IPO market set for $380b fundraising haul

PwC says first-half listings and proceeds reached their highest level in five years.

Hong Kong's initial public offering (IPO) market is on track to raise $380b in 2026, driven by listings from Mainland Chinese companies, dual-listing activity, and investor demand for technology stocks, according to PricewaterhouseCoopers (PwC).

In its 2026 Hong Kong IPO Market Mid-Year Review and Outlook, PwC said the city raised $210b across 87 IPOs in the first half of the year, up 92% in value and 98% in volume, from the same period in 2025.

The results marked a five-year high for both funds raised and number of listings.

Hong Kong ranked as the world's second-largest IPO market during the period.

Information technology and telecommunications services accounted for 48% of Main Board listings in the first half, followed by industrials and materials at 21% and healthcare and pharmaceuticals at 18%.

PwC said more than 500 companies have submitted listing applications to the Hong Kong Stock Exchange.

Most are from Mainland China's manufacturing, technology, telecommunications, retail and consumer sectors, whilst overseas companies are also showing stronger interest in listing in Hong Kong.

Eddie Wong, capital markets leader at PwC Hong Kong, said Hong Kong is expected to remain one of the world's three largest IPO markets this year.

"We expect Hong Kong's IPO fundraising to reach $380b this year, positioning Hong Kong firmly among the world's top three IPO markets,” he said.

He added that the share of IPOs posting first-day gains rose from around 70% in the first half of 2025 to more than 80% in the same period this year.

Wong said Hong Kong should continue reviewing its listing rules and strengthening engagement with investors and prospective issuers to maintain its competitiveness.

Mainland Chinese companies remained the biggest contributors to fundraising, accounting for $121.7b of the $210b raised in the first half.

PwC said companies in sectors such as artificial intelligence, semiconductors, and other technology industries are increasingly pursuing dual listings in Hong Kong and the Mainland, or listing in Hong Kong before raising additional capital domestically.

Diamantina Leong, capital markets services partner at PwC Hong Kong, said Hong Kong continues to serve as a gateway for Chinese companies seeking international funding.

"As the super-connector between Chinese Mainland and global investors, Hong Kong plays a pivotal role in facilitating capital flows,” she said.

She added that recent changes to listing rules and the listing process have made Hong Kong a more accessible fundraising market for companies considering an IPO.