Australian Institute of Certified Public Accountants: Hong Kong is expected to raise at least HK$300 billion in IPOs next year and continue to rank first in the world

The Zhitong Finance App learned that Leung Yau Ting, vice chairman of the Greater China Division of the Australian Association of Certified Public Accountants (CPA) in 2025 and vice chairman of the Financial Affairs Committee, anticipated at the press conference that Hong Kong will raise at least HK$300 billion for IPOs next year, and that the number of capital raised will also be higher than this year. He estimated that the Hong Kong Stock Exchange ranked first in the world in IPO fund-raising this year and will continue to win the championship next year. Regarding whether Middle Eastern companies will be listed in Hong Kong next year, Leung Yau Ting said that the Hong Kong Stock Exchange has already signed a number of Memorandums of Understanding (MOU) in the Middle East, and it is expected that Middle Eastern companies will be listed in Hong Kong next year.

The Hong Kong IPO market rebounded strongly this year, regaining the top position in global IPO fundraising in the third quarter. Looking ahead, 66% of respondents expect a further increase in IPO activity in 2026. Another 22% of respondents believe that “strengthening financial connectivity between Hong Kong and other regions” is the most beneficial policy for enterprises, followed by mainland China's “going global” strategy (21%).

Wang Wenhui, chairman of the Greater China Division of the Australian Institute of Certified Public Accountants in 2025, said that the Hong Kong capital market is an important engine driving Hong Kong's economic growth and a key differentiating factor in maintaining global competitiveness. Amid geopolitical tension and peripheral market fluctuations, Hong Kong is still regarded as a safe haven for international investors and enterprises to manage assets and spread risk.

To maintain a competitive advantage, the Australian Institute of Certified Public Accountants suggests that the Hong Kong Government and regulators should consider introducing an “IPO interconnection” mechanism to allow mainland investors to participate in Hong Kong IPOs, attract more family offices to enhance liquidity and retain wealth, and simplify the listing process for mainland companies in Hong Kong. At the same time, we should continue to expand ties with overseas financial markets to attract global investors to enter Hong Kong.

According to the results of the Australian Institute of Certified Public Accountants (CPA) Hong Kong Business Confidence Survey, 57% of respondents expect a salary increase next year, with a slight increase of 40%, and 33% of expected remuneration remaining unchanged. 63% of respondents expect Hong Kong's economy to continue to expand steadily next year. Key economic growth drivers mentioned by interviewees include a competitive tax system (39%), a booming capital market (30%), and mainland China's economic growth (24%).

Wang Wenhui said that the current fire at Wang Fu Yuen in Tai Po saw that Hong Kong citizens were very united, and the Hong Kong government also quickly supported it. It is believed that this was a single incident. It is estimated that the number of mainland Chinese visitors to Hong Kong will continue to increase, thus supporting the Hong Kong consumer industry. She also believes that the incident will not have a big impact on the Hong Kong property market, because Hong Kong residential property prices have rebounded by 1.1%. Coupled with interest rate cuts, it is expected that the Hong Kong property market will slowly recover.

Furthermore, property price forecasts in Hong Kong next year are weakly biased. More than 50% of respondents expect retail, industrial buildings and office prices to fall, while the housing market prospects are slightly better but still fragmented. Encouragingly, 42% of respondents rated Hong Kong's international competitiveness as “extremely high” or “quite high”.

Revenue expectations for next year are more conservative, with only 39% of respondents predicting that the company's revenue will grow in 2026, down from 51% of the 2025 survey results, while 37% expect to remain stable. Competitive pressure intensified, with 29% ranking it as the top challenge for next year, up from 19% previously. For the third year in a row, cost management (43%) was the top strategy of the companies surveyed.