Hong Kong's IPO market for the first three quarters is nearing its close. On September 29, Jingwang Electronics, Tongcheng New Material, Robotech, and Benmo Technology listed on the Hong Kong Stock Exchange, raising HK$5.097 billion, HK$2.997 billion, HK$5.178 billion, and HK$1.080 billion respectively. Huancheng Technology is set to list on September 30, with estimated fundraising of approximately HK$682 million based on the upper limit of its offer price. By then, the number of companies listed on the Hong Kong Stock Exchange in the first three quarters of this year will rise to 117, with total fundraising expected to reach HK$385.566 billion. Hard technology and the "A+H" model have become the core engines driving the heat of Hong Kong IPOs this year.

According to Tonghuashun iFinD data, as of September 29, the technology hardware and equipment, telecommunications, electronics, and computer sectors together raised HK$271.670 billion, while 38 "A+H" companies collectively raised HK$261.231 billion. Meanwhile, 61 stocks received over a thousand times oversubscription, with IPO subscription enthusiasm remaining high, and overseas capital accelerating its entry as cornerstone investors.

The A+H Model Contributes Nearly 70% of Fundraising

The Hong Kong IPO market has been booming this year. Cross-border e-commerce giant Shein-W, which listed on September 1, raised a total of HK$13.596 billion, becoming the sixth project this year to raise over HK$10 billion. According to Tonghuashun iFinD data, as of September 29, 116 companies have listed on the Hong Kong market this year, raising a total of HK$384.884 billion, with the number of IPOs and total fundraising increasing by 78.46% and 144.17% respectively compared to the same period last year. In terms of global exchange fundraising for the first three quarters, Hong Kong ranked second globally.

According to data from a recent report by Deloitte China titled "Review and Outlook of the IPO Markets in Mainland China and Hong Kong for the First Three Quarters of 2026," in the first three quarters of this year, the Nasdaq Stock Exchange in the United States raised a total of HK$1,122 billion from new shares, the New York Stock Exchange raised HK$163.2 billion, the Shanghai Stock Exchange raised HK$139.8 billion, and the National Stock Exchange of India raised HK$81.8 billion. In terms of fundraising scale, capital in the Hong Kong IPO market is clearly concentrated in top-tier projects. As of September 29, Zhongji Xuchuang, Luxshare Precision, Victory Giant Technology, Shein-W, Muyuan Foods, and Dongpeng Beverage each raised over HK$10 billion, with the six companies collectively raising approximately HK$146.410 billion, accounting for 38.04% of the total fundraising by companies listed this year. There were 19 companies that raised between HK$5 billion and HK$10 billion, with a combined fundraising of approximately HK$116.262 billion, accounting for about 30.21% of the total.

"This year, the convergence of many favorable conditions and positive market developments has allowed Hong Kong's new share market to flourish and has driven the development of Hong Kong's capital market. Among these favorable factors, the core driving force is the strong policy support from regulators for dual listings of A-shares followed by H-shares and for leading enterprises from various mainland industries to list in Hong Kong," said Xie Minghui, National Managing Partner of Hong Kong Listing Business and Managing Partner of Listing Business for East China at Deloitte China's Capital Markets Services Department.

The "A+H" listing model has become the core pillar of fundraising growth in Hong Kong. Of the four companies that listed on September 29, three were "A+H" companies. According to iFinD data, as of September 29, among the companies listed in Hong Kong this year, there were 38 "A+H" companies, collectively raising HK$261.231 billion, accounting for approximately 67.87% of total fundraising. Of the six "giants" that raised over HK$10 billion, five came from the "A+H" camp.

Hard Tech Companies Become the Main Force in Fundraising

Another aspect of the Hong Kong IPO market is that hard technology has become the main force in fundraising. The report noted that along with the recovery in valuations of the AI sector, a large number of companies across the AI industry chain have driven a surge in the number of new shares and total fundraising in the first three quarters of this year. According to iFinD data, as of September 29, 27 companies in the technology hardware and equipment sector collectively raised HK$109.297 billion, ranking first among all industries in both listing numbers and total fundraising. Seven industries reached HK$10 billion or more in total fundraising, namely telecommunications (HK$67.091 billion), electronics (HK$64.289 billion), computers (HK$30.993 billion), capital goods (HK$27.240 billion), food and beverages (HK$23.198 billion), consumer discretionary retail (HK$14.041 billion), and pharmaceuticals (HK$13.682 billion).

In addition, a group of hard technology companies in the "reserve force" are sprinting toward Hong Kong listings. The report pointed out that as of the end of August 2026, more than 500 companies had applied for listing in Hong Kong. Orbbec, a global leader in the 3D vision perception market for robots, submitted a listing application to the main board of the Hong Kong Stock Exchange on September 24, and intelligent driving supplier Yinjia Technology also filed on September 27.

"Hong Kong's new share market is moving toward a new milestone and is expected to surpass the all-time annual new share financing record set in 2010," said Ou Zhenxing, Managing Partner of Deloitte China's South China Region. He expects that by the end of this year, Hong Kong will have about 160 new listings this year, with financing of at least HK$480 billion, driven mainly by new shares from sectors directly related to AI large model training and infrastructure, as well as robotics technology, biotechnology, and consumer companies.

More Than Half of IPO Projects Received Over a Thousand Times Oversubscription

As IPO enthusiasm continues to rise, Hong Kong's IPO subscription heat remains high, and thousand-times oversubscription has become a market norm. According to iFinD data, as of September 29, in terms of subscription multiples, excluding Voyah Auto and Long Resources, which listed by introduction, Yifei Technology and BBSB INTL each received over ten thousand times oversubscription, 59 stocks received thousand-times level oversubscription, and 33 stocks received hundred-times level oversubscription. Subscription sentiment in the Hong Kong market is inseparable from the market's wealth effect, with the first-day break issue rate remaining at a low level.

According to iFinD data, in terms of first-day market performance, excluding Voyah Auto, Long Resources, and the four stocks listed on September 29, 80 stocks closed higher, 6 closed flat, and 24 closed lower. Among them, 27 stocks doubled, with the top three first-day gainers being Xizhi Technology-P (383.62%), Baige Online (367.95%), and Haiqing Zhiyuan (270.83%).

The reporter noted that overseas capital is accelerating its influx into Hong Kong hard tech IPOs, locking in allocations in advance as cornerstone investors. Among them, UBS Asset Management (Singapore) Ltd. and JPMorgan Asset Management (Asia Pacific) Ltd. participated in cornerstone investments in 18 and 8 IPO projects respectively this year. Sovereign wealth funds from Singapore and the Middle East are also continuously increasing their layout, with GIC having appeared in the cornerstone investment lists of seven IPO projects this year, including Luxshare Precision.

"A truly competitive international financial center not only helps companies complete listings, but also supports them in continuously raising funds, expanding, and internationalizing at different stages of development," Ou Zhenxing emphasized. Hong Kong's IPO market competitiveness is no longer limited to fundraising scale, but also lies in continuously attracting representative new economy companies, international companies, and quality companies at different stages of development, and providing them with a capital market that has greater depth, liquidity, and international participation.