Media365
Hong Kong’s initial public offering (IPO) market is on track to maintain its status as the world’s top fundraising venue next year, underpinned by a pipeline of mega deals and the return of US capital, according to UBS.
The Swiss investment bank expects more than HK$300 billion (US$38.5 billion) to be raised from 150 to 200 IPOs in 2026, surpassing the roughly HK$270 billion raised this year, which vaulted the city back to No 1 globally.
UBS also forecast that the city’s benchmark Hang Seng Index could climb to 30,000 points next year, implying a 17.5 per cent gain from Thursday’s close of 25,530.
“The first quarter of next year will see some IPOs raise over HK$10 billion,” said John Lee Chen-kwok, co-head of Asia country coverage at UBS Global Banking. Deals in consumer goods, high technology and artificial intelligence should give the market a strong start, he added.
Asked whether any float could top Contemporary Amperex Technology’s HK$41 billion Hong Kong share sale – the world’s largest this year – Lee said such an outcome could “not be excluded”.
While KPMG has issued a more bullish forecast of up to HK$350 billion in proceeds, Lee said UBS still expected Hong Kong to keep its crown among global IPO markets next year. One key driver, he noted, was room for global investors to rebuild positions in Greater China after modest inflows earlier in 2025 left them still underweight.
US funds had already begun to return in the second half of this year amid a renewed rally over Chinese technology stocks, according to Lee.
