Hong Kong IPO fundraising set to hit record HK$500bn in 2026, KPMG says
KPMG forecasts Hong Kong's IPO market could raise a record HK$500 billion in 2026, driven by A+H listings and tech deals. In the first three quarters of 2026, 116 new listings raised over HK$388 billion, more than doubling year-on-year and surpassing all previous nine-month totals.
Hong Kong is on track for its best annual fundraising performance on record, with proceeds potentially reaching HK$500 billion in 2026, driven by A+H listings and technology deals, according to accounting firm KPMG.
In the first three quarters of the year, the city's initial public offering (IPO) market welcomed 116 new listings raising more than HK$388 billion, KPMG said. That figure has more than doubled year-on-year and already surpassed every previous nine-month total in the market's history, the firm added.
With momentum remaining strong, KPMG said Hong Kong is well-positioned to surpass the previous annual fundraising record of HK$427 billion set in 2010.
A+H listings remained the primary growth engine, with deal volume more than tripling and funds raised increasing by more than 180 per cent. A total of 37 A+H listings were completed during the nine months, contributing nearly 70 per cent of Hong Kong's total IPO proceeds. Meanwhile, more than half of Hong Kong's IPO fundraising came from companies operating in high-tech sectors such as artificial intelligence, semiconductors and robotics during the period.
Specialist Technology Companies listed under Chapter 18C raised HK$36.2 billion across 19 listings, compared with just eight such listings completed over the previous three years combined. KPMG estimated that A+H applicants, technology companies and other new economy issuers continue to represent a significant proportion of prospective listings, positioning these segments to remain important drivers of the market through the fourth quarter and into 2027.
Globally, IPO markets also maintained strong momentum in the first three quarters, with 944 listings raising US$289.9 billion (HK$2.26 trillion). Hong Kong ranked second globally by funds raised, following Nasdaq, where the two largest IPOs — SpaceX and SK Hynix — listed and raised a combined US$112.8 billion, accounting for nearly 40 per cent of total global IPO proceeds.