Hong Kong IPOs are surging in full force: financing has surged by 488%, and the capital markets are starting to warm up again. Hong Kong is expected to reclaim the No. 1 position in the global equity financing market in 2025, and after entering 2026, IPO momentum is set to accelerate further. As of now, 40 companies have already successfully listed this year, with total financing of approximately $14.0 billion, up to 488% year over year. Meanwhile, there are still about 400 IPO applications in the queue, showing that issuers’ confidence remains strong. Goldman Sachs analysts noted that current market liquidity is sufficient to absorb the new supply, and they expect the full-year equity financing volume in 2026 to reach $110.0 billion, of which $60.0 billion will come from new IPOs and $50.0 billion from post-IPO refinancing. With the IPO recovery driving the cycle, Hong Kong’s stock market and Chinese-funded brokerages with more overseas business are expected to usher in a new growth period.