HK$82.0 bn, software services at HK$69.9 bn, electrical equipment at HK$45.0 bn.
This means → new listings are concentrated in hardware and chips, while already-listed companies' fundraising needs cluster in consumer and clean energy — two parallel tracks.
Who were the biggest single deals?
The top ten IPOs raised a combined HK$178.2 bn — 46% of all IPO proceeds. Nearly half the money went to a handful of mega-deals.
The largest was Innolight (中际旭创) at HK$61.4 bn; Luxshare Precision at HK$25.1 bn and Shenghong Tech at HK$23.1 bn ranked second and third.
In refinancing, Alibaba led at HK$80.0 bn, followed by CATL at HK$39.2 bn and Zhipu AI at HK$31.4 bn.
This reflects a strong "winner-takes-most" dynamic: a few mega-sized deals set the ceiling for the market's overall volume.
Which banks earned the most?
CICC (中金公司) topped both the IPO sponsorship and refinancing underwriting league tables: IPO sponsorship at HK$84.9 bn (36 deals), refinancing at HK$64.4 bn (15 deals).
Second in IPO sponsorship: CITIC Securities (HK) at HK$37.8 bn (29 deals). Third: Goldman Sachs at HK$31.1 bn — but only 7 deals, giving it the highest average deal size.
In plain terms = CICC won the "double crown" on volume and count; Goldman took the "fewer but bigger" route — cherry-picking only the largest mandates.
Can the acceleration continue into Q4?
Q3's HK$373.4 bn already stands at roughly 1.1× the first two quarters combined (HK$338.7 bn). The acceleration curve is steep.
Whether the full year sustains this pace hinges on two variables: Q4 market conditions (rates, liquidity) and the pipeline of large deals reaching completion.
This means → if several more HK$10 bn-plus IPOs clear in Q4, full-year proceeds could challenge the HK$1 trillion mark; if not, Q3's high base will naturally pull down the year-on-year growth rate.
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