Key facts
- Hong Kong IPO fundraising reached $48.4 billion in the first nine months of 2026.
- A total of 112 companies listed on Hong Kong's main board during the period.
- Hong Kong raised $34.3 billion in 2025, topping global IPO markets.
- A+H dual listings and specialist technology IPOs accounted for over 70% of funds raised in the first half of 2026.
- Zhongji Innolight's IPO on July 30 raised $6.81 billion, the second largest in Asia in 2026.
Hong Kong's stock exchange has experienced a significant resurgence in its initial public offering (IPO) market, achieving its highest fundraising levels for the first nine months of a year since records began in 1980. In the first nine months of 2026, companies raised US$48.4 billion through 112 listings on the main board, according to data from LSEG Data & Analytics. This performance marks a doubling of funds raised compared to the same period in the previous year.
In 2025, Hong Kong had already retaken its position as the world's busiest venue for new share sales, raising approximately US$34.3 billion, according to KPMG. This total was a 210% increase from 2024, surpassing New York and Nasdaq. The rebound was largely driven by mainland Chinese companies seeking listings in Hong Kong, often as a secondary listing alongside their existing Shanghai or Shenzhen shares.
The first half of 2026 saw companies raise US$26.8 billion across 87 new listings, a 92% increase from the prior year and the strongest first half in five years. This activity places Hong Kong second globally in fundraising, behind Nasdaq, which was boosted by listings like SpaceX and artificial intelligence firms.
Two primary engines are fueling this growth: A+H listings, where companies already listed on mainland exchanges sell shares in Hong Kong, and listings under Chapter 18C, a route introduced in 2023 for deep technology companies that may not meet conventional profit tests. A+H deals, in particular, have dominated fundraising totals due to their larger size, with 24 completed in the first half of 2026 alone, surpassing the entire previous year's record.
Notable transactions include Contemporary Amperex Technology's (CATL) US$5.2 billion IPO in May 2025, which was the largest listing globally at the time. More recently, on July 30, 2026, Zhongji Innolight, a Chinese maker of optical transceivers for AI data centers, raised US$6.81 billion, Hong Kong's largest share sale since Alibaba's 2019 secondary listing and the second largest in Asia that year. The deal saw strong retail and international subscription, with cornerstone investors including BlackRock and Temasek.