Hong Kong IPO market targets global runner-up spot

Professional services firm Ernst & Young (EY) projects that Hong Kong will record 84 initial public offerings (IPOs) in the first half of 2026, amassing a total of HK$209.8 billion in funds. This performance marks a 92 percent increase year-on-year for the Hong Kong IPO market compared to the average over the previous five years, bolstering confidence that the market will meet its annual target of HK$320 billion, the Standard newspaper reports.

The momentum is driven largely by the popularity of the dual-listed A and H shares model, which has become a primary route for leading enterprises seeking cross-border financing. As of 23 June, 121 A-share companies have indicated plans to list in Hong Kong this year, with eight of the top new offerings utilising the A+H framework. 

These listings are drawing in businesses across key sectors including artificial intelligence, biopharmaceuticals, new energy, and new consumption.

[See more: Hong Kong claims second place in global IPO market during first half of 2026]

Jacky Lai, assurance partner at EY, pointed to a robust pipeline of activity, with over 420 enterprises actively pursuing publicly filed IPOs. When combined with more than 59 companies that have filed with the China Securities Regulatory Commission but have yet to debut, Lai expressed optimism regarding the market’s trajectory.

Hong Kong’s IPO market: risks

While the Hong Kong IPO market aims to maintain its second-place global ranking, competition remains fierce, the Standard says. The Nasdaq currently leads the global fundraising league, having raised US$113.1 billion (HK$882 billion) from 45 new listings, boosted by interest in artificial intelligence stocks and SpaceX. The New York Stock Exchange occupies the third position, with US$14.3 billion raised.

Despite the positive outlook, EY warned that the market is not without its risks. Analysts highlighted the potential for volatility stemming from an approaching wave of IPO lock-up periods, which could total up to HK$1 trillion, alongside the possibility of reversals in US interest rate expectations.