Since the beginning of this year, the total funds raised through Hong Kong stock IPOs have exceeded 100 billion Hong Kong dollars.

Reporter Tian Peng

Wind Information shows (full data source), that in just two working days on April 1 and April 2, there were 7 and 14 companies, respectively, that filed IPO applications with the Hong Kong Exchanges and Clearing Limited (HKEX) and updated their prospectuses, keeping the market’s filing pace at a high level.

In fact, since the beginning of this year, the HK stock IPO market has remained active. To date, the HK market has seen 40 companies complete IPOs (39 on the Main Board and 1 on GEM), up 150% from 16 in the same period last year; total funds raised reached HK$109.93B, up 488.81%. The fundraising scale not only far exceeds the full-year totals of 2023 and 2024, but also hits a new high since the second quarter of 2021. Among them, the information technology sector has become the absolute main force for IPOs, accounting for nearly 70% of the fundraising amount.

Experts interviewed by Securities Daily said that the sustained activity in the HK stock IPO market is the result of multiple factors converging—namely, institutional reforms, liquidity repair, and the concentrated release of high-quality supply. On the one hand, policy dividends from HKEX have continued to be released, significantly lowering the time cost and uncertainty for hard-tech companies to list in Hong Kong. On the other hand, the return of international capital, together with strong financing needs among mainland companies, jointly injects sufficient liquidity into the market. Looking ahead, as HKEX continues to optimize its listing mechanisms and has ample reserves of queued listing companies, the warmth of the HK stock IPO market is expected to continue.

Three major trends are becoming clearer

While growth in scale is significant, the HK stock IPO market is showing three distinct trends.

First, the technology orientation is becoming more prominent, and the new economy has become the absolute main driver. Data show that among the 40 companies that have completed HK stock IPOs, there are 8 in semiconductors, 7 in software services, and 7 in industrial engineering. Companies in frontier technology sub-sectors such as computer-vision algorithms and robotics have been listing in dense clusters.

In particular, new-economy companies have been actively pursued by market capital. Data show that among the companies whose HK-listed shares saw the top 10 gains in the year so far, 7 are companies in the information technology sector. In this regard, Fu Yifu, a special research fellow at SuShang Bank, told Securities Daily that the new economy has become the absolute main force, reflecting not only that China’s hard-tech and frontier-tech sectors have entered a key phase of industrialization, but also that HKEX has the advantages of inclusiveness toward unprofitable technology companies. The strong demand for funding for related companies indicates that institutional capital is shifting from “valuation repair” to “growth-driven” and highly recognizes the long-term value of technology companies.

Second, fundraising volumes have leaped significantly, and large-scale IPOs are returning as a norm. Compared with the past several years’ pattern dominated by the issuance of small- and mid-cap stocks, since 2026 the single-deal fundraising size for HK stock IPOs has risen markedly. Multiple industry leaders and leading companies in niche sectors have continued to list. For example, two companies—Mufang Food Co., Ltd. and Dongpeng Beverage (Group) Co., Ltd.—raised more than HK$10 billion each, reaching HK$12.1B and HK$11.099 billion, respectively; in addition, there are 7 companies with fundraising scales above HK$5 billion.

Third, “A+H” synergy is deepening, with related cases emerging in clusters. As the capital market connectivity mechanism continues to improve, more mainland companies in the growth and mature stages are using the HK stock market as an important platform to achieve internationalized financing, enhance brand influence, and bring in internationally high-quality capital. The “A+H” dual-listing model is increasingly favored. Data show that among the 40 companies that have completed HK stock IPOs, 15 are also listed on the A-share market, accounting for 37.5%.

Guo Tao, deputy director of the China E-Commerce Expert Service Center, said that when A-share listed companies list in Hong Kong, it not only effectively broadens companies’ diversified financing channels and breaks the limitations of financing within a single market, but also helps companies connect with global capital markets and improve their global pricing ability and international brand influence. At the same time, the addition of such companies further enriches the types of enterprises and industry structure in the HK stock market, continues to attract Southbound capital to flow in steadily, and gradually forms a favorable market ecosystem of “domestic capital providing value support, and foreign capital contributing market liquidity.”

Heat for the full year is expected to continue

In fact, the strong resurgence of the HK stock IPO market this round is not driven by a single factor. It is the result of the convergence of three things: institutional reform, liquidity repair, and the concentrated release of high-quality enterprise supply.

In Fu Yifu’s view, first, mainland companies have strong financing needs, and the HK stock market, as a highly internationalized financing platform, provides mainland companies with efficient and convenient listing channels. Second, in recent years HKEX has kept optimizing its listing system, continuing to attract new-economy companies to list in Hong Kong and effectively enhancing market vitality and appeal. Finally, the global liquidity environment is relatively loose, and international capital’s willingness to allocate to the HK stock market has increased significantly.

Looking ahead, experts interviewed predict that the high level of IPO activity in the HK stock market is expected to run through all of 2026. On the one hand, dividends from HKEX’s reform of the listing system are still being continuously released. Especially this year, HKEX has introduced multiple policy tailwinds, further lowering listing thresholds, optimizing processes, and improving attractiveness.

For example, the “Main Board Listing Rules,” officially revised and effective as of January 1, clearly introduces a replacement for the continuous public shareholding threshold, providing greater flexibility for issuers with sufficiently large public shareholding market value so they can conduct transactions related to capital management, etc.; the first-stage consultation document of “Review of the Competitiveness of the Listing Mechanism” was issued on March 13 (consultation until May 8). The core reforms include significantly lowering the listing threshold for dual-class shares (WVR), fully opening the confidential submission mechanism to all IPO applicants, lowering the secondary listing threshold for Cayman-based Chinese concepts, optimizing the review process and strengthening intermediary responsibilities. Meanwhile, it also sets up a fast-track review channel for 18A/18C technology companies and lowers the initial public shareholding requirements for “A+H,” enhancing listing attractiveness and efficiency across the board.

On the other hand, the HK stock market has ample reserves of high-quality companies, providing solid support for continued expansion of IPOs. Data show that as of now, there are still 387 companies in the review stage in the HK stock market. Among them, 9 companies have already successfully passed their hearing sessions and are expected to list in Hong Kong, covering multiple high-activity tracks such as hard technology, new consumption, bio-pharmaceuticals, and advanced manufacturing.

Guo Tao said that the more densely new-economy companies list in Hong Kong, the more it will continue to push the HK stock market’s structure to accelerate its transition toward technological and new-economy orientation. It will also continue to consolidate Hong Kong’s position as one of the preferred listing destinations for international innovative technology enterprises, injecting enduring momentum into the long-term healthy development of the HK stock market.

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