After regaining its ground as the world’s top IPO market, Hong Kong is readying to set new records, with $40 billion deal volume forecast for 2026 by PwC.
Building on 2025 momentum, PwC 2026 forecast expects that the Hong Kong Stock Exchange could host around 150 IPOs and raise between HK$320 billion and HK$350 billion ($41 billion+) in new capital this year.
Hong Kong reclaimed its position as the world’s leading venue for initial public offerings in 2025, surpassing major exchanges including the NYSE and NASDAQ with more capital raised than any other global IPO market, according to PricewaterhouseCoopers (PwC) Hong Kong.
Last year’s performance was striking: 119 new listings contributed over HK$285 billion (about US$36.6 billion) in IPO proceeds — a more than 200 % year-on-year increase, demonstrating robust global and domestic investor appetite for Hong Kong-listed equities. This marked the city’s first return to the top IPO ranking since 2019, driven by blockbuster deals from major Chinese companies.
According to the PwC forecast, 2026 holds even greater potential ahead. Reportedly, roughly 300 companies have already filed applications. Besides, many of them are from “new economy” sectors such as innovation, biotechnology, and technology, highlighting an evolving profile of listings beyond traditional industrial giants.
PwC analysts also note that favorable policy support, anticipated interest rate cuts, and efforts to streamline the listing process are expected to bolster investor confidence and further enhance Hong Kong’s appeal as a premier listing destination.
At the same time, some market watchers caution that geopolitical and regulatory uncertainties, particularly around cross-border tech rules, could temper growth, underlining the importance of a balanced risk outlook as 2026 unfolds.
One prominent example is the U.S. Treasury’s “Final Outbound Rule”, which came into effect in early 2025. It imposes restrictions on U.S. investments in certain advanced technology sectors like semiconductors, quantum computing, and certain AI systems in “countries of concern”, notably China and Hong Kong. While publicly traded securities are generally excluded from the rule, interpretation uncertainties remain, potentially increasing compliance costs and dampening U.S. institutional investment interest in some tech IPOs.
Meanwhile, China has also been tightening its cybersecurity and data governance laws, with a major update to its Cybersecurity Law taking effect on 1 January 2026. It affects cloud, AI, and cross-border tech business operations, including how data can be transferred and managed across borders, which may become a key issue for tech firms seeking global investors.
