Deloitte China releases 2025 Review and 2026 Outlook for Chinese Mainland & HK IPO markets

The Deloitte China Capital Market Services Group (CMSG) today released its 2025 review and 2026 outlook for Chinese mainland and Hong Kong initial public offering (IPO) markets.

The report shows that amid various geopolitical tensions across different countries and factors, including the US reciprocal tariff policies, funds raised by the global top 10 IPOs in 2025 are anticipated to improve moderately from 2024’s level.

Boosted by eight mega IPOs including four of the world’s 10 largest IPOs, Hong Kong Stock Exchange will claim the 1st position by IPO funds raised in 2025. The listing of a medical supply company, which became the world’s largest IPO in 2025, will help Nasdaq take 2nd place. National Stock Exchange of India is set to rank the top 3 by having the largest number of new listings among global stock exchanges. Helped by the listing of a liquefied natural gas exporter, which was a top 10 global IPO this year, New York Stock Exchange is set to take 4th place. Shanghai Stock Exchange (SSE) will rank 5th and Shenzhen Stock Exchange (SZSE) 8th.

In 2025, A-share market performance improved continuously from its level in 2024, with a rise in the number of new listings and a surge in IPO funds raised. This was supported by the implementation of the New Nine Measures and “1+N” capital market policies. IPOs from energy and resources and technology companies, with both sectors supported by national strategies, helped drive a sharp rise in IPO proceeds.

In 2026, as China starts to implement the 15th Five-Year Plan, A-share IPO activity is expected to continue to grow steadily with potential increases in market liquidity from measures such as those allowing the entry of long-term funds, including insurance funds, into the stock market. Listings by companies in sectors such as AI and those under the 15th Five-Year Plan are set to be more well received in the A-share market. Regulation could put more emphasis on listing applicants’ quality, technological advancements and alignment with national strategies.

The Hong Kong IPO market rebounded strongly in 2025, driven by measures to encourage listings by leading mainland enterprises, the streamlined listing process for large A-share listed companies and improved market liquidity and valuations with the return of international funds to Hong Kong. Supported by eight IPOs which raised at least HKD10 billion each, and other large offerings, IPO funds raised will be close to the level of HKD300 billion.

Looking ahead to 2026, the Hong Kong IPO market is likely to set another fundraising record of at least HKD300 billion. US interest rate cuts and treasury bills purchases; Chinese enterprise’s go global expansion, China’s domestic consumption policies and support for hard technology and new productivity sectors; and a boost to liquidity from Hong Kong’s ongoing and potential capital market reforms are expected to attract more jumbo IPOs, along with A+H listings and candidates from sectors like biotech and AI, US-listed China concept stocks and international companies to list in Hong Kong.

Amid pressure from Nasdaq’s proposed stricter listing standards and delisting procedures, special requirements for Chinese companies and concerns about the delisting risks of US-listed China concept stocks, 2025 saw many small and medium-sized Chinese businesses continue to list in the US but the amount of funds raised declined. In 2026, conditions for US listings by Chinese companies will depend on when and how the new Nasdaq listing thresholds are passed and implemented and if any existing China concept stocks are delisted.

As of 31 December 2025, the CMSG expects the mainland A-share market to have had 114 IPOs raising RMB129.6 billion this year, up from 100 new listings raising RMB66.8 billion in 2024. This represents a 14% increase in IPOs and a 94% jump in proceeds. ChiNext is expected to have had the most IPOs (33) and the Main Board in Shanghai is forecast to have led by funds raised (RMB43.2 billion). SSE is set to have led in proceeds raised (RMB80.0 billion), with SZSE having the most listings (48). Beijing Stock Exchange is expected to have recorded 24 IPOs raising RMB6.9 billion.

"We are pleased that the A-share IPO market in 2025 is set to outperform its level in 2024 and that SSE was able to remain the 5th largest stock exchange in the world by funds raised. Amid a more stringent regulatory environment, the market’s top five IPOs and average deal size across most market segments grew, indicating a good supply of high-quality IPO companies in the market and a resilient market environment," says Dick Kay, Capital Market Services Group National leader, Deloitte China.

"Ongoing reform has set a solid foundation for A-share IPO activity to continue to pick up in 2026, with even more outstanding performance than in 2025. With measures to help boost market liquidity, an emphasis in listing reviews on IPO candidates’ alignment with national strategies, and potential reforms for ChiNext and the SSE STAR Market, we believe AI, new energy, high-end manufacturing, commercial aerospace, quantum technology and bio-manufacturing companies, which are priorities of the state and under China’s 15th Five-Year Plan, will enjoy greater advantages when seeking to list and raise funds in the A-share market," adds Tony Huang, National A-Share Offering leader, Capital Market Services Group, Deloitte China.

In 2025, Hong Kong is expected to have seen 114 completed IPOs raising about HKD286.3 billion. In 2024, the market had just 70 IPOs raising HKD87.5 billion. The 2025 forecast represents a 63% increase in the number of listings and a more than 2-fold leap in proceeds raised. Eight IPOs each raising at least HKD10 billion are set to have contributed about half (50%) of the total proceeds. Nineteen A+H listings are also set to have contributed about half of total proceeds.

“Hong Kong had a stellar result in 2025, reclaiming the global IPO crown and demonstrating the positive impact and fruits of many reforms undertaken by Hong Kong Exchanges & Clearing (HKEX) and the Securities & Futures Commissions in the last few years, in particular the streamlined listing review process, the specialist technology listing regime, the Technology Enterprises Channel, the shortening of IPO settlement and the new IPO price discovery mechanism," says Alvin Tse, National HK Offering leader & Eastern Region Offering Services leader, Capital Market Services Group, Deloitte China.

The CMSG forecasts the Hong Kong IPO market will have about 160 new listings raising at least HKD300 billion in 2026, backed by a pipeline of more than 300 listing applications. Seven IPOs each raising at least HKD10 billion, including listings by leading Chinese companies, are expected. Apart from a large pool of A+H listing applicants, companies from the technology, media and telecommunications, health care and pharmaceutical and consumer sectors, international companies and US-listed China concept stocks will be the market spotlights.

“Hong Kong’s IPO market will continue to face the influence of broader macroeconomic and geopolitical developments, including the trajectory of US monetary policy, global capital flows, and policy measures supporting Chinese companies’ overseas expansion and domestic demand growth,” adds Edward Au, Southern Region managing partner, Deloitte China.

“At the same time, ongoing capital market reforms and institutional enhancements will play a critical role in strengthening Hong Kong’s overall market competitiveness, liquidity and valuation efficiency, and in progressively improving the quality and performance of the IPO ecosystem. As the market discusses potential reforms such as adjustments to listing requirements for weighted voting rights companies and IPO board lot sizes, we also look forward to regulators further reviewing the regimes for dual primary and secondary listings, deepening collaboration between HKEX and Southeast Asian exchanges, and establishing more targeted pathways to facilitate overseas companies seeking a Hong Kong listing.

“These initiatives will help Hong Kong further consolidate its role as an international financial centre and reinforce its position as a “super-connector” and “super value-adder” between Chinese mainland and global capital markets, supporting more sustainable long-term growth.”

In 2025, about 63 Chinese companies are set to have listed in the US, raising around USD1.12 billion. Compared with 2024, the number of IPOs is forecast to have risen by 7% from 59, with proceeds raised declining by 41% from USD1.91 billion. A consumer company and a pharmaceutical company were the two largest US IPOs by Chinese companies this year.

“We are cautious about the listing outlook for China concept stocks in the US in 2026. If Nasdaq’s proposed listing thresholds are passed in around Q2 2026, fewer Chinese companies are expected to be able to fulfill these new requirements. This could prompt many smaller Chinese companies to rethink their financing strategies and timetables,” concludes Zhang Wei, National US Offering leader, Capital Market Services Group, Deloitte China.

To access the full report, visit here (Simplified Chinese version only).

Notes to editors:

Unless specified otherwise, all statistics are updated with our estimates and analysis as of 31 December 2025 and exclude listings from by investment trust companies, closed-ended investment companies, closed-ended funds, special purpose acquisition companies (SPACs) and de-SPACs.

Sources for A-share IPO statistics: the China Securities Regulatory Commission, Shanghai Stock Exchange, Shenzhen Stock Exchange, Beijing Stock Exchange, Deloitte estimates and analysis.

Sources for Hong Kong IPO statistics: HKEX, Deloitte estimates and analysis; excludes GEM to MB transfers and SPAC and de-SPAC listings.

Sources for global and US IPO (Chinese companies) statistics: Nasdaq, New York Stock Exchange, HKEX, SSE, SZSE, National Stock Exchange of India, Bloomberg, Refinitiv, and Deloitte estimates and analysis.