KPMG: Hong Kong's IPO capital is expected to reach HK$272.1 billion this year, and A+H listing applications are expected to surpass 100 in the short term

The Zhitong Finance App learned that according to the “Mainland China and Hong Kong IPO Market 2025 Review and 2026 Outlook” published by the accounting firm KPMG, Hong Kong regained the top spot in the global IPO market this year and once again reached the top position after 2019. It is expected that Hong Kong's IPOs will raise HK$272.1 billion this year, and the number of listings will reach 100, up 210% and 43%, respectively, from year to year, making it the largest fundraising scale since 2022. The overall growth was mainly driven by the A+H listing boom, with related projects accounting for half of the total IPO capital raised throughout the year. Furthermore, the number of A+H listing applications is expected to surpass 100 in the short term.

The number of A+H listings in Hong Kong reached a new high this year

The number of A+H listings in Hong Kong reached a record high this year, accounting for more than half of the total amount raised in the whole year, driving the Hong Kong IPO market to top the world. As of Sunday (December 7), the number of listing applications in Hong Kong reached a record high, with a total of over 300, including 92 A+H listing applications, laying a solid foundation for the Hong Kong IPO market to continue its strong performance in the coming year.

During the year, Hong Kong completed 17 A+H listings, the highest number ever, further confirming Hong Kong's unique advantages as a bridge between the mainland and international capital markets.

In addition, Hong Kong has also completed the listing of 14 unprofitable biomaterial technology companies (Chapter 18A), a significant increase from 4 in 2024; another 3 specialty technology companies (Chapter 18C) listings, leveled off last year. The “Science and Enterprise Hotline” launched this year and the introduction of allowing Chapter 18A and Chapter 18C related companies to submit listing applications in a confidential form, greatly simplifying and validating the listing process, fully demonstrating Hong Kong's determination to strengthen itself as the world's top listing platform.

A+H listing applications are expected to surpass 100 in the short term

As of December 7, the Hong Kong IPO market recorded a record high of 316 listing applications, surging 267% from the end of 2024. Of these, 92 were A+H listing applications. Taking into account A-share companies that have publicly indicated their intention to go public in Hong Kong, the number of A+H listing applications is expected to surpass 100 in the short term, bringing a good start to 2026.

Liu Dachang, managing partner of KPMG's Hong Kong Capital Markets Group, said that Hong Kong has returned to the top of the global IPO market, fully demonstrating the resilience of its capital market and status as an international financial center. More and more high-tech and biotech companies are choosing to go public in Hong Kong, highlighting the appeal of local support policies and a sound regulatory environment. Meanwhile, foreign investment participation continues to increase, further demonstrating Hong Kong's advantages as a gateway for Chinese assets and high-tech investment. As the policy continues to drive innovation and the development of new economic sectors, in addition to the continued momentum of A+H listings, 2026 is also expected to be a key year for high-tech listings, further consolidating Hong Kong's position as a global capital market leader.

The scale of capital raising in the global IPO market increased 18% year-on-year

Looking at the whole year, the global IPO market raised a total of US$158.4 billion, and the number of listings reached 1,227. The scale of fundraising and the number of listings increased by 18% and decreased by 4%, respectively. Hong Kong ranked first in the world, followed by the two major US stock exchanges, which ranked second and third respectively. The total amount of capital raised increased by 18% year-on-year, while the National Stock Exchange of India and the Shanghai Stock Exchange ranked fourth and fifth respectively.

Benefiting from an improved market climate and a large number of potential IPO projects, the bank expects this upward trend to continue until 2026, especially artificial intelligence (AI) technology. As it becomes more mature and more widely adopted in various industries, the pace of listing of related companies is expected to accelerate.

Liu Guoxian, KPMG's head partner of capital markets and technical practices in China, said that the world's major IPO markets showed an upward trend in 2025, with Hong Kong's capital raised three times that of last year, making it the single largest contributor to the recovery of the global IPO market, further consolidating its leading position as an international financial center. Thanks to the improved market climate and a large number of potential IPO projects, it is expected that this upward trend will continue until 2026, especially artificial intelligence technology. As it becomes more mature and more widely adopted in various industries, the pace of listing of related companies is expected to accelerate.

Total capital raised in the A-share IPO market is expected to increase by 23% year-on-year, and REITs are expected to continue to be the main driving force for A-shares

In the A-share market, a total of 130 new shares are expected to be listed throughout the year, raising a total of 163.7 billion yuan; compared with last year, the total amount raised increased by 23%, and the number of listings remained the same. A total of 20 real estate investment trusts (REITs) were listed during the year, raising a total of RMB 41 billion, accounting for 25% of the total A-share capital raised in 2025, and continue to be the main driving force for the A-share market.

Zhu Yayi, KPMG's managing partner for new economy markets and life sciences in Hong Kong, China, said that the A-share IPO market recorded steady growth this year. The “15th Five-Year Plan” marks a deepening reform of China's capital market, focusing on improving inclusiveness and improving the coordination of investment and financing. With the gradual implementation of relevant strategic priorities, it is expected that regulators will continue to step up efforts to promote steady and high-quality growth in the A-share market and lay a solid foundation for long-term development.