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

Core Viewpoint - The Hong Kong IPO market is expected to maintain strong momentum in 2026, with a projected fundraising amount exceeding 300 billion HKD, driven by technology and A to H listings [12][18]. Group 1: IPO Market Overview - In 2025, Hong Kong's IPO market raised a total of 285.8 billion HKD, reclaiming the top position globally [12]. - As of the end of 2025, there were 316 companies waiting to go public, marking a peak in listing applications [14]. - The IPO market is characterized by a significant presence of leading companies across various sectors, including technology, biomedicine, and renewable energy [16]. Group 2: Key Drivers for 2026 - The IPO market in 2026 is expected to be supported by four main drivers: high-performing biotech companies, leading tech firms in AI and renewable energy, traditional industries undergoing transformation, and new consumer brands seeking international expansion [15][17]. - The influx of international long-term capital into the Hong Kong market is anticipated, favoring Chinese leading companies with strong growth and profitability [17]. Group 3: Predictions for 2026 - Multiple institutions predict that around 150 to 160 companies will successfully list in Hong Kong in 2026, with total fundraising estimates ranging from 320 billion to 350 billion HKD [18]. - The IPO landscape is expected to exhibit a "two ends large, middle differentiation" characteristic, where large projects and industry leaders attract stable long-term funding, while smaller projects may face greater valuation disparities [18]. Group 4: A to H Listings - A to H listings are expected to remain a significant component of the Hong Kong IPO market, providing more certainty for international investors due to their established business records and solid information disclosure [19]. - The demand for high-quality A to H assets reflects the market's interest in sectors such as technology, AI, biomedicine, and global consumer and manufacturing enterprises [19].