Q1 2026 Review and Outlook for Chinese Mainland & HK IPO markets

The Deloitte China Capital Market Services Group (CMSG) today released its Q1 2026 review of the Chinese mainland and Hong Kong initial public offering (IPO) markets and their outlook for the rest of this year.

Despite extremely tumbling stock markets in March due to the US/Israel-Iran war, the global top 10 IPOs in Q1 2026, which included listings by various major companies, still raised more funds than the global top 10 IPOs did in Q1 2025.

Hong Kong was the top IPO fundraising destination in Q1 2026, boosted by three mega IPOs which were in the five largest listings globally, and the strong listing momentum from AI and A+H companies. Nasdaq was in 2nd mainly with the listings of a Japanese digital finance platform and a construction tech company, both among the 10 largest IPOs globally. New York Stock Exchange took 3rd place with highlights of IPOs of an electrical equipment maker and a senior housing REIT. Euronext claimed 4th place, bolstered by the listing of a defence group from the Czech Republic. National Stock Exchange of India came in 5th amid vibrant IPO activity, although it was less active than Hong Kong Stock Exchange was during the quarter.

In Q1 2026, the Chinese mainland IPO market continued to grow in many areas, including deal size, deal volume, the amount of funds raised by the top five IPOs, and the overall number of listing applications and listing hearings. This growth from the levels seen in Q1 2025 followed the implementation of various capital market reforms. As the pace of accepted listing applications and IPO issuance sustains the normalisation seen in 2025, ChiNext and SSE STAR Market reforms continue, and long-term investment funds, such as insurance funds, flow into the stock market, growth in the Chinese mainland IPO market is expected to sustain, resulting in stronger performance by the end of 2026.

Chinese AI and A-share listed companies flocked to list in Hong Kong in Q1 2026, boosting the local IPO market, thanks to strong listing momentum from 2025, anticipation of US interest rate cuts, Chinese companies’ “go global" wave, national consumption policies, new quality productive forces and policy support for the hard tech sector. The outlook for the Hong Kong market over the remainder of 2026 will depend on how the US/Israel-Iran conflict develops, the plans and strategies of Chinese companies to leverage Hong Kong as a platform for international financing, and capital market reforms implemented by local regulators. If many of the potential mega listings go ahead this year and are not significantly affected by tensions in the Middle East, Hong Kong could be one of the top 3 IPO destinations globally in 2026.

Listings by Chinese companies in the US declined sharply in Q1 2026 and the outlook remains uncertain, although the proposed Nasdaq listing requirements for Chinese companies are still pending. Smaller Chinese companies seeking to raise their brand profiles and funding in the US stock market will have to seek other vehicles, including special purpose acquisition companies (SPACs) and the over-the-counter (OTC) market.  

“Despite global uncertainties, particularly regarding developments in the Strait of Hormuz, US interest rates and the global economic outlook, the Chinese mainland, Hong Kong and US IPO markets all have strong pipelines of large listings. With the settling of these uncertainties in the near future, I trust these leading global markets will continue to thrive and shine,” says Dick Kay, National leader, Capital Market Services Group, Deloitte China.

In Q1 2026, the A-share market recorded 30 new listings raising RMB25.9 billion, up from 27 IPOs raising RMB16.3 billion in the same period of 2025, with the number of IPOs improving by 11% and proceeds raised increasing by 59%. Shanghai Stock Exchange led by proceeds raised, with RMB15.4 billion from 10 IPOs. Beijing Stock Exchange had the most number of IPOs (16) raising RMB4.9 billion. Shenzhen Stock Exchange had 4 IPOs raising RMB5.6 billion.

“We are pleased to see the number of new listings and proceeds raised in the A-share market in Q1 2026 has already surpassed their performance in Q1 2025 and Q1 2024, indicating a further pick-up of the market. Given some potential large listings have already made their filings, and if market conditions are conducive, we are positive that the entire market will excel in 2026,” says Tony Huang, National A-Share Offering leader, Capital Market Services Group, Deloitte China.

Huang further adds, “As the ChiNext reform is deepened and the SSE Star Market’s ‘1+6’ measures are being implemented, more strongly innovative and those businesses that are closely related to China’s national strategies are going to list in the A-share market. They include AI, new energy, high-end manufacturing and key sectors mentioned in China’s 15th Five-Year Plan, such as aerospace, quantum technology and biomanufacturing. These companies should enjoy strong advantages when going public.”

In Hong Kong, there were 40 IPOs raising HKD109.9 billion in Q1 2026, up from 15 new listings raising HKD18.2 billion in Q1 2025. The figures represent a 167% rise in the number of IPOs and a 504% surge in proceeds raised. Three mega IPOs and eight large IPOs contributed to nearly 70% of Hong Kong IPO proceeds in Q1 2026, including two mega Chinese consumer offerings which ranked among the top five IPOs globally.

“We are very proud to see Hong Kong was able to sustain its leadership as the world’s largest IPO venue in terms of fundraising, following a triumphant year in 2025. Most of the IPOs and proceeds were driven by the technology, media and telecommunications (TMT) industry, demonstrating the regulator’s great efforts and success in introducing innovative and new economy companies into Hong Kong’s capital market by developing a supportive listing framework, including the listing regime for specialist technology companies, the launch of the Technology Enterprises Channel and enhanced listing application process for large-cap A-share listed companies. This has nurtured a more mature ecosystem for these companies, including the attraction of some strategic companies to establish offices or headquarters in Hong Kong,” says Alvin Tse, National HK Offering leader & Eastern Region Offering Services leader, Capital Market Services Group, Deloitte China.

The CMSG continues to expect Hong Kong to have approximately 160 IPOs raising at least HKD300 billion in 2026, supported by a pipeline of more than 500 listing applicants, most of them from leading Chinese companies, existing A-share issuers and companies seeking to go global. About seven applicants are anticipated to raise at least USD1 billion each this year. TMT, in particular AI, and life science and pharmaceutical companies dominate Hong Kong’s solid listing application pipeline, with US-listed China concept stocks and international companies also set to list in the market this year.

"Geopolitical tensions in the Middle East have certainly sparked short-term volatility and a flight to defensive assets, yet they have also catalysed a profound structural shift. We are witnessing a strategic reallocation of global capital as investors pivoted from tactical plays toward long-term, structural diversification across Asia. This movement solidifies Hong Kong’s position as the primary fundraising engine for iconic Chinese tech and AI enterprises—offering a compelling value proposition for those pursuing sustainable, long-term returns. As international liquidity seeks new growth frontiers, Hong Kong’s role as a strategic gateway remains the cornerstone of the global capital market," says Edward Au, Southern Region managing partner, Deloitte China.

"A deep pipeline of Chinese applicants, fueled by significant capital needs and ambitious 'go-global' strategies, provides the resilient backbone for Hong Kong’s 2026 IPO market. Critical reforms—from expanding Stock Connect to include REITs and dual-counter securities to streamlining listing frameworks with Weighted Voting Rights (WVR) and confidential filing arrangements—are drastically deepening market liquidity and depth. By forging strategic alliances with ASEAN and other international exchanges, Hong Kong is aggressively bolstering its global competitiveness. Ultimately, Hong Kong is transcending its role as a traditional venue to become a comprehensive ecosystem where businesses can not only raise capital but establish and scale their long-term regional footprint," Au adds.

In Q1 2026, a Hong Kong-based advanced energy saving solution provider was the only Chinese company to list in the US, raising USD12 million. This was a sharp drop from the 21 China-concept stocks, which listed in Q1 2025 and raised USD303 million.

“Although Nasdaq’s more stringent rules on listings by Chinese companies are still pending, many Chinese companies have already considered alternatives to a listing in the US. These alternatives include listing as a SPAC or being acquired by one, listing on the OTC market. Since April 2025, only one Chinese company has had its US direct listing filing passed by the Chinese regulator, and this company has yet to list. We therefore expect the US IPO market for China concept stocks to be smaller this year than it was in 2025,” says 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 analysis as of 31 March 2026 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 analysis.

Sources for Hong Kong IPO statistics: HKEX, Deloitte 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, Euronext, SSE, SZSE, National Stock Exchange of India, Bloomberg, Refinitiv, and Deloitte analysis.