Hong Kong IPOs are experiencing a full-scale surge: financing has skyrocketed by 488%, and the capital market is warming up again. Hong Kong is set to reclaim the top spot in the global equity financing market by 2025. After entering 2026, the IPO momentum further accelerates. As of now, 40 companies have successfully listed this year, raising approximately $14 billion, a year-on-year increase of up to 488%. At the same time, about 400 IPO applications are still in queue, indicating that issuer confidence remains strong. Goldman Sachs analysts pointed out that current market liquidity is sufficient to absorb the new supply and expect the full-year equity financing scale in 2026 to reach $110 billion, of which: $60 billion from new IPOs and $50 billion from post-IPO refinancing. Driven by the recovery of IPOs, the Hong Kong stock market and Chinese-funded brokerages with more overseas businesses are expected to usher in a new growth cycle.