View of Hong Kong Exchanges and Clearing Ltd Photo: VCG

The IPO market in Hong Kong has been brisk since the beginning of 2026, with total funds raised so far this year exceeding HK$79.12 billion ($10.12 billion), a year-on-year gain of 1,220 percent, the China Securities Journal reported on Wednesday.  

A Chinese analyst said that the trend reflected Hong Kong's advantage in capital aggregation as well as a willingness by Chinese mainland firms to tap Hong Kong's platform to go global.

Industry experts noted that the robust performance of the Hong Kong IPO market stems from the combined effects of institutional optimization and relatively ample liquidity. The Hong Kong IPO market is expected to be very active this year, with the growth pace becoming steadier and more sustainable, the report said.

Since the year began, A-share listed companies such as Montage Technology, Muyuan Foods, and Han's CNC have listed on the Hong Kong Stock Exchange (HKEX), and the Hong Kong-mainland dual listing model continues to gain momentum, the report said.

According to industry portal choice.com, 422 companies were in the HKEX pipeline as of Tuesday, with more than 100 having submitted their applications since the start of 2026. Among those companies, more than 110 - including XGIMI Technology and Suzhou UIgreen Micro & Nano Technologies Co - are already listed on the mainland's A-share bourses.

The situation marked a continuation of a year-end IPO surge, with six companies listing simultaneously and making rare debuts on December 30 last year.
 
Dong Shaopeng, a senior research fellow at the Chongyang Institute for Financial Studies at Renmin University of China, told the Global Times on Wednesday that the increasing number of IPOs in the Hong Kong market demonstrates that Hong Kong indeed possesses an advantage in capital aggregation, and the trend is set to gain momentum.

The notable proportion of dual-listed companies indicates that high-quality A-share companies are willing to list in Hong Kong, and Hong Kong is also open to accepting them. Additionally, by listing in Hong Kong, companies can attract more international capital and attention from the global market, Dong said.

At a recent conference, Goldman Sachs Chairman and CEO David Solomon highlighted the constructive global economic backdrop and technology advancements that could support strong capital markets activity in Hong Kong in 2026 and beyond, according to the investment bank's X post on January 28.

Dong noted that recently listed stocks showed a relatively narrower A-share and H-share price gap, which is a positive development.
 
"The valuation gap between the two markets remains relatively wide at present and it is hoped that the recognition of valuations between the two markets can be aligned."

This phenomenon indicates that the interaction mechanism between A-shares and H-shares is becoming increasingly healthy, the expert said. 

"In the meantime, both markets should strengthen cooperation in joint efforts to combat illegal and non-compliant activities through regulatory collaboration."

Paul Chan, financial secretary of China's Hong Kong Special Administrative Region (HKSAR) government, wrote in his blog on February 8 that Hong Kong's IPO market led globally last year, with 119 companies raising more than HK$280 billion. 

Enterprises in information technology, biotechnology, new energy, and advanced industries accounted for about 70 percent of the funds raised, according to the official.

Chan said that the HKSAR will seize the opportunities of the 15th Five-Year Plan (2026-30), actively integrate into and serve the country's overall development, further promote the integration of technological and industrial innovation, and push the economy toward high-quality, high-value-added, and diversified growth.