IPO market projected to reach $350b in 2026

Retail, consumer, IT, and biotech sectors lead Hong Kong IPOs.

The region’s initial public offering (IPO) market is expected to maintain its growth trend in 2026, with funds projected to reach $320b to $350b following a strong 2025 performance of $285.8b funds raised across 119 IPOs, PwC said.

The report stated that new economy companies, retail, consumer goods, services, IT, and biotech were the key drivers of IPO growth as 55 companies raised $1b or more, demonstrating a strong market enthusiasm for large IPOs.

PwC also highlighted continued development in the A-share market, listing 116 new stocks worth RMB131.8b, driven by technological innovation and high-quality listings, and reforms in the STAR and ChiNext Markets.

The report also emphasised the importance of the Beijing Stock Exchange for small and medium enterprises in AI, robotics, semiconductors, new energy, and biomedicine.

PwC anticipates that the region will sustain its position as a leading global listing destination, attracting overseas and innovative Chinese companies, and offering diverse fundraising opportunities across sectors.

“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 Hong Kong Capital Markets Leader, Eddie Wong, said.