LSEG: Total IPOs of mainland Chinese companies reached US$37.77 billion in the first three quarters, up 140% year-on-year
The Zhitong Finance App learned that on November 5, LSEG released the capital market report and rankings for the first three quarters of 2026. In the first three quarters of 2026, mainland Chinese companies raised about US$158.70 billion in stock issuance and equity-linked transactions on the global capital market, an increase of 69% year-on-year and 75% month-on-month. The number of distributions increased 33% over the same period in 2025, totaling 554. The third quarter of 2026 increased 9% from the second quarter. The total amount of initial public offerings (IPOs) reached US$37.77 billion, up 140% year on year and 40% month on month. The total increase in issuance reached US$93.67 billion, up 67% year on year and 128% month on month. China issued a total of US$27.26 billion in convertible bonds and equity-linked issuances, up 25% year on year and down 7% month on month.
In the first three quarters of 2026, the high-tech industry led other industries with a market share of 39.1%. The total amount raised reached US$62.01 billion, an increase of 279% over the same period last year. Next in line are the industrial, raw materials, energy and electricity, and retail industries.
In the first three quarters of 2026, CICC ranked first in the list of Chinese stocks and equity-linked underwriters.
In terms of the number of transactions, Zhong Lun Law Firm ranked first in the list of legal advisors for Chinese stocks and equity-linked issuers.
Jingtian Gongcheng Law Firm ranked first in the list of underwriter's legal advisors.
Chinese bonds
Market Overview
The total issuance amount of the RMB bond market in the first three quarters of 2026 was about RMB 23.1 trillion, down 1% from the previous year, and the total amount issued in the third quarter of 2026 decreased by 3% from the second quarter. In terms of the number of issues issued, the first three quarters of 2026 reached 11,406, which is basically the same as the same period in 2025, and increased 1% month-on-month in the third quarter of 2026 compared to the second quarter.
The total issuance amount of the panda bond market in the first three quarters of 2026 was approximately RMB 170.13 billion, up 82% year on year. The third quarter of 2026 decreased 11% from the second quarter.
The amount of government and institutional bonds issued in the first three quarters of 2026 was approximately RMB 11.7 trillion, accounting for 50.4% of the market share, down 3% from last year, and 9% from the third quarter compared to the second quarter. The financial, industrial, energy and electricity, and real estate industries followed.
CITIC (CITIC) leads the RMB bond underwriting list; the Bank of China ranks first in the panda bond underwriting list.
Issuer Legal Adviser:
Fangda Law Firm leads the RMB bond business list, and Freshfields, King & Wood (KW), and Linklaters are at the top of the G3 currency bond business list in China.
Underwriter Legal Adviser:
Allen Overy Shearman Sterling leads the RMB bond business list, and King & Wood Mallesons (KW) is at the top of China's G3 currency bond business list
China syndicated loans
The Bank of China leads the list of syndicated and club loans in all currencies of leading Chinese banks, and also ranks first in the list of syndicated loans in all currencies of Chinese bookkeeping banks.
