Hong Kong’s IPO market is setting new fundraising records in 2026. With 116 listings raising more than HK$388 billion ( US$49.44 billion ) in the first three quarters, funds raised have more than doubled year on year and already surpassed every previous nine-month total in the market’s history, according to a new report.
The surge has been powered by A+H listings and specialist technology companies, which have emerged as the market’s primary growth engines. With more than 600 active IPO applicants in the pipeline, Hong Kong is well positioned to deliver its strongest annual fundraising performance on record. With momentum remaining strong, the city is on course to surpass the previous annual fundraising record of HK$427 billion set in 2010, with proceeds potentially reaching HK$500 billion by the end of the year, KPMG China says in its Chinese Mainland and Hong Kong IPO Markets 2026 Q3 Review.
Deal volume more than tripled and funds raised increased by more than 180% year on year. The 37 A+H listings completed during the period contributed nearly 70% of Hong Kong’s total IPO proceeds, highlighting the city’s importance as an offshore fundraising platform for 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. Specialist technology companies listed under Chapter 18C raised HK$36.2 billion across 19 listings, compared with just eight such listings completed over the previous three years combined. The continued rise of technology-related issuers highlights both strong investor demand for innovation-led businesses and the growing maturity of Hong Kong’s technology fundraising ecosystem.
A+H applicants, technology companies and other new economy issuers continue to represent a significant proportion of prospective listings, positioning these segments to remain important drivers of the market through the fourth quarter and into 2027.
Louis Lau, partner, head of Hong Kong capital markets group, KPMG China, comments: “Hong Kong’s IPO momentum is being underpinned by a broader and more diverse pipeline, particularly A+H listings and specialist technology companies, alongside sustained international demand for high-quality issuers. The depth of the active pipeline and continued enhancements to the listing framework should support activity into the fourth quarter and beyond. If market conditions remain supportive and the current pipeline converts as expected, Hong Kong could deliver a record year, with full-year IPO proceeds potentially approaching HK$500 billion.”
Hong Kong continues to enhance its listing framework to support long-term market competitiveness and attract a broader range of issuers. On September 21, HKEX published a consultation paper on the second phase of its listing framework competitiveness review, focusing on post-listing requirements relating to notifiable transactions, connected transactions and spin-off transactions.
The 2026 Policy Address also outlined upcoming proposals to promote the listing of overseas enterprises in Hong Kong, further strengthening the city’s role as an international financial centre. Together, these initiatives demonstrate Hong Kong’s commitment to promoting an internationally competitive listing platform while upholding high standards of market quality and investor protection.
A-share fundraising doubles
Mainland China's A-share market gained significant momentum in the first three quarters of 2026, with 134 listings raising 254.4 billion ( US$37.94 billion ). This represented year-on-year increases of 41% in deal volume and 125% in funds raised. The acceleration was led by the Shanghai STAR Market, which raised 105.5 billion yuan, more than 13 times the amount recorded a year earlier. Much of this growth was attributable to CXMT Corp., mainland China’s leading DRAM manufacturer, whose 66.6 billion yuan IPO contributed over 60% of the STAR Market’s total funds raised.
The Beijing Stock Exchange also delivered strong growth, completing 62 listings and raising 21.1 billion yuan. Deal volume and funds raised increased by 313% and 314% year on year, respectively, with the exchange recording the highest number of IPOs among the A-share exchanges during the period.
Ongoing regulatory initiatives continue to support innovation and high-quality economic growth. The China Securities Regulatory Commission ( CSRC ) has reiterated its support for eligible Hong Kong-listed companies seeking A-share listings, while the 15th Five-Year Plan promotes a more inclusive listing framework for strategic emerging industries.
Irene Chu, Partner, Head of New Economy & Life Sciences, Hong Kong SAR, KPMG China, says: “The strong growth in A-share fundraising reflects continued investor confidence in innovation-driven sectors and the market’s increasing capacity to support large-scale technology offerings,” says Irene Chu, partner, head of new economy and life sciences, Hong Kong SAR, KPMG China. “Ongoing regulatory initiatives and a healthy pipeline of listing applicants are creating favourable conditions for sustained listing activities. These developments are also strengthening the appeal of the A-share market for eligible Hong Kong-listed companies seeking to broaden their investor base and access additional sources of capital.”
Mega-IPOs reshape global fundraising
Globally, IPO markets maintained strong momentum in the first three quarters of 2026, with 944 listings raising US$289.9 billion. While deal volume remained stable, funds raised surged by 160%, reflecting an IPO landscape increasingly shaped by large transactions.
The two largest IPOs to date, SpaceX and SK Hynix, were both listed on Nasdaq, raising a combined US$112.8 billion, which accounted for nearly 40% of total global IPO proceeds.
As a result, Nasdaq ranked first globally by funds raised, followed by the stock exchanges in Hong Kong, Shanghai, New York and Shenzhen.
Paul Lau, partner, head of capital markets and professional practice, KPMG China, comments: “Mega-IPOs are becoming an increasingly powerful force in global capital markets, accounting for a growing share of overall fundraising activity. We expect artificial intelligence companies to feature prominently in the next wave of large-scale offerings, with the anticipated listing of Anthropic potentially becoming the largest IPO in history, marking another milestone in the evolution of global capital markets.”
