Hong Kong is on course to raise at least HK$480 billion from initial public offerings (IPOs) in 2026, which would beat the city’s record of about HK$450 billion set in 2010, Deloitte said on Thursday, 24 September 2026. The accounting firm raised its full-year forecast on the back of a wave of artificial intelligence and mainland Chinese listings, and now expects about 160 new listings for the year, The Standard reported.
Deloitte expects about 116 new listings raising HK$387.9 billion in the first three quarters, according to its Q1-Q3 market review. See more markets coverage on our business hub and Hong Kong hub.
Key takeaways
- Deloitte forecasts at least HK$480 billion in Hong Kong IPO proceeds and about 160 listings in 2026, which would top 2010’s record.
- January-September deal count and proceeds are up 76% and 112% from a year earlier.
- 38 dual A-to-H listings account for nearly 70% of the money raised.
A sharp rebound from 2025
The expected 116 listings in the first nine months compare with 66 IPOs that raised HK$182.9 billion in the same period of 2025, meaning deal volume is up 76% and proceeds are up 112%, Deloitte said. Most of the money came from big deals: 73% of proceeds were concentrated in nine mega listings and 20 large listings.
Dual listings by companies already trading in mainland China, known as A-to-H listings, were the biggest driver. Deloitte said 38 such deals account for nearly 70% of total funds raised in the city this year.
AI revaluation fuels the pipeline
Edward Au, Southern Region managing partner at Deloitte China, said the upgrade reflects the market’s revaluation of the AI industry chain, which has lifted not only chipmakers and large-model developers but also related upstream and downstream businesses, The Standard reported. He said the earlier forecast had been conservative because of uncertainties such as the Middle East conflict and unclear interest rate trends, which can easily disrupt listing windows for large deals.
Deloitte expects three to four more mega listings targeting at least HK$10 billion each before year-end, backed by a pipeline of more than 500 IPO applications as of late August 2026, based on public information. It said new listings will be led by sectors tied to AI model training and infrastructure, such as high-performance computing, semiconductors, data centres and advanced power supplies, along with robotics, biotechnology and consumer businesses.
Recent large share placements by Alibaba and Z.AI, formerly known as Zhipu AI, show the market has enough liquidity to absorb big fundraisings, according to The Standard.
Where Hong Kong ranks globally
Hong Kong ranks second among global exchanges by IPO proceeds so far this year. Nasdaq is first, having raised HK$1.122 trillion in the first three quarters, helped by the two largest listings, SpaceX and SK Hynix, The Standard said. The New York Stock Exchange, the Shanghai Stock Exchange and India’s National Stock Exchange follow.
In mainland China, Deloitte expects 122 A-share IPOs raising RMB212.3 billion in the first three quarters, a 56% rise in the number of listings and a 175% jump in proceeds from 78 deals worth RMB77.2 billion a year earlier. By contrast, US listings by Chinese companies have nearly dried up: only three went public in the US in the period, raising US$157 million, compared with 57 listings worth US$1.05 billion a year earlier, the firm said.
Why it matters for the region
A record year would underline what Deloitte describes as Hong Kong’s full rebound as a fundraising hub, and it matters well beyond the city. Companies across Asia, including Southeast Asian firms weighing where to list, are watching whether Hong Kong’s depth of liquidity for AI and tech names holds up if global rates stay high and geopolitical risks persist.
