2026年香港IPO市场将延续增长趋势，集资额有望达3200亿至3500亿

Core Insights - The Hong Kong IPO market is expected to continue its growth trend in 2026, with fundraising projected to reach between HKD 320 billion to HKD 350 billion [1][2][3] Group 1: 2025 Performance - In 2025, Hong Kong regained its position as the global leader in IPO fundraising, achieving a total of HKD 285.8 billion, which is an increase of over 225% compared to 2024 [1][2] - A total of 119 IPOs were recorded in 2025, marking a 68% increase from the previous year [1] - The main sectors for IPOs included retail, consumer goods, and services (28%), followed by information technology and telecommunications (26%), and healthcare and pharmaceuticals (25%) [1] Group 2: Future Outlook - PwC anticipates that around 150 companies will successfully list in Hong Kong in 2026, with over 10 companies expected to raise more than HKD 5 billion each [2] - The trend of A-share companies seeking international fundraising through the Hong Kong capital market is expected to continue, with the number of H-share listings increasing from 30 in 2024 to 76 in 2025, a rise of 153% [2] - New economy companies, particularly those in innovation and biotechnology, are expected to be the focus of listings in 2026 [2][3] Group 3: Market Dynamics - The overall decline in interest rates is boosting investor confidence, while government policies are further supporting the market [1][2] - The diversity in the types of companies seeking to list is expected to provide innovative and technology-related funding opportunities, enhancing market depth [3] - The demand for international financing from Chinese enterprises remains strong, despite global geopolitical uncertainties [3]