1H 2026 review and outlook of the Chinese mainland and Hong Kong

Amid the US/ Israel-Iran war and tensions in energy and resources supply to the global community, the global IPO market continued to outperform in 1H 2026 against 1H 2025 with proceeds nearly five times higher, following the history’s largest IPO, SpaceX in the US.

The Nasdaq came first due to the listing of SpaceX, followed by Hong Kong, which recorded another IPO raising over HKD20 billion in Q2 2026 from a well-known Chinese printed circuit board (PCB) manufacturer, after three mega H-share listings made in Q1. New York Stock Exchange was helped by four IPOs that were among the world’s top 10 listings in 1H 2026 to take the 3rd place. They include an HVAC and indoor air quality company, a hedge fund firm, a real estate investment trust that manages mission-critical data centers, and an electrical distribution equipment manufacturer. Euronext came 4th with the support of a Czech-based defense company, which was also the world’s 3rd biggest IPO in 1H 2026. Shanghai Stock Exchange and Shenzhen Stock Exchange surged to take up the 5th position with more IPO activity in Q2 2026.

Thanks to the ongoing regulatory reform efforts to enhance the quality of the stock and IPO markets over the last few years, IPO pace of the Chinese IPO market speeded in Q2 2026, enabling the overall performance of the IPO market in 1H 2026 to surpass that of 1H 2025 significantly. With the SSE STAR Market reform, the 4th listing standards of ChiNext in place and further pick up of the valuation of SSE STAR Market, more hard technology companies and some iconic listings, including from a dynamic random-access memory manufacturer, are expected to list in the A-share IPO market in 2026. This will enable the market to pass with flying colors by end of 2026.

The Hong Kong IPO market will be driven by a pipeline of companies from different Chinese industry leaders, A-share issuers, the artificial intelligence (AI) chain, semiconductors, robotics, go-global businesses, consumer businesses, biotech and overseas and Chinese firms that are listed in the US. How the US/ Israel-Iran conflict ends, Strait of Hormuz reopens, the US interest rate develops, another two gigantic AI companies will be valued when they go public later this year will affect how funds will be positioned in the fast-growing regions in Asia, including Hong Kong and the Chinese mainland and eventually the valuation and performance of many potential mega and large new listings in Hong Kong in 2H 2026. With the position that it stood at by end of 1H 2026 and the upcoming listings, Hong Kong should be well positioned for one of the positions in top 3 in the global IPO fundraising ranking by end of 2026.

In the US, performance of listings by Chinese firms remained flat in Q2 2026. With merely another one Chinese business that had obtained a filing result from the China Securities Regulatory Commission for its US listing in Q2 2026, and the passing of more stringent listing standards for Chinese companies on Nasdaq, including those that are based in Hong Kong and Taiwan, listing opportunities for Chinese enterprises in the US in 2H 2026 will be curbed.

“We are looking forward to the end of the US/ Israel-Iran conflict and reopening of the Strait of Hormuz, which might improve market sentiment, liquidity and performance, serving as a springboard for the global capital market, including the Hong Kong IPO market. We also anticipate the Shanghai and Shenzhen exchanges to claim higher positions in the ranking of global IPO venues by the end of 2026 after the completion of some long-anticipated signature listings later this year,” says Dick Kay, National leader, Capital Market Services Group, Deloitte China.

As of the end of 1H 2026, the A-share market is set to have had around 70 new listings raising RMB69.3 billion, up from 51 IPOs raising RMB37.3 billion in 1H 2025, with the number of IPOs up 37% and proceeds rising by about 85%. Shanghai Stock Exchange is set to have raised the most IPO proceeds, which could amount to RMB30.5 billion from 19 IPOs. Shenzhen Stock Exchange might have raised RMB27.5 billion from 16 IPOs. Beijing Stock Exchange is set to have continued to record the largest number of IPOs (35) raising RMB11.3 billion.

“The A-share IPO market continued to head in a very positive and healthy direction. We saw IPOs being reviewed and launched more quickly than before. ChiNext’s 4th listing standards and reforms of the SSE STAR Market are encouraging more A-share fundraisings in the AI, commercial aerospace, low-altitude economy, quantum technology and biotech manufacturing sectors, which are priorities in China’s 15th Five-Year Plan. Together with some representative mega and large IPOs in the pipeline, the A-share market will shine again in 2026” says Tony Huang, National A-Share Offering leader, Capital Market Services Group, Deloitte China.

In Hong Kong, there are forecast to have been 78 IPOs raising about HKD203.3 billion in 1H 2026, up from 42 new listings raising HKD107.1 billion in 1H 2025. These figures indicate rises of about 86% in the number of IPOs and 90% in proceeds raised. Proceeds from five mega IPOs and 12 large IPOs took up more than 60% of Hong Kong IPO proceeds in 1H 2026, including the Chinese PCB manufacturer's mega listing, which ranked 4th in the world’s top 10 IPOs.

“We are very excited to see Hong Kong continue to come top 2 in the global fundraising ranking in 1H 2026. The market is also transforming with a strong mix of new economy companies ranging from semiconductors, AI value chain companies, robotics, biotech, specialist technology companies and hard technology companies from the A-share market. They altogether took up more than 70% of the number of Hong Kong IPOs and nearly four-fifths of the total IPO proceeds raised in Hong Kong in 1H 2026. This has demonstrated the great success of the regulatory reforms starting from the new listing regime for innovative companies in 2018, the listing regimes for specialist technology companies in 2023, introductions of the Technology Enterprises Channel last year and different tech indices and streamlined listing reviews for large A-share companies.” says Alvin Tse, National HK Offering leader & Eastern Region Offering Services leader, Capital Market Services Group, Deloitte China.  

Hong Kong is expected to remain in  top 3 in IPO fundraising globally by end of 2026, by listing at least eight businesses, including from hard technology, semiconductors, consumer business, healthcare, chemical and telecommunications businesses, with each raising at least HKD10 billion, throughout the year. Together with more than 600 active listing applications by end of May 2026 with more than 100 A-share issuers, nearly a quarter of technology firms, one-fifth of high-end manufacturers, this can represent about 160 new listings raising HKD300 billion in Hong Kong for the full year of 2026.

“SpaceX’s successful IPO highlights the growing importance of artificial intelligence, commercial space and advanced manufacturing as the next engines of global innovation and economic growth. As China’s 15th Five-Year Plan prioritizes the development of a strong aerospace sector and Hong Kong explores enhancements to its listing framework for aerospace technology companies, the city is well positioned to capture the opportunities arising from this new wave of technological and industrial transformation.

Hong Kong has long served as a bridge between China’s growth opportunities and global capital. In 1H 2026, a number of leading companies from the AI value chain and other new quality productive forces sectors chose to list in Hong Kong, reinforcing the city’s role as an international fundraising platform for innovation-driven enterprises,” comments Edward Au, Southern Region managing partner, Deloitte China.

“Looking ahead, Hong Kong can further enhance its capital market regime to support commercial space, satellite applications, low-earth-orbit communications and other frontier technologies. By continuing to evolve alongside emerging industries, Hong Kong can cultivate new growth drivers, enhance market competitiveness, and further cement its position as a leading international fundraising centre for the next generation of innovative companies,” adds Au.

Without recording any new listing from Chinese companies in Q2 2026, the US IPO market for Chinese businesses will continue to have 1 IPO, raising USD12 million by 1H 2026. This largely contrasted with39 IPOs raising USD886 million in 1H 2025.

“To date, we had two Chinese companies with US direct listing filings passed by the Chinese regulator. Another 20 listing applications from Chinese companies were still being reviewed by the US regulators. After the US Securities and Exchange Commission passed the Nasdaq’s more stringent listing rules for Chinese companies, we anticipate the listing window for Chinese companies in the US will remain slim and slow. We encourage Chinese companies that are keen to seek offshore funds to continue to focus on boosting their business performance and development amid the current developments to be able to expand their listing destinations beyond the US when conditions become mature,” says Zhang Wei, National US Offering leader, Capital Market Services Group, Deloitte China.