KPMG: It is expected that the total amount raised from IPOs in Hong Kong this year will reach HK$272.1 billion. The number of A+H dual-listing applications is expected to exceed 100 in the short term.

KPMG's report "China Mainland and Hong Kong IPO Market Review of 2025 and Outlook for 2026" pointed out that Hong Kong regained the top spot in the global IPO market this year, reascending to the first place since 2019. It is expected that Hong Kong's IPO fundraising amount will reach HK$272.1 billion this year, with 100 IPOs, representing an increase of 210% and 43% respectively compared to the previous year, marking the largest fundraising scale since 2022. The overall growth is mainly driven by the trend of A+H dual listings, with related projects accounting for half of the total IPO fundraising for the year. In addition, it is expected that the number of A+H dual listing applications will exceed 100 in the near future. Number of A+H dual listings in Hong Kong hits a record high this year The number of A+H dual listings in Hong Kong hit a record high this year, accounting for over half of the total fundraising amount for the year, leading the performance of the Hong Kong IPO market globally. As of Sunday, December 7, the number of listing applications in Hong Kong reached a record high, totaling over 300, including 92 A+H dual listing applications, laying a solid foundation for Hong Kong's strong performance in the coming year. Throughout the year, Hong Kong completed 17 A+H dual listings, the highest ever, further confirming Hong Kong's unique advantage as a bridge between the mainland and international capital markets. Moreover, Hong Kong also completed 14 listings of unprofitable biotech companies (Chapter 18A), a significant increase from 4 in 2024; and 3 listings of special technology companies (Chapter 18C), returning from zero last year. The launch of the "Tech Track" this year and the start of allowing Chapter 18A and 18C-related companies to submit listing applications in a confidential manner have greatly streamlined and facilitated the listing process, fully demonstrating Hong Kong's commitment to consolidating its position as a leading global listing platform. A+H dual listing applications expected to exceed 100 in the near future As of December 7, the Hong Kong IPO market recorded a historical high of 316 listing applications, a 267% increase from the end of 2024, with 92 of them being A+H dual listing applications. With the inclusion of A-share companies that have expressed intention to list in Hong Kong, the number of A+H dual listing applications is expected to exceed 100 in the near future, setting a good start for 2026. KPMG's Head of Capital Markets Group in China Hong Kong, Dachang Liu, stated that Hong Kong's regaining of the top spot in the global IPO market fully demonstrates its market resilience and international financial center status. The growing number of high-tech and biotech companies choosing to list in Hong Kong highlights the attractiveness of local support policies and sound regulatory environment. Additionally, the increasing participation of foreign capital further highlights Hong Kong's advantage as a gateway for Chinese assets and high-tech investments. With continued policy support for innovation and the development of new economy sectors, in addition to the continued momentum of A+H dual listings, it is expected that 2026 will be a key year for high-tech listings, further solidifying Hong Kong's position as a global capital market leader. Global IPO fundraising scale to increase by 18% year-on-year Overall, the global IPO market raised a total of $158.4 billion in the year, with 1,227 listings, representing an 18% increase in fundraising and a 4% decrease in the number of listings compared to the previous year. Hong Kong ranked first globally, followed closely by the two major US stock exchanges, with a total fundraising amount increasing by 18% year-on-year. Meanwhile, the National Stock Exchange of India and the Shanghai Stock Exchange ranked fourth and fifth respectively. Benefiting from improved market sentiment and a large number of potential new stock projects, the report expects this upward trend to continue into 2026, particularly in the field of Artificial Intelligence (AI) technology, as it matures and becomes more widely adopted across industries, accelerating the pace of listings for related companies. KPMG's Head of Capital Markets and Professional Practices in China, Guoxian Liu, stated that major global IPO markets showed an upward trend in 2025, with Hong Kong's fundraising amount reaching three times that of the previous year, becoming the largest single contributor to the recovery of the global IPO market and further consolidating its leading position as an international financial center. With improved market sentiment and a large number of potential new stock projects, it is expected that this upward trend will continue into 2026, especially in the field of artificial intelligence technology, as it matures and becomes more widely adopted across industries, accelerating the pace of listings for related companies. Chinese A-share new stock market fundraising total expected to increase by 23% year-on-year REITs expected to continue as a major driver of A-share market In the A-share market, it is estimated that a total of 130 new stocks will be listed throughout the year, raising a total of RMB 163.7 billion; compared to the previous year, the total fundraising amount is expected to increase by 23%, while the number of listings remains stable. There were a total of 20 Real Estate Investment Trusts (REITs) listed during the year, raising a total of RMB 41 billion, accounting for 25% of the total fundraising amount in the A-share market in 2025, continuing to be a major driving force in the A-share market. KPMG's Head of New Economy Market and Life Sciences in Hong Kong, Yayi Zhu, stated that the A-share IPO market recorded steady growth this year. The "15th Five-Year Plan" marks the deepening reform of China's capital market, with a focus on increasing inclusivity and improving the coordination between investment and financing. As the related strategic priorities are gradually implemented, it is expected that regulatory authorities will continue to intensify efforts to promote steady and high-quality growth in the A-share market, laying a solid foundation for long-term development.