PwC: Hong Kong IPO fundraising expected to reach HK$380 billion in 2026

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Fundraising amount and number of listings both hit five-year high in H1 2026 

Hong Kong, 2 July 2026—PwC Hong Kong today released its 2026 Hong Kong IPO Market Mid-Year Review and Outlook. Despite near-term headwinds from geopolitical tensions, inflation and interest rate volatility, PwC Hong Kong remains confident in the growth momentum of Hong Kong’s IPO market, with full-year fundraising expected to reach HK$380 billion, and the momentum projected to extend into 2027. This upswing is driven by three key factors: leading Chinese Mainland enterprises listing in Hong Kong as the primary source of capital raised, an increasing number of Chinese Mainland tech companies pursuing dual listings, and strong international investor interest in high-growth new economy sectors—particularly artificial intelligence (AI), new materials, semiconductors, chips and creative robotics.

In the first half of 2026, buoyed by these positive trends, Hong Kong’s IPO market set a five-year high in both fundraising amount and number of listings. During the period, Hong Kong’s IPO market raised HK$210 billion, up 92% year-on-year, ranking second globally. Meanwhile, Hong Kong recorded 87 new listings, up 98% compared to the first half of 2025, comprising 83 Main Board listings, two transfers from GEM to the Main Board (with no funds raised), one Main Board listing by way of introduction (with no funds raised) and one GEM listing. Regarding activity by sector, Main Board new listings were dominated by the information technology and telecommunications services sector (48%), followed by industrials and materials (21%) and healthcare and pharmaceuticals (18%).

Second-half highlights: Overseas and A-share companies actively seeking to list in Hong Kong

Positive market sentiment is expected to continue into the second half of the year, which is the traditional peak IPO period in Hong Kong. Over 500 companies have currently submitted listing applications to the Hong Kong Stock Exchange. These companies are primarily from Chinese Mainland’s manufacturing, information technology and telecommunications services, and retail and consumer goods and services sectors. Among these, new economy segments, including hard and core technology sectors such as AI and semiconductors, are particularly prominent. In addition, overseas enterprises are also exploring fundraising and listing in Hong Kong more actively than before, with some having already submitted listing applications.

Eddie Wong, Capital Markets Leader at PwC Hong Kong, said: “We expect Hong Kong’s IPO fundraising to reach HK$380 billion this year, positioning Hong Kong firmly among the world’s top three IPO markets. Additionally, the first-day performance for new listings has improved markedly, with the proportion of gainers rising from around 70% in H1 2025 to more than 80% in H1 2026–further strengthening corporate confidence in listing in Hong Kong. Looking ahead, to sustain Hong Kong’s competitive edge, it is essential to continuously enhance the overall ecosystem, including regularly reviewing and enhancing the listing rules to adapt to market changes and corporate needs, as well as proactively strengthening communication with investors and prospective listing companies. By attracting more innovative, diverse and internationally oriented companies to list here, Hong Kong will further consolidate its unique position as a leading international fundraising hub and capital market of choice.”

Hong Kong emerges as a preferred listing destination for A-share companies, with international capital favouring tech stocks

A-share companies continue to access Hong Kong’s capital market for international fundraising, contributing HK$121.7 billion of the HK$210 billion total raised to date. Chinese Mainland companies involved in popular sectors such as AI, semiconductors, and hard and core technology are increasingly seeking dual listings on the Hong Kong and Chinese Mainland exchanges or listing in Hong Kong first followed by a secondary offering in the Chinese Mainland. The Chinese government regards technology and AI as key drivers for sustaining national economic growth. In turning to Hong Kong’s international capital market, these companies are able to broaden and diversify their investor bases while further enhancing their international brand presence.

Diamantina Leong, Capital Markets Services Partner at PwC Hong Kong, said: “As the super-connector between Chinese Mainland and global investors, Hong Kong plays a pivotal role in facilitating capital flows and serves as a key gateway to international capital markets for Chinese enterprises expanding overseas. In recent years, various amendments to listing rules and optimisations to the listing process have further reduced practical and regulatory barriers, making Hong Kong an increasingly accessible and attractive venue for companies considering going public, thereby strengthening their preference to choose Hong Kong as their listing destination.”

A-share Market

In the A-share market, the IPO landscape in the first half of 2026 continued to reflect normalised issuance and structural optimisation, characterised by growth in both quantity and quality, accelerated review processes and the intensive listing of companies in future-oriented industries. A total of 71 new listings were recorded in the A-share market, raising RMB 70.6 billion—a 39% increase in the number of new listings and an 89% increase in fundraising compared to the first half of 2025. Among the boards, the Beijing Stock Exchange led the A-share market with 36 new listings, while the STAR Market topped the fundraising rankings with RMB 19.6 billion raised. Industry distribution was highly concentrated in new quality productive forces sectors such as electronic information, high-end equipment, new materials and new energy. With the deepening reform of the ChiNext Board and the implementation of the STAR Market’s “1+6” policy, companies in key national strategic sectors—including AI, new energy, high-end manufacturing, private-sector aerospace, quantum technology and biomanufacturing—will enjoy significant advantages when listing. This will further reinforce the strategic role of the A-share capital market in supporting technological self-reliance and industrial upgrading.

In 2026, the A-share market has seen simultaneous improvements in institutional inclusiveness and review efficiency, with investor confidence steadily recovering and long-term and patient capital accelerating its market entry. The Beijing Stock Exchange has expanded at a faster pace, with small and medium-sized enterprises in sectors such as semiconductors, biopharmaceuticals, new materials and high-end equipment actively listing. The A-share capital market is rapidly entering a new stage of high-quality development, characterised by a hard and core technology orientation and a focus on quality and institutional inclusiveness.