HKEX (00388), citing Dealogic data, has revealed that total post-listing refinancing in Hong Kong reached $37.9 billion (approximately HK$295.62 billion) in the first half of 2026, marking a 17.7% year-on-year increase.
Large-scale deals exceeding $1 billion hit 11 transactions during the period, more than tripling from the prior year, reflecting how ample liquidity is supporting companies' full-cycle financing needs.
From an industry perspective, the industrial sector dominated the H1 refinancing market, accounting for 48% of total funding and securing six spots among the top ten deals. Notable transactions include CATL (03750) completing a $5 billion share placement, while Zijin Mining (02899) and China Hongqiao (01378) each issued approximately $1.5 billion in convertible bonds (CBs).
Entering the second half, the financing focus has shifted toward the TMT and artificial intelligence sectors. In July 2026, three newly listed companies 鈥?Zhipu AI (02513), MiniMax (00100), and Tianshu Zhixin (09903) 鈥?consecutively launched share placements. By August, Alibaba (09988) completed a massive HK$80 billion share placement, ranking as the world's third-largest refinancing transaction as of end-August, with all proceeds dedicated to AI technology R&D.
This momentum is bolstered by enhanced execution efficiency, more competitive funding costs in both HKD and RMB, and robust demand from a diverse global investor base. Issuers are increasingly diversifying their financing instruments, currency choices, and distribution arrangements.
In H1 2026, equity-linked product issuance hit a record $18.3 billion (approximately HK$142.74 billion), representing nearly half of total post-listing refinancing during the period. Among these, "Reg S" (offshore US) CBs reached 24 deals, up 60% year-on-year, underscoring strong demand from Asian and international capital.
Hybrid financing (combining placements and CBs) saw a typical example in MMG's (01208) $1.6 billion transaction, which broadened its investor base while managing equity dilution and costs.
The vibrant refinancing market is closely tied to the significant uptick in Hong Kong spot market activity. In H1 2026, average daily turnover on the Hong Kong stock market reached HK$283 billion, up 17.8% year-on-year and more than double the 2024 level.
Meanwhile, the new listing market performed strongly in the first half, with nearly 90% of new stocks closing higher on their debut and delivering an average return of 46% one month after listing. With the strengthened Stock Connect mechanism, post-listing liquidity for companies has surged, providing a solid foundation for subsequent expansion and refinancing activities.