Ryan Capital: Big Four Dominate Audits for 218 New Listings on Hong Kong Exchange in Past Two Years

Stock News04-03

According to statistics from Ryan Capital on Hong Kong intermediaries, 218 companies were newly listed on the Hong Kong stock market over the past 24 months, from April 2024 to March 2026. In the past 12 months, from April 2025 to March 2026, there were 142 new listings. Over the most recent 6 months, from October 2025 to March 2026, 90 companies went public.

The data for the full 24-month period shows that 11 auditing firms handled the audit work for these 218 new listings. The top four firms by number of clients were Ernst & Young, KPMG, Deloitte, and PwC. Specifically, Ernst & Young led with 74 clients, representing 33.9% of the total. KPMG followed with 52 clients, accounting for 23.9%. Deloitte ranked third with 42 clients, or 19.3% of the market. PwC was fourth with 28 clients, representing a 12.8% share. Collectively, these four firms held an 89.9% market share. Among the 11 audit firms, two were involved in the audit of just one listing each, constituting 18.2% of the participating firms.

In the 12-month period from April 2025 to March 2026, 9 of the 11 audit firms participated in the audits of 142 new listings. The top four firms remained Ernst & Young, KPMG, Deloitte, and PwC. Their respective client numbers were 54, 32, 28, and 13, corresponding to market shares of 38.0%, 22.5%, 19.7%, and 9.2%.

For the 6-month period from October 2025 to March 2026, 9 audit firms were involved with the 90 new listings. The leading four firms were again Ernst & Young, KPMG, Deloitte, and PwC. They audited 32, 22, 20, and 5 new listings, representing shares of 35.6%, 24.4%, 22.2%, and 5.6% of the market, respectively.

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