Hong Kong IPOs Capitalize on China's Tech Surge as Nasdaq Surges with SpaceX Momentum

Hong Kong's Resurgence as a Preferred Fundraising Hub for Chinese Tech Giants

Hong Kong has witnessed a significant surge in IPO fundraising activities, with the city emerging as a preferred destination for Chinese technology companies. Despite ceding its IPO fundraising crown to Nasdaq following SpaceX’s monumental listing earlier this month, Hong Kong reported an impressive 84% year-on-year increase in IPO proceeds during the first half of 2026. This growth underscores the region's continued role as a primary offshore financial hub for Chinese issuers.

According to LSEG Data & Analytics, a total of 83 companies raised $26.42 billion on Hong Kong’s main board from January to June. This figure, combined with one listing on the GEM board, marked an 84.3% rise in IPO proceeds compared to the same period last year. The "A-to-H" trend, where A-share companies from mainland China issue additional shares in Hong Kong, is seen as a powerful new driver for this growth.

Jacky Leung, co-chief operating officer of the technology, media and telecoms group in Asia ex-Japan at Goldman Sachs, emphasized that "Hong Kong has become the fundraising venue of choice for Chinese technology leaders." Chinese issuers dominated Hong Kong's new listings during the first half, accounting for 98.5% of total IPO proceeds. Technology companies led this expansion, representing 53.1% of IPO proceeds across 31 deals—an increase from just five deals in the same period last year.

"The US and Hong Kong remain the two most active capital markets venues in 2026, each serving one of the world's two largest economies and both riding the global AI wave," Leung said. Nasdaq ranked first globally with total IPO proceeds of $112.42 billion, largely due to SpaceX's $75 billion listing in June, which remains the biggest public listing ever by the Elon Musk-led aerospace company. The New York Stock Exchange ranked third with $14.73 billion in proceeds.

David Lau, vice-chairman of Apac Investment Banking at JP Morgan, noted that "we expect Hong Kong to continue competing effectively for quality issuers, supported by ongoing reforms by its financial regulators." He added that several sizeable IPOs are currently in the pipeline, many awaiting approval from the China Securities Regulatory Commission, which should help underpin activity.

As of June 30, the city's bourse operator was processing 494 IPO applications, according to the Hong Kong Exchanges and Clearing website. Average daily turnover for the first five months of the year reached HK$275.3 billion (US$35.12 billion), a 14% increase from the same period last year.

The strong pipeline of technology listings has prompted the Hong Kong Exchange (HKEX) to review its listing regimes this year, aiming to better accommodate firms seeking access to international capital. John Lee, vice-chairman and co-head of Asia Country Coverage at UBS Global Banking, Asia, stated that "the Hong Kong market remains an attractive listing venue for issuers, given the strong investor engagement and market liquidity."

Sectors such as AI and tech-related ecosystems, as well as healthcare, are expected to perform well, Lee added. Minyue Liu, an associate investment director at Fidelity International, anticipates more quality companies—particularly those engaged in technological innovation like advanced manufacturing, artificial intelligence, and robotics, along with new consumption sectors—to list in Hong Kong.

"In the short term, the listing of large AI-related companies may create some temporary competition for market liquidity," Liu noted. "However, we view this as a positive development over the longer term."

Deloitte forecasts that Hong Kong will rank at least third globally in new share fundraising proceeds by the end of 2026. Hong Kong held the global IPO crown last year and in the first quarter of this year.