According to data from the London Stock Exchange Group (LSEG) Deals Intelligence team, Hong Kong ranked first globally in fundraising during the first quarter of this year, based on funds raised through initial public offerings (IPOs) and secondary listings. The city accounted for 33% of the global market share, surpassing Nasdaq's 14.1% and the New York Stock Exchange's 12.4%. However, it remains uncertain whether Hong Kong can retain this leading position by the end of the year.
Edward Au, Southern China Managing Partner of Deloitte China, noted that if companies such as SpaceX and OpenAI, the creator of ChatGPT, successfully list this year, it would pose a significant challenge to Hong Kong's top ranking. Despite this, Hong Kong retains competitive advantages and is expected to remain among the top performers. He also pointed out that while SpaceX has already filed for an IPO, the overall market remains volatile. Additionally, the prolonged conflict between the U.S. and Iran, which has taken more time than anticipated, may impact risk appetite in the U.S. market.
Deloitte previously estimated that Hong Kong's IPO fundraising for the year would reach at least HKD 300 billion, with no fewer than seven new listings each raising over HKD 10 billion. According to the LSEG Deals Intelligence team, primary IPOs and secondary listings on the Hong Kong Main Board and GEM board accounted for 63% of the total equity capital market (ECM) fundraising, raising a combined USD 13.3 billion. This represents a more than fivefold increase compared to the same period last year and marks the highest first-quarter record in five years. In terms of the number of deals, it hit an eight-year high, increasing by over 150% year-on-year.
In the first quarter of this year, Hong Kong recorded at least 23 primary IPOs, raising a total of USD 4.7 billion. This represents a nearly 140% increase compared to the same period last year and is the highest first-quarter figure since 2021. Additionally, there were 15 secondary listings, raising USD 8.5 billion—an increase of approximately 2,000% year-on-year. Both the fundraising amount and the number of issuances set new historical records.
According to LiveReport Big Data statistics, in the first quarter of 2026, the Hong Kong stock market saw 39 IPOs (with one additional listing by introduction), representing a 160% year-on-year increase. The total funds raised amounted to approximately HKD 109.9 billion, marking a staggering 489.3% growth compared to the same period last year. Among these, 15 new listings were A+H shares, with A+H companies collectively raising nearly HKD 67 billion, accounting for over 60% of the total fundraising.
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