PwC: Hong Kong IPO market to continue growth trend in 2026, expected to reach HKD320 billion to HKD350 billion by funds raised

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• In 2025, the Hong Kong IPO market reclaimed the top position globally in terms of capital raised.
• Its performance in 2026 is expected to be even more favourable, showcasing a flourishing landscape. New economy enterprises, along with sectors related to retail, consumer goods, and services, will be the top market focus.

Hong Kong, 5 January 2026 – In 2025, Hong Kong reclaimed the top global position in terms of IPO funds raised, reaching nearly HKD285.8 billion. This has attracted worldwide market attention, underscoring Hong Kong’s leadership as an international financial centre. In 2026 PwC anticipates that, despite ongoing geopolitical uncertainties, the overall trend of falling interest rates will boost investor confidence. This will be complemented by favourable government policies, making Hong Kong’s IPO market likely to continue its robust performance.

In 2025 Hong Kong saw 119 IPOs, marking a 68% increase from 2024, and raising HKD285.8 billion, a more than twofold rise (225%), positioning it at the forefront globally. IPOs in Hong Kong in 2025 included 113 Main Board companies, two GEM-to-Main Board transfers (without fundraising), one listing by introduction, two de-SPAC, and one on GEM. Industry distribution on the Main Board was dominated by retail, consumer goods, and services (28%), followed by information technology and telecommunications services (26%), with healthcare and pharmaceuticals making up 25%. In terms of funds raised, industrials and materials led (41%), followed by retail, consumer goods and services (27%), and information technology and telecommunications services (18%). Notably, 55 companies raised HKD1 billion or more, demonstrating strong market enthusiasm for large IPOs.

Diamantina Leong, PwC Hong Kong Capital Markets Services Partner, said: “Hong Kong’s capital market performed exceptionally well in 2025, enhancing company valuations and boosting market confidence, significantly increasing Hong Kong’s attractiveness as a listing destination. We expect more overseas and innovative companies to opt for Hong Kong listings, reflecting the resilience and strength of Hong Kong’s financial market, as well as its vital position in Asia-Pacific and global markets. Looking ahead, Hong Kong will continue to play a unique and important role in global capital markets, providing diverse opportunities for various companies to raise funds through listings.”

Currently, over 300 companies have filed applications to list on the Hong Kong Stock Exchange, including some large enterprises. PwC predicts that approximately 150 companies will successfully list in Hong Kong in 2026, raising between HKD320 billion and HKD350 billion. PwC also anticipates that more than ten companies will raise over HKD5 billion and that A-share companies will continue the trend of utilising Hong Kong’s capital markets for international fundraising. The number of H-share listings in Main Board surged from 30 in 2024 to 76 in 2025, an increase of 153%. New economy companies, particularly 18C innovative companies and 18A biotech companies, will remain the focus of listings in 2026. Furthermore, retail, consumer goods and services companies are expected to benefit from the Chinese government’s push for domestic demand, with more of these companies projected to raise funds by listing in Hong Kong.

Eddie Wong, PwC Hong Kong Capital Markets Leader, added: “In 2025, Hong Kong’s capital market saw a strong recovery. Looking ahead to 2026, the Hong Kong IPO market is expected to maintain its promising performance and exhibit a trend toward diversified development. This diversity will enable companies from various sectors to obtain funding related to innovation and technology, driving the market to deeper levels of development. The Hong Kong IPO market will remain vibrant, with IPO funds raised anticipated to reach HKD350 billion in 2026, supported by listings of high-end manufacturing and tech companies. Despite uncertainties in the global geopolitical landscape, the demand for international financing by Chinese enterprises and investors’ interest in high-quality Chinese companies remain strong. PwC looks forward to witnessing Hong Kong maintain its leadership in global capital markets, making it the preferred listing destination for international and Chinese companies, thereby creating a more prosperous economic environment for all stakeholders involved.”

In 2025, the A-share IPO market, driven by the strategy of deepening reform of the STAR and ChiNext Markets, exhibited distinct characteristics of “quality first, structural optimisation, and technology leadership”. Investment and financing developed in a coordinated manner throughout 2025, with a total of 116 new stocks listed, raising RMB131.8 billion. Compared to 2024, the number of new stocks increased by 16%, and the total amount of funds raised grew by 96%. The industry distribution focused on sectors like industrials, IT, materials, and energy, with technological innovation becoming the core driver for companies going public. This underscores the significant role of the A-share capital market in supporting the development of new quality productive forces, national industrial upgrades, and the strategy for scientific and technological self-reliance.

The institutional environment of the A-share market continued to improve in 2025, with IPO valuations becoming more rational and investor confidence remaining strong. Patient, long-term, and strategic capital steadily expanded. With the deepening of a multi-tier capital market system, the Beijing Stock Exchange’s activity increased, becoming an important listing platform for SMEs in sectors such as AI, robotics, semiconductors, new energy, and biomedicine. The A-share capital market entered a new phase of high-quality development characterised by quality-first, innovation-driven, and institutionally inclusive growth.