Despite raising a significant HK$203.3 billion (US$25.94 billion) during the first six months, Hong Kong’s IPO market was defeated by the Nasdaq, largely due to SpaceX’s record IPO debut
Hong Kong claims second place in global IPO market during first half of 2026
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Hong Kong was the world’s second-largest market for initial public offerings (IPOs) in the first half of this year, with 78 new listings raising a combined HK$203.3 billion (US$25.94 billion) – up 90 percent year-on-year.
Presenting its half-year review yesterday, accountancy firm Deloitte told reporters that Hong Kong was only surpassed by the US’s Nasdaq, which generated HK$872.4 billion (US$111.32 billion) from 60 new listings. The tech-dominated stock exchange managed to surge past Hong Kong primarily due to the debut of SpaceX, which recorded an IPO of HK$675.8 billion (US$86.2 billion) – the largest in history.
Edward Au, Deloitte China’s southern region managing partner, stated that Hong Kong would have “narrowly surpassed” the Nasdaq had it not been for the capital raised by SpaceX.
The New York Stock Exchange ranked third, with 31 IPOs raising HK$124.2 billion (US$15.85 billion). Euronext was fourth, its 17 listings raising about HK$41.2 billion (US$5.26 billion), while the Shanghai Stock Exchange came fifth, with 19 offerings raising HK$34.7 billion (US$4.43 billion).
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In terms of the forecast for Hong Kong’s IPO market in the second half of this year, Au said Deloitte was “cautiously optimistic.” The firm maintains that the SAR will see roughly 160 new IPO listings and raise at least HK$300 billion (US$38.28 billion) for the entire 2026, which would put it among the top three IPO markets globally.
Au said the city had a strong pipeline of around 600 applications as of May, at least five of which could each raise more than HK$10 billion (US$1.27 billion).
Shortly before Deloitte published its report, six firms debuted on the Hong Kong stock exchange with plans to collectively raise HK$19.8 billion (US$2.53 billion). Among the biggest prospective offerings are Shenzhen-listed Lingyi iTech (Guangdong) Company, which is leading the pack with plans to raise up to HK$8.26 billion (US$1.05 billion).
Chinese chip-design firm SG Micro is targeting HK$4.6 billion (US$587 million), while semiconductor-equipment maker Circuit Fabology Microelectronics Equipment hopes to raise HK$3.24 billion (US$413.4 million).
