KPMG: Hong Kong IPO Fundraising in 2026 Expected to Hit Record High Near HK$500 Billion
nashnova research
Hong Kong raised HK$388 billion from IPOs in the first three quarters of 2026 — more than double the year-ago level; if the pace holds, the full-year total could approach HK$500 billion, breaking the 2010 record.
How big is HK$388 billion?
The first nine months saw 116 new listings raising HK$388 billion, more than double the same period last year.
This means → nine months alone have already surpassed most full-year totals, setting a record for the highest first-three-quarter fundraising ever.
The standing annual record is HK$427 billion, set in 2010; at the current pace, Q4 needs only about HK$112 billion more to break it.
Where is the money coming from — why are A+H listings the core engine?
There were 37 A+H listings (a company listing simultaneously on the mainland A-share market and Hong Kong's H-share market) in the first three quarters — more than triple the year-ago count.
A+H fundraising grew over 180% and accounted for nearly 70% of total Hong Kong IPO proceeds.
In plain terms = almost seven out of every ten dollars raised came from mainland companies listing in both markets at once; Hong Kong's role as the offshore gateway connecting mainland firms to international capital has strengthened further.
How much did tech companies contribute?
AI, semiconductor, and robotics companies together accounted for more than half of total Hong Kong IPO proceeds.
Under Chapter 18C of the Listing Rules — a dedicated track for pre-profit tech firms — 19 specialist technology companies listed, raising HK$36.2 billion.
This means → in the previous three years combined, only 8 such IPOs took place; this year's nine-month count already more than doubled that, signaling 18C is shifting from a pilot channel to a mainstream one.
Can the pace hold in Q4 — what is the key test?
Louis Lau, head of capital markets at KPMG China in Hong Kong, noted that active listing applications now exceed 600, with A+H and tech firms still making up a significant share.
He said: "If market conditions remain stable and current applications proceed as expected, Hong Kong's full-year IPO fundraising could set a new all-time high and potentially approach HK$500 billion."
In plain terms = the pipeline is deep enough — the real variable is whether Q4's market environment and regulatory tempo can push those 600 queued applications through on schedule. That is what will determine whether the record actually falls.
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