PwC announced that Hong Kong's initial public offering (IPO) market continued to break fundraising records in 2026. A total of 116 new listings were recorded in the first three quarters, raising over HK$388 billion, more than double the amount during the same period last year, setting the highest nine-month fundraising record in history. A+H listings and specialist technology companies have continued to be the main drivers of market growth. According to PwC's latest report, "Mainland China and Hong Kong IPO Market Review 2026 Q3", there are currently over 600 active listing applications, indicating that Hong Kong is poised to record its strongest annual fundraising performance ever, with full-year proceeds potentially reaching HK$500 billion.

*Mega IPOs reshaping global IPO fundraising landscape*

　　In the first three quarters of 2026, the global IPO market maintained strong momentum, recording 944 listings with total proceeds of USD 289.9 billion. Although the number of listings remained flat, total fundraising surged by 160%, reflecting an increasing concentration of fundraising activities in a few mega deals globally. To date, the two largest IPOs were SpaceX and SK Hynix, both listed on Nasdaq, collectively raising USD 112.8 billion, accounting for nearly 40% of global IPO proceeds. Nasdaq thus ranked first in global fundraising, followed by Hong Kong, Shanghai, New York, and Shenzhen stock exchanges.

*Technology firms drive A-share fundraising to double*

　　The A-share market showed strong momentum in the first three quarters of 2026, with 134 new listings raising CNY 254.4 billion, representing increases of 41% in number of listings and 125% in fundraising compared to the same period last year. Among them, the STAR Market of the Shanghai Stock Exchange performed particularly well, raising CNY 105.5 billion, more than 13 times the amount raised during the same period last year. This significant growth was primarily driven by the listing of ChangXin Memory Technologies, a leading DRAM chip manufacturer in mainland China, which raised CNY 66.6 billion, accounting for over 60% of the total fundraising on the STAR Market.

*A+H and specialist technology companies propel Hong Kong IPO market to new highs*

　　Hong Kong's IPO market achieved a record high fundraising amount for the first nine months in 2026, with 116 listings raising over HK$388 billion. With the market momentum remaining strong, Hong Kong is expected to surpass the annual fundraising record of HK$42.7 billion set in 2010, achieving the highest annual fundraising amount in history.
　
　　A+H listings continued to be the main growth engine of Hong Kong's IPO market. During the period, there were 37 A+H listings, more than triple the number during the same period last year, with fundraising increasing by over 180%, accounting for nearly 70% of Hong Kong's total IPO proceeds. The increase in A+H listings further highlights Hong Kong's role as a key offshore financing platform connecting mainland Chinese enterprises with international capital. (bn)