Goldman Sachs' King: The Hong Kong IPO market heat may continue in 2026, bullish on the technology and consumer sectors.

Wang Yajun, Co-Head of Asia Equity Capital Markets at Goldman Sachs, stated at a media briefing on January 15 that the IPO market in Hong Kong may continue to be hot in 2026, with independent first-time listing companies becoming the main force. The foreign exchange demand for Chinese companies going overseas, as well as the high capital expenditure requirements in industries such as new energy and AI, will continue to drive strong willingness for refinancing. Regarding the investment themes in the primary market, Wang Yajun believes that technology and consumer sectors will remain market focus. Regarding the temporary increase in IPO break rates at the end of last year, Wang Yajun explained that this was mainly due to seasonal changes in investor risk preferences at the end of the year, and not a fundamental shift in the market. Since the beginning of this year, market sentiment has quickly warmed up, with both issuance and future performance significantly heating up, confirming that the market foundation remains solid.