Introduction

Not long ago Hong Kong’s listings market was widely written off. In 2026 it is on course for its best year ever. Funds raised in the first nine months were the highest for that period since records began in 1980, and Deloitte now expects the full-year total to beat the city’s 2010 record. The recovery says a lot about where Chinese companies want to raise capital, and it affects every competing exchange in Asia.

The numbers

According to LSEG data, 112 companies raised US$48.4 billion on Hong Kong’s main board between January and September, with two more listing on the Growth Enterprise Market. The total of 114 listings was 72% higher than a year earlier and the most for that period since 2018. Deloitte’s figures, based on exchange data and counted slightly differently, show 116 IPOs raising HK$387.9 billion over the same period. That is more than double the 2025 figure.

On 24 September Deloitte raised its 2026 forecast by about 60% to HK$480 billion (around US$61 billion) from roughly 160 listings. That would beat the HK$449.5 billion raised in 2010. Deloitte expects three or four mega-listings of at least HK$10 billion each in the fourth quarter.

Hong Kong is still second globally. Nasdaq raised about US$144 billion in the same period, helped by SpaceX’s US$86.2 billion IPO in June.

What is driving it

The main driver is dual listings. Large mainland companies already listed in Shanghai or Shenzhen, such as Apple supplier Luxshare Precision, whose US$3.1 billion July debut was the year’s largest Hong Kong deal, have added Hong Kong “H-share” listings. These A+H deals give them access to international investors and foreign currency, and a second market outside the mainland. Large deals made up about 70% of the money raised in the first three quarters.

The pipeline is deep. As of 31 August the exchange was vetting 510 active applications, and it had received 445 new filings this year. Both figures were sharply higher than in 2025. Listing rule changes have also helped, including Chapter 18C, which opened the market to specialist technology companies that are not yet profitable.

Risks to the record

The momentum is not guaranteed. Sentiment weakened in July and August. Of the seven companies that debuted in September, five closed below their offer price on day one. The US Federal Reserve’s return to rate rises will also tighten global liquidity just as the largest deals are expected to price.

What it means for the region

The revival changes the competitive picture for other Asian exchanges, including Singapore’s, which has spent the past two years trying to revive its own listings market. Companies weighing a regional listing will see Hong Kong’s depth, research coverage and mainland investor base as the benchmark.

There is plenty of work for professionals. Dual listings bring cross-border disclosure, prospectus liability and governance questions under two sets of rules. Specialist technology listings raise questions about valuation and how intellectual property is presented to investors. Fund managers, meanwhile, are again having to decide how much exposure to Chinese companies to hold through Hong Kong.

Summary

Hong Kong is close to a record year, driven by mainland companies’ dual listings, a long application queue and rule changes aimed at technology issuers. The fourth quarter will decide whether it passes the 2010 high, and weak debut performance and rising US rates are real risks. Either way, the revival has re-established Hong Kong as Asia’s main venue for large equity deals.