Accounting firm PwC said on Thursday it remains confident in the growth momentum of Hong Kong's IPO market as reports showed the city ranks second globally, behind only Nasdaq.

Full-year fundraising is expected to reach HK$380 billion.

In the first half of 2026, Hong Kong's IPO market set a five-year high in both fundraising amount and number of listings.

It raised HK$210 billion, making for a 92 percent year-on-year increase, and recorded 87 new listings, up 98 percent.

The information technology and telecommunications services sector dominated the listings with a 48 percent share, followed by industrials and materials on 21 percent and healthcare and pharmaceuticals on 18 percent.

PwC said the upswing was driven by three key factors: leading mainland enterprises listing here as the primary source of capital raised; an increasing number of mainland tech companies pursuing dual listings; and strong international investor interest in high-growth new economy sectors – particularly artificial intelligence, new materials, semiconductors, chips and creative robotics.

"In terms of the second half of 2026, we expect the IPO momentum will continue. We are cautiously optimistic," said Diamantina Leong, partner of PwC Hong Kong Capital Markets Services Group.

Regarding the projected full-year fundraising size of HK$380 billion, Leong said: "If the market is stable and more mega-sized companies come, it is possible that the fundraising in 2026 will be even higher."

PwC also said as international enterprises are exploring listings in Hong Kong and favouring tech stocks, the city is emerging as a preferred listing destination for A-share companies on the Shenzhen and Shanghai bourses.

A-share companies are continuing to access Hong Kong's capital market for international fundraising, accounting for HK$121.7 billion of HK$210 billion raised to date.

These companies are involved in sectors such as technology and AI, which the central government regards as key drivers for sustained economic growth.

In turning to Hong Kong's international capital market, A-share companies are able to broaden and diversify their investor bases while further enhancing their international brand presence.

"A lot of investors continue to have interest in high-quality Chinese companies, particularly in the AI industry," Leong said.



Edited by Edmond Fong