2026港股IPO市场展望：中国科技一马当先！

Core Viewpoint - In 2025, Hong Kong's stock market achieved a record-breaking IPO fundraising of $37.4 billion, marking a 231% year-on-year increase and surpassing the total of the previous three years combined, showcasing its dominance in the global market [1] IPO Market Performance - The TMT sector led the IPO fundraising with $34.5 billion, followed by the healthcare and biotechnology sector, which raised $15.6 billion, with biotechnology alone contributing $6.2 billion [1] - As of early February 2026, over 400 companies are queued for listing, with more than 50 targeting specific chapters for biotechnology and specialized technology [1] Top IPO Companies - The top three companies by fundraising in 2025 were CATL ($41.006 billion), Zijin Mining International ($28.732 billion), and SANY Heavy Industry ($15.471 billion), primarily from sectors like renewable energy, AI, software and hardware technology, pharmaceuticals, and consumer goods [2] Stock Performance Post-IPO - Newly listed stocks with fundraising of $100 million or more saw an average first-day price increase of 23.8% and an average one-month increase of 30.7%, marking the best performance in nearly two decades [5] Foreign Investment Trends - Long-term foreign investment in Hong Kong IPOs surged, with participation rates rising from 10%-15% in early 2024 to 85%-90% in 2025, with expectations to reach 90%-95% in 2026 [6] - Major foreign institutions like Morgan Stanley and Livermore Securities led the way in underwriting and sponsoring Hong Kong IPOs [6] Anticipated Future Trends - The 2026 IPO market is expected to be a significant year for technology, with a notable increase in companies from AI and biotechnology sectors [19] - The anticipated top ten companies for 2026 include Kunlun Chip, Sunmi Technology, and Qunhe Technology, reflecting a strong focus on AI and new economic sectors [19] Underwriters and Sponsors - In 2025, the top underwriters by project count were CICC (41 projects), CITIC Securities (32 projects), and Huatai Financial (22 projects) [4] - For the ongoing 2026 IPO applications, CICC and CITIC Securities are leading with a market share of 16.23% each [15] Sector Distribution of Upcoming IPOs - The distribution of companies currently in the IPO pipeline is as follows: AI and software technology (22.88%), healthcare and biotechnology (17.75%), and industrial (14.91%) [14]