Hong Kong IPO Proceeds Hit HK$328.2 Billion in First Seven Months of 2026, Up 154%

In the first seven months of 2026, Hong Kong saw 104 new listings with total proceeds of HK$328.214 billion, up 153.9% from the same period in 2025. The number of new listings rose by 51, an increase of 96.2%. This fundraising volume already exceeds the full-year levels for each year from 2023 to 2025, which were HK$46.321 billion, HK$87.975 billion and HK$291 billion respectively. The top 20 underwriters jointly underwrote HK$295.002 billion of IPO proceeds, accounting for nearly 90% of the total underwriting amount across 129 investment banks. In IPO underwriting, Chinese investment banks dominated. Among the top 20, Chinese banks held 60% of the seats, with combined underwriting of HK$211.236 billion, representing 71.6% of the top 20 total, up 13.8 percentage points from the same period in 2025. CICC International topped the ranking by underwriting 43 companies with proceeds of HK$77.468 billion, a 237% year-on-year increase in underwriting amount. CLSA, GF Securities (Hong Kong) and Huatai Financial Holdings (Hong Kong) ranked second, third and fifth with HK$31.553 billion, HK$26.428 billion and HK$22.350 billion respectively, representing year-on-year growth of 1.78 times, 11.57 times and 88.26% respectively. Other Chinese banks on the list included ABC International, Galaxy International (Hong Kong), CSC International, Haitong International and China Merchants Securities (Hong Kong). In terms of the composition of listed companies, among the 104 companies listed in the first seven months, 32 had already been listed on the A-share market, accounting for more than 30% of the total. These companies raised a combined HK$227 billion in Hong Kong, representing 70% of total Hong Kong IPO proceeds. Among the 357 companies currently in the pipeline, 97 had previously listed on the A-share market, accounting for 27.17%. In the secondary fundraising market, in the first seven months of 2026, Hong Kong-listed companies raised a total of HK$156.494 billion through placements and rights issues, a slight year-on-year increase of 0.48%. CICC International topped the secondary fundraising underwriting ranking with HK$49.055 billion, participating in placements for 13 listed companies, with total underwriting amount up 1.37 times year-on-year. CLSA maintained its 2025 ranking at fifth place, but both its underwriting amount and the number of companies underwritten declined. Foreign banks performed strongly in secondary fundraising, with Morgan Stanley, JPMorgan and Bank of America ranking second to fourth, with underwriting amounts of HK$19.895 billion, HK$13.982 billion and HK$12.023 billion respectively. Among the top 20 secondary fundraising underwriters, foreign banks accounted for half, two more than in the same period of 2025, with Bank of America, BNP Paribas Securities (Asia) and DBS Asia newly joining the list. In terms of the average fundraising scale per individual IPO project, foreign banks still held an advantage. Ten institutions had an average underwriting amount per project above HK$1 billion, with foreign banks occupying five seats. Goldman Sachs, Morgan Stanley and JPMorgan ranked first, second and fourth, each with an average underwriting amount exceeding HK$2 billion. GF Securities (Hong Kong) and CICC International were the two Chinese banks in the top five, with average amounts of HK$2.403 billion and HK$1.802 billion respectively. Huatai Financial Holdings (Hong Kong) and Guotai Junan International were the other two Chinese banks in the top 10.