Hong Kong Stock Exchange leads the world in IPOs in the first quarter, with total financing skyrocketing fivefold to over 100 billion Hong Kong dollars

The first quarter has just passed. How did the IPO (Initial Public Offering) market perform? On April 8, Deloitte China’s Capital Markets Services Department released the “Q1 2026 China Mainland and Hong Kong New Stock Market Review and Outlook,” showing that in the first quarter, Hong Kong, with 40 new stocks and a total fundraising of HKD 109.9 billion, became the world’s top market for new stock financing. The A-share market saw 30 new stocks listed, raising 25.9 billion yuan, achieving double growth.

In the first quarter, the Hong Kong Stock Exchange performed remarkably, with new stock financing exceeding that of Nasdaq, the New York Stock Exchange, Euronext, and the National Stock Exchange of India, leading globally. Compared to 15 new stocks and HKD 18.2 billion raised in the same period last year, this quarter, the number of IPOs on the HKEX increased by 167%, with total financing soaring by 504%. Among them, Muyuan Foods raised HKD 12.1 billion, Dongpeng Beverage HKD 11.1 billion, and Lankai Technology HKD 8.1 billion, all large-scale IPOs.

According to Deloitte’s forecast, supported by over 500 companies applying for listing, approximately 160 new stocks are expected to go public and raise at least HKD 300 billion in Hong Kong throughout 2026. Most of these applicants are leading Chinese enterprises, existing A-share issuers, and companies seeking to expand overseas.

Looking at the A-share market, in the first three months of this year, 30 new stocks were listed, raising 25.9 billion yuan. Compared to 27 new stocks and 16.3 billion yuan raised in the same period in 2025, the number of new stocks increased by 11%, and the fundraising amount grew by 59%. Among them, the Shanghai Stock Exchange raised the most funds, with 10 new stocks raising 15.4 billion yuan; the Beijing Stock Exchange issued 16 new stocks, raising 4.9 billion yuan; and the Shenzhen Stock Exchange had 4 new stocks, raising 5.6 billion yuan.

The growth in fundraising scale, number of new stocks, the top five IPOs’ fundraising amounts, the number of companies applying for listing, and meetings held all indicate an upward trend, mainly benefiting from various capital market reform measures.

“Both the number of new stocks and the amount of financing in the A-share market in the first quarter have surpassed the levels of Q1 2025 and 2024, showing that the market is further warming up,” said Chen Wenlong, Partner in Charge of Listing Business at Deloitte China’s Capital Markets Services Department in North China. Given that some potential large-scale listed companies have already submitted applications, if market conditions remain favorable, A-share IPOs are expected to perform even more strongly this year.

He believes that with the deepening reform of the ChiNext Board and the implementation of the “1+6” policy for the STAR Market, more innovative companies closely aligned with China’s national strategies are expected to list on the A-share market in the future. For example, companies in AI, new energy, high-end manufacturing, and key strategic fields mentioned in China’s “14th Five-Year Plan,” such as aerospace, quantum technology, and biomanufacturing, will enjoy significant advantages during listing.