Hong Kong IPOs raise record $388b in 9M

Proceeds have already overtaken the market’s previous full-year high set in 2010.

Hong Kong’s initial public offering (IPO) market raised more than $388b from 116 listings in the first three quarters of 2026, setting a record for nine-month fundraising, according to KPMG China.

The firm’s Chinese Mainland and Hong Kong IPO Markets 2026 Q3 Review found that proceeds more than doubled year on year (YoY) and have already surpassed the previous full-year record of $427b set in 2010.

A+H listings were the main growth driver, with 37 listings completed during the period. They contributed nearly 70% of the city’s overall IPO proceeds, whilst deal volume more than tripled YoY and funds raised increased by more than 180%.

KPMG China said the performance highlights Hong Kong’s importance as an offshore fundraising platform for Chinese Mainland enterprises seeking access to international capital.

“Technology and innovation remained at the centre of Hong Kong’s IPO market in 2026, with more than half of total IPO proceeds raised by companies operating in high-tech sectors such as artificial intelligence, semiconductors, and robotics,” the firm said.

Specialist Technology Companies listed under Chapter 18C raised $36.2b across 19 listings, compared with eight such listings completed over the previous three years combined.

Hong Kong has more than 600 active IPO applicants in its pipeline, with A+H applicants, technology companies, and other new-economy issuers making up a significant share.

KPMG China said the market could deliver a record year, with full-year IPO proceeds potentially approaching $500b if market conditions remain supportive and the current pipeline converts as expected.

The city is also continuing to strengthen its listing framework, with Hong Kong Exchanges and Clearing publishing a consultation paper on the second phase of its listing framework competitiveness review on 21 September.

The review covers post-listing requirements for notifiable transactions, connected transactions, and spin-off transactions.

The 2026 Policy Address also outlined proposals to promote the listing of overseas enterprises in Hong Kong.