Hong Kong raised more money from initial public offerings in the first nine months of 2026 than in any comparable stretch in its history, putting the city within reach of its best year on record.

IPOs raised HK$388.0 billion from January through September, up 106% from HK$188.3 billion a year earlier, according to monthly statistics from Hong Kong Exchanges and Clearing. KPMG China counted 116 listings in the period and said proceeds beat every previous nine-month total.

In a review published Oct. 6, the accounting firm said full-year proceeds could approach HK$500 billion if markets stay supportive and the pipeline converts as expected. That would beat the annual record of HK$449.5 billion set in 2010, by KPMG's count. WealthBriefing Asia, reporting on the same forecast, gave the 2010 figure as HK$427 billion.

“Hong Kong could deliver a record year,” said Louis Lau, head of KPMG China's Hong Kong capital markets group.

Mainland issuers lead the way

The boom has been driven by mainland companies already trading in Shanghai or Shenzhen that are adding a Hong Kong line, known as A+H listings. KPMG said 38 such deals contributed nearly 70% of IPO proceeds in the nine months. The number of A+H deals more than tripled from a year earlier and the money they raised rose more than 180%.

HKEX data show how that is reshaping the market. The number of H-share companies listed in Hong Kong reached 536 at the end of September, up from 401 a year earlier.

Among the biggest deals, electronics maker Luxshare Precision raised about HK$24.3 billion when its H shares began trading on July 9, the largest Hong Kong IPO of the year at that point, according to law firm DLA Piper, which advised on the offering. E-commerce company Shein raised HK$13.6 billion in a Sept. 1 debut, the largest cross-border e-commerce IPO in Hong Kong to date, Law.asia reported.

Technology is the second engine. More than half of all proceeds came from high-tech sectors such as artificial intelligence, semiconductors and robotics, KPMG said. Nineteen companies listed under Chapter 18C, the exchange's regime for specialist technology firms, raising HK$36.2 billion. There were eight such listings over the previous three years combined.

Trading cools as the pipeline swells

Activity in the secondary market has been less steady. Average daily securities turnover was HK$272.9 billion in the first nine months, up 6% from a year earlier, HKEX said. But September's daily average fell 20.3% from August to HK$201.9 billion, and average daily Southbound trading through Stock Connect, the channel for mainland money into Hong Kong shares, dropped 21.3%.

The Hang Seng Index ended September at 24,613.27, down 3.7% for the month and 8.3% over 12 months, according to HKEX. Total market capitalization was HK$45.48 trillion, compared with HK$49.85 trillion a year earlier, even as the number of listed companies rose to 2,772 from 2,655.

The exchange operator itself has benefited from the flood of deals. HKEX reported a 24% rise in first-half net profit to US$1.28 billion in August, Dealroom reported, citing CNBC. Chief Executive Bonnie Chan told the broadcaster the pipeline stretched beyond AI into biotechnology, mining and consumer companies.

KPMG said more than 600 companies had active listing applications, with A+H candidates and technology and new-economy issuers making up a significant share.

Rule changes in the works

Regulators are adjusting the rulebook as volumes rise. HKEX opened a consultation on Sept. 21 on the second phase of its listing competitiveness review, covering post-listing rules for notifiable, connected and spinoff transactions, WealthBriefing Asia reported.

The government's Policy Address on Sept. 16 said the Securities and Futures Commission and HKEX plan further listing reforms, and HKEX is preparing to move its cash market to a T+1 settlement cycle, according to a summary of the address by investment platform Endowus.

Globally, Hong Kong ranked second by IPO funds raised in the first nine months, behind Nasdaq and ahead of the Shanghai, New York and Shenzhen exchanges, KPMG said.

The fourth quarter will decide whether 2026 becomes a record. By KPMG's figures, about HK$61.5 billion more in proceeds would surpass the 2010 high, and about HK$112 billion more would reach the firm's HK$500 billion estimate.