The Hong Kong initial public offering (IPO) market is expected to post continued strong growth momentum in the second half of 2026, with the “A+H” listing model poised to fuel IPO activities from the high-growth, hard-technology sector, financial analysts say.
On Thursday, seven Chinese mainland companies from the hard-core technology, domestic consumption, and electronic device sectors made their debuts on the Hong Kong Stock Exchange, with varying share price performance on the first trading day.
This has set a new record as seven companies have simultaneously listed on the Hong Kong Stock Exchange's main board in a single day. The seven IPOs raised a total of HK$38.84 billion ($4.97 billion), also a record for the largest single-day fundraising this year.
Among those newly-listed companies, the share price of Shenzhen-based Luxshare Precision Industry Co — an iPhone and iPod assembler for Apple Inc — shed almost 1.55 percent from its offering price of HK$63.28 ($8.11) per share.
Listed in Shenzhen in 2010, the mainland’s largest precision intelligent device manufacturer is pursuing A+H dual listing to expand its international financing channels. With the global issuance of 383 million H-shares, the company is expected to raise HK$24.3 billion, which could make it Hong Kong’s biggest IPO so far in 2026.
Funds raised through IPOs in the first half of 2026 surged 92 percent to HK$210.2 billion compared to the previous year, with 87 new listings in the first six months of this year, an annual increase of 98 percent, according to Hong Kong Exchanges and Clearing (HKEX).
It added that total funds raised were HK$346.1 billion, up 22 percent year-on-year.
"The recent wave of Hong Kong listings shows the sustained investor appetite for technology and advanced manufacturing issuers. Luxshare’s listing underscores Hong Kong’s continued role as a leading international capital-raising venue for high-quality mainland companies,” said Matt Emsley, a Hong Kong partner at global law firm Herbert Smith Freehills Kramer who has advised the joint sponsors and underwriters on Luxshare listing.
The upswing of this year’s IPOs is driven by the listing of leading mainland enterprises, a growing number of mainland technology companies pursuing dual listings, and strong international investor interest in high-growth new economy sectors such as artificial intelligence, new materials, and semiconductors, analysts say.
Over 500 companies have currently submitted listing applications to the Hong Kong Stock Exchange, and PwC Hong Kong estimates the city’s IPO market can raise up to HK$380 billion this year which could cement the city’s place as one of the global top three IPO markets in 2026.
PwC Hong Kong says the special administrative region is emerging as a preferred listing destination for the mainland’s A-share companies because they are able to broaden and diversify their investor bases, as well as enhance their international brand presences by listing in Hong Kong.
“It is essential to continuously enhance the overall IPO ecosystem, including regularly reviewing and enhancing the listing rules to adapt to market changes and corporate needs, as well as proactively strengthening communication with investors and prospective listing companies,” PwC Hong Kong Capital Markets Leader Eddie Wong said.
HKEX is expected to publish its final conclusions soon in relation to its consultation paper released in the first quarter, proposing to reduce the market capitalization threshold for listings with a weighted voting rights structure, relax the qualification requirements for secondary listings, and expand the eligibility of confidential filing to all new applicants.
EY expects Hong Kong IPO activities in the second half of this year will mainly be dominated by the A+H theme, whereas companies from AI-related industries, biotech, new energy and new consumption sectors will be rushing to pursue listings in Hong Kong.
“We are optimistic about the outlook for the Hong Kong IPO market, driven by the thriving IPO activities and a robust pipeline. The notable surge in Chapter 18C listings is particularly encouraging, as these listings play a crucial role in fostering a high-tech ecosystem in Hong Kong,” said Louis Lau, partner and head of Hong Kong Capital Markets Group at KPMG China.
Even though the boom in AI has lifted enthusiasm in the Hong Kong IPO market, the city’s Hang Seng Index has dived close to 11 percent in the first half of this year.
On Thursday, the benchmark index edged down 0.7 percent lower to close at 24,030 points, based on a turnover of HK$377.2 billion.
The Hang Seng China Enterprises Index — a barometer of mainland companies — slipped 1.08 percent to close at 7,997 points, while the city’s technology stock gauge — the Hang Seng TECH Index — was almost flat at 4,731 points.
