Key facts
- Mainland Chinese firms are increasingly cautious about listing in Hong Kong.
- The TMT sector was the dominant sector in Hong Kong's IPO market in Q1 2026.
- Hong Kong saw eight of the 10 largest TMT IPOs globally in the quarter.
Hong Kong's initial public offering market is on track for a record year in 2026, driven by strong demand from Chinese companies. However, mainland firms are growing more cautious about listing in the city due to worsening market conditions, despite strong overall fundraising figures. In the first quarter of 2026, Hong Kong's IPO market saw 40 new listings, raising HK$110.4 billion, making it the second-highest Q1 fundraising volume on record for HKEX. The technology, media, and telecommunications (TMT) sector was the dominant force, accounting for 55% of total fundraising and featuring eight of the top 10 global TMT IPOs for the quarter. Overall equity capital markets fundraising reached US$30.6 billion, a five-year high. Average daily turnover in the cash equities market also increased by 14% year-on-year to HK$276.7 billion.