IPOs and secondary listings drive $348b equity proceeds in first half

The region recorded its strongest first-half equity fundraising since 2021.

Hong Kong equity capital market (ECM) activity in the first half (H1) reached its strongest performance since 2021, with proceeds rising 17.8% year on year (YoY) to $348.1b (US$44.4b), driven by initial public offerings (IPOs) and secondary listings.

The London Stock Exchange Group’s (LSEG) Deals Intelligence said the number of ECM issuances increased 26.7% from H1 2025.

IPOs and secondary listings raised a combined $203.8b (US$26b), accounting for 59% of total ECM proceeds.

Combined proceeds increased 54.3% from a year earlier, whilst the number of deals rose 86% to an eight-year high.

Original IPOs generated $76.8b (US$9.8b) from 54 deals, up 148.6% YoY and the highest first-half total since 2021, whilst secondary listings raised $127.0b (US$16.2b) from 26 deals, up 55.9%, setting records for both proceeds and deal count.

Chinese issuers accounted for 98.5% of IPO and secondary listing proceeds, raising $200.7b (US$25.6b).

“Proceeds from Chinese companies rose 88.4% YoY, with deal volume nearly doubling compared with the previous year,” LSEG said.

High technology accounted for the largest share of Hong Kong ECM activity at 36.7%, with $127.8b (US$16.3b) in proceeds from semiconductor, electronics, software, and information technology companies.

Industrials represented 14.7% of proceeds, followed by energy and power at 13.2%.

High technology also led new listings, accounting for 53.1% of IPO and secondary listing proceeds, with $108.2b (US$13.8b) raised across 31 deals, compared with five deals in the same period last year.

Follow-on offerings raised $130.1b (US$16.6b), down 19.1% from a year earlier, although the number of follow-on deals increased 12.3%. Convertible offerings totalled $14.1b (US$1.8b), a decline of 36.9%.

Globally, IPO and secondary listing activity raised $1.46t (US$186.7b) in 1H, up 207.3% YoY and the highest first-half total since 2021.

Original IPOs generated $1.32t (US$168.8b) despite a 5.8% decline in deal count, whilst secondary listings raised $140.3b (US$17.9b), with proceeds increasing 54.2% and the number of deals rising 130%.

“The US and China remained the dominant markets, accounting for 64.8% and 19.2% of global IPO and secondary listing proceeds, respectively,” the group said.

Hong Kong's Main Board ranked second amongst stock exchanges by IPO and secondary listing proceeds, with a 13.9% market share, behind NASDAQ and ahead of the New York Stock Exchange.

The report identified the $675.8b (US$86.2b) SpaceX IPO on NASDAQ in June 2026 as the largest IPO on record.

Separately, merger and acquisition (M&A) activity involving Hong Kong reached $482.2b (US$61.5b) in 1H, up 77.2% from the same period last year and the highest first-half total since 2023.

Energy and power accounted for 36.5% of deal value at $175.6b (US$22.4b), whilst telecommunications ranked second with $51.7b (US$6.6b) in announced deals.

“Materials placed third with a 9.6% share, rising 433.7% from 1H of last year. High technology (8.9% market share) and healthcare (8.9% market share) also witnessed triple-digit percentage growth from 1H2025,” LSEG said.

The largest Hong Kong-related transaction was ENGIE SA's agreement to acquire UK Power Networks from CK Hutchison-affiliated entities for $167.0b (US$21.3b), the largest Hong Kong-involvement energy and power deal since records began in 1980.

(US$1 = HK$7.84)