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

During the first nine months of 2026, Hong Kong's IPO haul reached a record high, despite Nasdaq raising more funds. A total of 112 companies raised US$48.4 billion on Hong Kong's main board, with two additional listings on the Growth Enterprise Market. Deal count rose 72% year-on-year, marking the busiest nine months since 2018.

Nasdaq's fundraising lead remains, with US$144 billion raised compared to Hong Kong's US$48.4 billion. However, Hong Kong is still well ahead of the New York Stock Exchange, which raised US$17.8 billion. More than 500 companies are currently in the listing pipeline, expected to exceed 600 when confidential applications are included.

John Lee Chen-kwok, UBS vice-chairman and co-head of Asia coverage, noted strong IPO sentiment in Hong Kong, driven by interest in tech, tech-related companies, metals, mining, and healthcare. Technology dominated IPO activity, accounting for 46.9% of total proceeds, or US$22.7 billion. Hong Kong Exchanges and Clearing plans to launch a consultation on listing rules aimed at attracting space-related IPOs, in response to the aerospace boom.

Nine mega-listings have raised over US$1 billion each this year, with Hong Kong's largest being Optical transceiver manufacturer Zhongji InnoLight's US$7.8 billion share sale in July. Despite Nasdaq's expected takeover of the global IPO crown, Hong Kong remains well-positioned to claim the top spot in number of listings this year.