Deloitte: Hong Kong IPO fundraising on track to break record in 2026, led by AI hard-tech listings
Deloitte China forecasts Hong Kong's IPO market will see about 116 new listings raising HK$387.9 billion in the first three quarters of 2026, a 112% increase in funds year-on-year, potentially surpassing the 2010 record of nearly HK$450 billion by year-end. The A-share market is expected to have 122 new listings raising 212.3 billion yuan, a 175% surge. Both markets are driven by strong AI demand and hard-tech sectors.
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Deloitte: Hard tech leads, Hong Kong IPO fundraising may hit record high in 2026
A report from Deloitte China's Capital Market Services Group, released on September 24, forecasts that Hong Kong's IPO market in 2026 could surpass the record of nearly 450 billion Hong Kong dollars set in 2010. The report covers the first three quarters of 2026, noting that despite geopolitical tensions and macroeconomic pressures, global demand for artificial intelligence remains strong, boosting AI-related IPO activity. In the first three quarters, the Nasdaq led global IPO rankings with the largest-ever IPO (SpaceX), followed by Hong Kong Exchange in second place and New York Stock Exchange in third. Deloitte estimates that Hong Kong will see about 116 new listings in the first three quarters, raising a total of 387.9 billion Hong Kong dollars, a 76% increase in number and 112% increase in funds raised compared to the same period in 2025. Most funds (73%) came from 9 mega and 20 large IPOs. By year-end, Deloitte expects about 160 IPOs raising approximately 480 billion Hong Kong dollars, driven by hard tech companies, especially those related to AI model training and infrastructure such as high-performance computing, semiconductors, data centers, and advanced power supply systems. Robotics, biotech, and consumer IPOs are also attracting attention. Deloitte partner Xie Minghui attributed the momentum to market recovery and years of reform in listing rules, product innovation, connectivity, and regulatory frameworks.
Read sourceAI Demand Drives 56% Surge in A-Share IPOs, Deloitte Forecasts 122 New Listings
A report by Deloitte China's Capital Market Services Group forecasts that the A-share market will see 122 new listings in the first three quarters of 2026, raising a total of 212.3 billion yuan. This represents a 56% increase in the number of IPOs and a 175% surge in fundraising compared to the same period last year (78 IPOs raising 77.2 billion yuan). The report attributes the acceleration to strong global demand for artificial intelligence (AI), which is boosting IPO activity in the AI and tech value chain, as well as to ongoing market reforms, faster regulatory approvals, and support from the national '15th Five-Year Plan'. The Shanghai Stock Exchange leads in fundraising with 31 IPOs raising 121.2 billion yuan, while the Beijing Stock Exchange leads in volume with 62 new listings. Deloitte partners Xie Minghui and Zhao Haizhou commented that both A-share and Hong Kong markets are benefiting from AI demand and policy support for hard-tech sectors. For Hong Kong, Deloitte expects about 160 IPOs raising at least 480 billion HKD by year-end, driven by mega-listings and a strong pipeline of over 500 companies, particularly in AI-related hardware, semiconductors, robotics, biotech, and consumer sectors.
Read sourceDeloitte: A-Share IPO Market Accelerates, Fundraising Nearly Triples Year-on-Year
A report from Deloitte China forecasts that the A-share market will see 122 new listings in the first three quarters of 2024, raising a total of 212.3 billion yuan. This compares to 78 new listings raising 77.2 billion yuan in the same period last year, representing a 56% increase in the number of IPOs and a 175% surge in fundraising volume. The growth is driven by six mega-IPOs from AI and robotics companies, accelerated regulatory approvals, ongoing market reforms, and strategic support from the national '15th Five-Year Plan'. Deloitte expects these factors, along with several highly anticipated mega-listings, to push the A-share market's 2026 full-year performance beyond 2025 levels. The Shanghai Stock Exchange led in fundraising with 31 IPOs raising 121.2 billion yuan, while the Beijing Stock Exchange had the most listings with 62 IPOs raising 20.8 billion yuan. The Shenzhen Stock Exchange had 29 IPOs raising 70.3 billion yuan. Deloitte also noted that global demand for AI is boosting IPO activity in the tech value chain. Separately, Deloitte forecasts the Hong Kong market will rank second globally, with about 116 IPOs raising 387.9 billion Hong Kong dollars in the first three quarters, driven by policy support for dual listings and mainland龙头企业 listings.
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Hard-tech IPOs dominate A-share market in first three quarters of 2025, raising 210.9 billion yuan
In the first three quarters of 2025, A-share IPOs surged with 120 new listings raising 210.96 billion yuan, a 173% increase year-on-year from 77.3 billion yuan raised by 78 companies in the same period of 2024. The growth was driven by two mega-IPOs: Changxin Technology (66.6 billion yuan) and China Resources New Energy (24.5 billion yuan), together exceeding the total IPO proceeds of the entire first three quarters of 2024. Hard-tech sectors dominated, with electronics and machinery accounting for 35.3% of new listings. New stocks showed strong first-day performance, averaging a 270.5% gain, with two stocks rising over 1,000%. Deloitte China's Zhao Haizhou attributed the market's strength to regulatory reforms aimed at making A-shares a premier destination for quality domestic companies, focusing capital on new quality productive forces and improving issuance mechanisms.
Read sourceDeloitte Forecasts 122 A-Share IPOs in First Three Quarters of 2026, Driven by AI Demand
Deloitte China's Capital Market Services Group released a report titled 'Review and Outlook of China's Mainland and Hong Kong IPO Markets in the First Three Quarters of 2026,' forecasting 122 new listings on the A-share market in the first three quarters of 2026, raising a total of 212.3 billion yuan. This represents a 56% increase in the number of IPOs and a 175% surge in financing volume compared to the same period last year (78 IPOs raising 77.2 billion yuan). The Shanghai Stock Exchange led in financing with 31 IPOs raising 121.2 billion yuan, while the Beijing Stock Exchange led in listing volume with 62 IPOs raising 20.8 billion yuan. Deloitte attributed the acceleration to market reforms, faster regulatory approvals, and support from the national '15th Five-Year Plan.' Deloitte partner Xie Minghui stated that both A-share and Hong Kong IPO markets are benefiting from strong AI demand and policy support for hard-tech sectors. Partner Zhao Haizhou noted that reforms aimed at making A-shares a premier listing destination for quality domestic firms will boost long-term competitiveness. The report also forecast approximately 160 IPOs in Hong Kong by year-end, raising at least 480 billion Hong Kong dollars, driven by large listings and a strong pipeline of over 500 applicants, with hard-tech companies focused on AI model training and infrastructure as market focal points.
Read sourceDeloitte Forecasts Hong Kong IPO Fundraising Could Hit Record High in 2026, Led by Hard-Tech and AI
According to a report released by Deloitte China's Capital Markets Services Group on September 24, the Hong Kong IPO market is poised for a record-breaking year in 2026. The report forecasts approximately 116 new listings in the first three quarters of 2026, raising a total of HK$387.9 billion, representing a 76% increase in the number of new stocks and a 112% increase in fundraising compared to the same period in 2025. For the full year, Deloitte expects around 160 new stocks and total fundraising of about HK$480 billion, potentially surpassing the historical record of nearly HK$450 billion set in 2010. The report highlights that over 500 companies are currently queuing for listing, including several large projects with fundraising targets of HK$10 billion. Deloitte partner Xie Minghui attributed the market recovery to years of reforms in listing systems, product innovation, connectivity, and regulatory frameworks. The market is expected to be driven by hard-tech enterprises, particularly those related to AI large model training and infrastructure, such as high-performance computing, semiconductors, and data center robotics.
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