Hong Kong Stock Exchange: Hong Kong's refinancing amount reached US$37.9 billion in the first half of the year, and AI technology companies made a relay debut in the second half of the year

The Zhitong Finance App learned that the Hong Kong Stock Exchange (00388) quoted Dealogic data as indicating that the total amount of post-listing refinancing in Hong Kong reached US$37.9 billion (approximately HK$295.62 billion) in the first half of 2026, an increase of 17.7% over the previous year. Among them, there were 11 large-scale transactions of more than 1 billion US dollars, an increase of more than two times over the previous year, reflecting that abundant liquidity is supporting companies' full-cycle financing needs.

In terms of industry distribution, the industrial sector was the most active in the refinancing market in the first half of the year, accounting for 48% of the total financing amount and accounting for six of the top ten transactions in the first half of the year. These include: Ningde Era (03750) completed a $5 billion IPO; Zijin Mining (02899) and China Hongqiao (01378) each issued approximately US$1.5 billion convertible bonds (CB).

Entering the second half of the year, the focus of financing turned to TMT and artificial intelligence (AI) fields. In July 2026, Zhi Spectrum (02513), MiniMax (00100), and Tianshu Zhixin (09903) were successively allotted shares during the three years; by August, Alibaba (09988) completed a share placement of up to HK$80 billion, making it the third largest refinancing transaction in the world by the end of August, with all capital invested in AI technology research and development.

Behind this popularity, issuers are also becoming more diversified in terms of financing instruments, currency choices and distribution arrangements, thanks to improved transaction execution efficiency, more competitive financing costs in Hong Kong dollars and RMB financing costs, and strong demand from diverse investors around the world. In the first half of 2026, the issuance volume of equity-linked products reached a new high of US$18.3 billion (approximately HK$142.74 billion), accounting for nearly half of the total amount of post-listing refinancing during the period. Among them, the number of “Reg S” (sold outside the US) CB reached 24, an increase of 60% over the previous year, reflecting strong demand for capital from Asia and the world. In terms of hybrid financing (allotment+CB), the typical example is Minmetals Resources (01208)'s $1.6 billion transaction, which broadens the investor base while controlling equity dilution and costs.

The popularity of the refinancing market is also closely related to the significant increase in activity in the Hong Kong spot market. In the first half of 2026, the average daily turnover of Hong Kong stocks reached HK$283 billion, up 17.8% year on year and more than double that of 2024. Meanwhile, the IPO market performed well in the first half of the year. Nearly 90% of IPOs recorded an increase on the first day of listing, with an average return of 46% one month after listing. According to reports, in line with the strengthening of the Hong Kong Stock Connect mechanism, corporate liquidity increased dramatically after listing, providing a foundation for subsequent expansion and refinancing.