国际长线资金回流 后备上市资源丰富—— 今年港股IPO募资有望超3000亿港元

Core Viewpoint - In 2025, Hong Kong's IPO market regained its position as the world's leader with a total fundraising amount of HKD 285.8 billion, and this momentum is expected to strengthen in 2026 with a focus on technology and A to H listings [1][2]. Group 1: IPO Market Overview - As of the end of 2025, there are over 300 companies waiting to go public on the Hong Kong Stock Exchange, with a notable increase in IPO applications at the end of 2025 and the beginning of 2026 [2][4]. - The IPO market in 2026 is projected to continue its strong performance, with fundraising expected to exceed HKD 300 billion [1][5]. Group 2: Key Drivers of IPO Growth - The two main themes driving the 2026 IPO market are technology and A to H listings, with many leading companies from various sectors, including pet healthcare and semiconductor industries, among those waiting to list [2][3]. - Four key factors supporting the IPO market in 2026 include the return of international long-term capital to Hong Kong, the transformation of the Chinese economy creating quality listing resources, strong support from mainland policies for companies to list in Hong Kong, and the optimization of listing policies in Hong Kong [3][5]. Group 3: Predictions for 2026 - Multiple institutions predict that the total fundraising for Hong Kong IPOs in 2026 will be optimistic, with estimates ranging from HKD 320 billion to HKD 350 billion, and a significant number of companies expected to raise over HKD 50 billion each [5][6]. - The IPO landscape in 2026 is likely to exhibit a "two ends large, middle differentiation" characteristic, where large projects and industry leaders attract long-term funding, while smaller projects depend more on market conditions and performance [6].