Hong Kong’s IPO haul in first 9 months smashes record despite Nasdaq’s fundraising lead

Funds raised through Hong Kong initial public offerings (IPOs) doubled in the first nine months of 2026, reaching the highest level for the period since records began in 1980.

A total of 112 companies raised US$48.4 billion on Hong Kong’s main board during the first nine months, according to data released by LSEG Data & Analytics on Wednesday. A further two companies listed on the city’s Growth Enterprise Market (GEM).

By deal count, the combined total of 114 new listings on the main board and GEM rose 72 per cent year on year, marking the busiest nine-month period since 2018.

The city, however, still trails Nasdaq, where companies raised US$144 billion during the period. The US exchange widened its lead after Elon Musk’s SpaceX completed the largest IPO in history in June, raising US$86.2 billion, LSEG data showed.

Hong Kong remained well ahead of the New York Stock Exchange, which ranked third with US$17.8 billion in IPO proceeds. Mainland China’s Nasdaq-style SSE Star Market and the Shenzhen exchange ranked fourth and seventh with US$12.2 billion and US$5 billion, respectively.

Despite the gap with Nasdaq, the outlook remains positive for the Hong Kong stock exchange.

More than 500 companies were currently in the listing pipeline, a figure expected to exceed 600 when confidential applications are included, while three to four candidates could each raise more than HK$10 billion (US$1.3 billion) in the fourth quarter, accounting firm Deloitte said last week.

“The overall Hong Kong IPO sentiment remains strong, with good investor interest in artificial intelligence and tech-related companies, metals and mining, and healthcare,” said John Lee Chen-kwok, vice-chairman and co-head of Asia coverage at UBS in Hong Kong.

Technology dominated IPO and secondary-listing activity in the city, accounting for 46.9 per cent of total proceeds, or US$22.7 billion, up 11 times from the first nine months of 2025, LSEG said. Semiconductor, telecommunications equipment and electronics issuers were the primary drivers of activity.

To capitalise on the aerospace boom, bourse operator Hong Kong Exchanges and Clearing (HKEX) planned to launch a consultation in the first half of next year on revising listing rules aimed at attracting space-related IPOs, Hong Kong Chief Executive John Lee Ka-chiu said in his latest policy address.

Still, Hong Kong may struggle to retain the global IPO crown it held last year and in the first quarter of 2026. Nasdaq was expected to pull ahead, boosted by Anthropic’s planned listing in November, which could raise up to US$100 billion, according to media reports.

UBS’s Lee said the investment bank expected full-year IPO fundraising in Hong Kong to reach between HK$400 billion and HK$450 billion, with the upper end surpassing the nearly HK$450 billion raised in 2010 and setting a record.

Nine mega-listings have raised over US$1 billion each in Hong Kong so far this year, led by three secondary offerings from mainland Chinese companies.

Optical transceiver manufacturer Zhongji InnoLight tops the list with a US$7.8 billion share sale in July – Hong Kong’s largest listing since Alibaba Group Holding’s US$12.9 billion debut in 2019. It was followed by Apple supplier Luxshare Precision Industry and printed circuit board maker Victory Giant Technology.

“We expect Hong Kong to remain among the top three in terms of IPO fundraising but [it could claim the top spot] by number of listings this year,” Lee said.

Under the proposal, HKEX planned to shorten the post-listing waiting period for spin-offs from three years to one year and reduce the number of transactions requiring shareholder approval – moves widely seen as enhancing the city’s appeal as an IPO destination.

The proposals build on the bourse operator’s broader efforts to modernise its listing regime and IPO process.

Recent measures include introducing the fast interface for new issuance – or Fini – settlement platform to shorten the settlement times, lowering listing thresholds for specialist technology and biotech companies, and enabling confidential listing filings.