Hong Kong IPO Boom Lifts ECM to Strongest First Half Since 2021
Hong Kong’s equity capital markets staged a strong comeback in the first half of 2026, fueled by a surge in IPOs and secondary listings from Chinese technology companies. Total fundraising reached its highest first-half level in five years, underlining the city’s renewed appeal as Asia’s premier listing venue.
Hong Kong’s equity capital markets (ECM) delivered their strongest first-half performance since 2021, as robust IPO and secondary listing activity pushed total fundraising to $44.4 billion in the first six months of 2026.
The total represented a 17.8 percent increase from the same period a year earlier, while the number of ECM transactions rose 26.7 percent, highlighting a broad-based recovery in the city’s capital markets.
IPO market drives recovery
The rebound was led by original IPOs and secondary listings, which accounted for 59 percent of total ECM proceeds.
Combined, the two segments raised $26 billion, up 54.3 percent year-on-year and marking the strongest first-half performance in five years. The number of transactions jumped 86 percent to its highest level in eight years.
Traditional IPOs generated $9.8 billion across 54 deals, more than doubling from a year earlier with proceeds rising 148.6 percent. Secondary listings also posted record activity, raising $16.2 billion through 26 transactions, with both deal value and volume reaching new highs.
Chinese issuers dominate
Chinese companies remained the driving force behind Hong Kong’s listing market, accounting for 98.5 percent of proceeds from IPOs and secondary listings, equivalent to $25.6 billion.
Fundraising by Chinese issuers increased 88.4 percent from the previous year, while the number of transactions nearly doubled.
Technology takes center stage
Technology companies dominated issuance activity, reflecting strong investor demand for semiconductor, electronics, software and IT businesses.
The high-tech sector accounted for 36.7 percent of overall ECM proceeds, raising $16.3 billion, ahead of Industrials (14.7 percent) and Energy & Power (13.2 percent).
The sector’s dominance was even more pronounced in new listings, where technology companies represented 53.1 percent of IPO and secondary listing proceeds, raising $13.8 billion across 31 deals. During the same period last year, only five technology listings were completed.
Mixed picture outside IPOs
While new listings accelerated sharply, other parts of the equity capital market were less buoyant.
Follow-on offerings raised $16.6 billion, down 19.1 percent from a year earlier, although the number of transactions increased 12.3 percent. Convertible bond issuance also softened, falling 36.9 percent to $1.8 billion.
The figures suggest Hong Kong’s capital markets recovery is being driven primarily by renewed appetite for new listings, particularly among Chinese technology companies, reinforcing the city’s position as a leading fundraising hub despite a more subdued market for secondary capital raising.
