Hong Kong's initial public offering market experienced a strong rebound in the first quarter of 2026, raising $22.4 billion. This figure marks a 187% year-on-year increase from Q1 2025 and positions the Hong Kong Exchanges and Clearing (HKEX) among the world's top three listing venues for the first time in four years.
A total of 31 companies completed primary listings on the main board between January and March. Key listings included Shenzhen-based battery maker CATL, Meituan Select, Chinese logistics firm SF Express Asia, and Hong Kong firm Insilico Medicine, each raising over $1 billion.
The recovery is attributed to three main factors: the return of mainland Chinese issuers following revised Securities Law approvals, improved liquidity from Stock Connect southbound flows averaging HK$41 billion per day in Q1, and HKEX's listing rule changes in September 2025 that shortened review timelines for secondary and dual-primary listings from 157 to 94 days. Analysts at Goldman Sachs also note that continued uncertainty around US listing requirements led Chinese issuers to choose Hong Kong, resulting in $19.8 billion raised on HKEX by Chinese firms, compared to only $2.1 billion in the US.
This rebound places Hong Kong ahead of Shanghai ($11.2 billion) and Shenzhen ($8.7 billion) within Greater China and positions it globally behind only Nasdaq ($28.6 billion) and ahead of the New York Stock Exchange ($18.9 billion). HKEX Chief Executive Bonnie Chan expects full-year 2026 IPO proceeds to exceed $60 billion, which would be the highest annual total since 2020, indicating the rebound is not a temporary effect.
