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 its strong momentum into 2026, with a projected fundraising amount exceeding 300 billion HKD, driven by technology and A to H listings [1][10]. 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 [1]. - As of the end of 2025, there were 316 companies waiting to go public, indicating a significant backlog and potential for future listings [4]. - The IPO market is characterized by a concentration of leading companies across various sectors, including technology, biomedicine, and new energy [8]. Group 2: Key Drivers for 2026 - Four main drivers supporting the IPO market in 2026 include: high demand for biotech companies, leading tech firms in AI and new energy, traditional industries undergoing transformation, and new consumer brands seeking international expansion [6]. - The influx of international long-term capital into the Hong Kong market is favoring Chinese leading companies with strong growth, profitability, and cash flow [9]. - Continued support from mainland policies for eligible companies to list in Hong Kong is expected to enhance the market's attractiveness [9]. Group 3: Predictions for 2026 - Multiple institutions predict that the total fundraising for Hong Kong IPOs in 2026 will exceed 300 billion HKD, with estimates ranging from 320 billion to 350 billion HKD [11]. - The IPO landscape is likely to exhibit a "two ends large, middle differentiation" characteristic, where large projects and industry leaders attract stable long-term investments, while smaller projects may face greater valuation disparities [11]. - A to H listings are anticipated to remain a significant component of the IPO market, providing more certainty for international investors due to their established business records [12].