Deloitte: Hong Kong's IPO is expected to raise no less than HK$300 billion next year

The Zhitong Finance App learned that on December 18, Deloitte China Capital Markets Services released the “Mainland China and Hong Kong IPO Markets 2025 Review and 2026 Prospects”. The Capital Markets Services Department predicts that, with the support of the current list of more than 300 listing applications, the Hong Kong IPO market will have about 160 new shares in 2026, raising no less than HK$300 billion. It is estimated that there will be 7 new shares, each raising at least HK$10 billion, including leading mainland companies. In addition to a large number of A+H share listing applicants, technology, media and telecommunications, healthcare, consumer, international companies, and the listing projects of Chinese securities listed in the US will also be the focus of market attention.

Deloitte mentioned that US interest rate cuts and purchases of treasury bonds, Chinese companies' overseas expansion, domestic demand policies, support for hard technology and new productivity sectors, and Hong Kong's ongoing and future capital market reforms to enhance market competitiveness will all help attract more large-scale IPOs. In addition, A+H share listing projects, listing applicants from industries such as biotechnology and AI, and Chinese securities and international companies listed in the US will be listed in Hong Kong.

Ou Zhenxing, Deloitte China's managing partner, said that the outlook for the Hong Kong IPO market will still be affected to a certain extent by macroeconomic and geopolitical factors, including US monetary policy trends, global capital allocation trends, and policy orientations for Chinese companies to go overseas and expand domestic demand. At the same time, the continuous reform and system optimization of the capital market will play a key role in enhancing the overall competitiveness, liquidity and valuation level of the Hong Kong market, and gradually improve the ecology and performance of the IPO market.

He added that the market recently discussed reforms such as revising listing requirements for companies with different shares and adjusting new stock trading units. It is also hoped that the regulators will further review the dual main listing and secondary listing systems, deepen cooperation between the Hong Kong Stock Exchange and the Southeast Asia Stock Exchange, and establish more targeted mechanisms to facilitate overseas companies to go public in Hong Kong.