Hong Kong IPO proceeds hit record $48.4bn in nine months
Hong Kong companies raised US$48.4 billion through 112 main-board initial public offerings in the first nine months of 2026, according to LSEG Data & Analytics. Listing activity also reached its busiest nine-month level since 2018, although Nasdaq remained far ahead after SpaceX’s record offering lifted its fundraising total.
Companies listing in Hong Kong raised US$48.4 billion through initial public offerings during the first nine months of 2026, the highest amount for that period since records began in 1980. LSEG Data & Analytics said 112 companies raised the money on the city’s main board. Two further companies listed on the Growth Enterprise Market, taking the combined number of new listings to 114.
The listing count rose 72 per cent from a year earlier and marked Hong Kong’s busiest nine-month period since 2018. Despite the strong performance, Nasdaq remained the leading exchange for fundraising, with companies raising US$144 billion. The New York Stock Exchange ranked third with US$17.8 billion.
Hong Kong remained ahead of it and also exceeded the totals raised on mainland China’s SSE Star Market and the Shenzhen exchange. Technology companies accounted for 46.9 per cent of Hong Kong’s proceeds, or US$22.7 billion. LSEG said semiconductor, telecommunications equipment and electronics issuers were the main drivers of activity.
More than 500 companies were in Hong Kong’s listing pipeline, with the number expected to exceed 600 when confidential applications were included, Deloitte said. UBS estimated full-year fundraising could reach HK$400 billion to HK$450 billion. Hong Kong Exchanges and Clearing is also reviewing listing rules.
Planned changes include measures concerning spin-offs, shareholder approvals and possible listings by space-related companies. Nasdaq could nevertheless widen its lead if Anthropic proceeds with a planned offering in November.
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