China’s A-Share IPOs Outpace 2025 Levels as Hong Kong Eyes Historic 2010 Fundraising Record

The Capital Market Services Group (CMSG) of Deloitte China today released a review and outlook of the Chinese mainland and Hong Kong initial public offering (IPO) markets in Q1-Q3 2026. 

Robust global business demand for artificial intelligence (AI) fueled a heightened financing appetite for AI and tech-value-chain listings in Q3 2026. This momentum propelled year-on-year global IPO activity and fundraising volumes across these sectors throughout Q1-Q3 2026. The surge in fundraising occurred amid severe geopolitical and macroeconomic headwinds, including the US/Israel-Iran war, volatile energy and resource pricing, and potential global inflation.

Nasdaq retains the global IPO crown by hosting four of the top 10 global listings, headlined by SpaceX, the largest IPO in history—alongside a major semiconductor memory manufacturer and an AI hardware firm. Hong Kong holds 2nd place with three top 10 global listings spanning AI hardware, advanced electronics, and AI-computing printed circuit boards. The New York Stock Exchange takes 3rd with several debuts, each raising at least USD1 billion, followed by the Shanghai Stock Exchange (SSE) in 4th after listing a prominent integrated device manufacturer. The National Stock Exchange of India secures 5th on high listing volumes, while the Shenzhen Stock Exchange (SZSE) claims 6th following a mega-return listing of a red-chip enterprise.

During Q1-Q3 2026, the Chinese IPO market accelerated significantly with a surge in new listings, including six mega listings from AI and robotics enterprises. This momentum is heavily supported by ongoing market reforms, expedited regulatory reviews, and the country’s 15th Five-Year Plan. These trends, alongside some highly anticipated mega debuts, are positioned to propel the A-share market well past its 2025 performance. This upward trajectory aligns closely with the regulatory goal of establishing the A-share market as the premier listing destination for high-quality domestic enterprises.

Hong Kong’s capital market experienced a massive influx of mainland AI, hard tech, and dual A-to-H listing issuers during the first nine months of 2026, triggering a wave of high-volume deals and blockbuster IPOs. Looking ahead to Q4, the city is well-positioned to smash its historic 2010 fundraising record. A stellar pipeline of more than 500 companies, according to public information, stands ready in the wings, headlined by a handful of mega-listings targeting at least HKD10 billion each. Sustained by ongoing policy support for listing Chinese industry leaders in Hong Kong, insatiable demand for AI ecosystems, and targeted local market reforms, Hong Kong's IPO momentum is poised to carry through the end of the year.

IPO activity for Chinese businesses in the US was nearly stagnant during Q1-Q3 2026. This slump was primarily triggered by heightened listing thresholds for Chinese companies on the Nasdaq. As a result, only a handful of enterprises successfully secured regulatory clearance from the China Securities Regulatory Commission over the past 12 months. This cross-border listing market is projected to remain highly subdued for the remainder of the year.

“The A-share and Hong Kong IPO markets have benefited significantly from robust demand for AI and the country’s support for various sectors within the hard technology segment. Despite recent speculation regarding further export curbs on China-produced AI chips and broader global debates over a potential deceleration in AI research and development, both markets are poised to outperform globally by the end of 2026. This optimistic outlook is heavily reinforced by a formidable pipeline of listing applications, alongside the pressing fundraising and refinancing needs of these high-tech enterprises,” says Dick Kay, National leader, Capital Market Services Group, Deloitte China.

The A-share market is projected to host 122 IPOs raising RMB212.3 billion in Q1-Q3 2026, representing a 56% surge in listing volume and a 175% spike in proceeds compared to the 78 IPOs (RMB77.2 billion) recorded in the same period last year. Among individual exchanges, the SSE is poised to spearhead fundraising, capturing RMB121.2 billion across 31 IPOs. Meanwhile, the Beijing Stock Exchange (BSE) will emerge as the volume leader, tracking 62 IPOs that are expected to raise RMB20.8 billion. The SZSE rounds out the performance with approximately 29 listings, generating RMB 70.3 billion.

“We welcome the regulatory push to position the A-share market as the preferred listing destination for premium domestic companies. Sweeping reforms—such as enhancing the multi-tier capital market, channeling capital into 'new quality productive forces,' expanding long-term institutional investment, and enhancing IPO and financing mechanisms—are set to drive the A-share market to an outstanding performance in 2026. More importantly, these initiatives establish a solid foundation for the market's enduring, long-term competitiveness,” says Tony Huang, National A-Share Offering leader, Capital Market Services Group, Deloitte China.

Hong Kong is to stage approximately 116 new listings raising HKD387.9 billion during Q1-Q3 2026. This represents a remarkable turnaround, with deal volume and proceeds surging by 76% and 112% respectively, compared to 66 IPOs that raised HKD182.9 billion during the same period in 2025. Majority of this year's proceeds (73%) were concentrated within 9 mega listings and 20 large listings. Nevertheless, proceeds raised from 38 dual A-to-H listings account for nearly 70% of the total funds raised in the city.

“This year, a convergence of favorable conditions and conducive market developments has fueled vibrant IPO activity and advanced Hong Kong’s capital market. Chief among these tailwinds is robust regulatory support for dual A-to-H shares and the listing of prominent Chinese industry leaders. There is no doubt that Hong Kong has fully rebounded and stands ready to assist a diverse array of new economy enterprises and international issuers across multiple jurisdictions in their listing and financing endeavors. This momentum is sustained as regulators continue to roll out reforms such as sharpening the competitiveness of local listing regimes, encouraging primary and secondary listings from overseas companies, welcoming premium international real estate investment trusts for dual listings and are actively encouraging the industry to develop more thematic stock indices, diversified bond indices, and index ETFs. All these proposals will reinforce Hong Kong’s position as a premier global financial hub,” says Alvin Tse, National HK Offering leader & Eastern Region Offering Services leader, Capital Market Services Group, Deloitte China.  

With an additional three to four mega-listings targeting at least HKD10 billion each and a concrete pipeline of over 500 IPO applications, according to public information as of late August 2026, Hong Kong is projected to log approximately 160 new listings and raise at least HKD480 billion by the end of the year. Hard technology enterprises will remain firmly in the market spotlight. Key drivers include sectors tied directly to large-scale AI model training and infrastructure—such as high-performance computing, semiconductors, data centers, and advanced power supplies—alongside robotics, biotechnology, and consumer businesses.

Edward Au, Southern Region Managing Partner, Deloitte China, says: “Hong Kong’s IPO market is approaching a new milestone and is on track to surpass the record fundraising level set in 2010. This reflects not only stronger market activity, but also the cumulative impact of years of reform across the listing regime, product innovation, market connectivity and regulatory framework.

Hong Kong’s competitiveness, however, should not be measured by fundraising volume alone. The real test is whether the market can continue to attract leading new-economy companies, international issuers and high-quality businesses at different stages of development, while offering the depth, liquidity and international participation they need to grow.

The measures set out in the Chief Executive’s 2026 Policy Address and Hong Kong’s First Five-Year Plan for Economic and Social Development are important steps towards further strengthening the depth, breadth and international competitiveness of the market.”

Au adds, “Hong Kong’s strength as an international financial centre has never depended on one market segment alone. It comes from the strength of the entire capital-market ecosystem — from listing and trading to financing, refinancing, asset management and professional services.

The next priority is to make that ecosystem broader, more inclusive and more scalable. Hong Kong should continue to attract companies from a wider range of markets, emerging sectors and stages of development, while expanding post-listing fundraising, refinancing and other capital-formation channels.

A truly competitive international financial centre does more than help companies complete an IPO. It supports them through successive stages of financing, expansion and internationalization. That should be an important direction for the next phase of Hong Kong’s capital-market development.”

During Q1-Q3 2026, US IPO activity for Chinese businesses plummeted. Merely 3 companies went public in the US, raising USD157 million. This represents a severe contraction compared to the 57 new listings that raised USD1.05 billion during the same period in 2025. These 3 IPOs operate within the energy technology, automotive marketplace, and advanced electronic and new energy materials sectors.

“The US IPO market for Chinese enterprises has slowed considerably both leading up to and following the implementation of stricter Nasdaq listing thresholds. While a narrow window of opportunity remains for mature, well-established Chinese businesses to secure capital in the US, we anticipate that an increasing number of these issuers will opt for Hong Kong or the onshore A-share market, driven by persistent geopolitical tensions,” says Zhang Wei, National US Offering leader, Capital Market Services Group, Deloitte China.