Sustained Heat in Hong Kong's IPO Market as Pipeline Swells
The momentum for initial public offerings in Hong Kong shows no signs of slowing this year, with companies maintaining a strong appetite for listing in the city. Recent figures reveal a significant buildup in the pipeline of potential new listings.
Listing Data Highlights Market Momentum
According to Wind data as of September 29, 76 companies have successfully gone public in Hong Kong after passing hearings since the start of the year. The pipeline of upcoming listings is substantial:
- 7 companies have passed hearings and are awaiting listing;
- A sizable queue of 369 companies have applications under review, forming a large preparatory cohort;
- 145 applications have lapsed, and 2 were withdrawn.
Twin Engines: Tech Surge and A+H Listings
The current IPO wave is fueled by two concurrent trends. Firstly, mainland Chinese companies in hard tech sectors like artificial intelligence, semiconductors, and advanced manufacturing are increasingly turning to Hong Kong's capital markets for growth funding and global visibility. Secondly, the model of "A+H" dual listings—where companies already listed on mainland A-shares seek a secondary listing in Hong Kong—continues to gain traction. These two forces are combining to deliver significant new volume to the market.
Market Outlook: Fundraising Could Challenge Record
Professional forecasts remain bullish. Deloitte China's latest projection suggests the strong pace in Hong Kong's new share market is likely to persist through year-end. The firm estimates the market could see around 160 new listings in 2026, raising no less than HKD 480 billion. If realized, this fundraising total could potentially surpass the annual record set back in 2010. Within this activity, hard tech firms with core innovative technologies are expected to remain a primary focus for both investor attention and capital allocation.