Hong Kong IPO Market Sees Strongest Jan. Performance in Years

Hong Kong's initial public offering (IPO) market experienced a robust start to 2026, with listing applications tripling year on year and proceeds reaching their second highest level on record for Jan. This surge positions Hong Kong back in the global IPO spotlight.

Credit: MINIMAX

Ninety-six companies applied to list in Hong Kong in Jan., comprising 95 on the main board and one on the Growth Enterprise Market. This figure represents more than triple the 29 applications recorded a year earlier.

This volume of applications also nearly equals one-fifth of the 466 total in 2025, a year already noted for its strong new listings. Robert Lui, who leads Deloitte China’s offering services for the southern region, attributed this momentum to positive market sentiment and a strong pipeline following stellar results in 2025.

In 2025, Hong Kong reclaimed the world’s top spot for IPOs after a slump since its 2021 peak. A total of 114 companies raised USD 37.22 billion on the exchange’s main board that year.

Twelve companies listed in the city in Jan., raising USD 4.2 billion, marking a 447% increase from a year earlier. The previous year’s Lunar New Year falling in Jan. resulted in fewer trading days, which amplified this contrast in fundraising.

This period’s proceeds were the strongest Jan. since 2021, when 15 firms, including Chinese short-video platform Kuaishou Technology, raised USD 7.6 billion in Hong Kong. This made it the second highest Jan. on record.

Technology companies continued to dominate the listings. Chinese artificial intelligence start-up MiniMax Group debuted in Jan., raising USD 711 million. This was the largest IPO in Hong Kong for the month and the third largest globally.

Chinese semiconductor maker OmniVision Integrated Circuit Group raised USD 616 million, while chip designer GigaDevice Semiconductor raised USD 600 million, ranking second and third respectively in Hong Kong for Jan.

Globally, Hong Kong ranked second among exchanges for the month. It followed Amsterdam-based Euronext, where Prague-based defence firm Czechoslovak Group raised USD 4.5 billion, the largest since 2006.

Policy support, including China’s drive for mainland enterprises to go global, and Hong Kong listing regimes like Chapter 18C, helped sustain this momentum. Chapter 18C allows technology companies to list without a track record of revenue and profit.

Kenny Ng Lai-yin, a strategist at Everbright Securities International, noted that a strong secondary market was also encouraging companies to seek listings when valuations could be higher. The Hang Seng Index briefly crossed 28,000 points, a level last seen in July 2021.

The outlook for 2026 is positive, with Hong Kong’s IPO market likely to set another fundraising record of at least USD 38.4 billion. Lui expects main listings to come from the technology, healthcare, and consumer sectors.

Currently, 440 companies are awaiting listing in Hong Kong, with 26 applications approved and 414 being processed, according to a report from Hong Kong Exchanges and Clearing (HKEX).

In global rankings for Jan., Nasdaq was third with five listings raising USD 1.4 billion. The New York Stock Exchange finished fourth with two firms raising USD 818 million, and Shanghai’s Nasdaq-style tech board Star Market ranked fifth with four deals raising USD 653 million.

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• Hong Kong's IPO market experienced its strongest Jan. in years for 2026, with applications tripling and proceeds reaching their second highest level on record.

• Ninety-six companies applied to list in Jan. Separately, 12 companies listed in the city during Jan., raising USD 4.2 billion, a 447% increase from the prior year.

• Technology firms dominated, with MiniMax Group securing the largest IPO in Hong Kong for the month at USD 711 million.

Source: SCMP