Deloitte China Reports Three Mega Hong Kong IPOs Among Global Top Five In Q1

On April 8, Deloitte China published its “Review of Mainland China and Hong Kong IPO Markets in Q1 2026.” The report indicates that despite pronounced market volatility in March driven by the U.S.–Iran conflict, the aggregate proceeds from the world’s top ten IPOs in the first quarter of 2026 still exceeded the comparable period in 2025.

Deloitte’s analysis shows Hong Kong hosted 40 new listings in Q1 2026, raising HKD 109.9 billion and ranking as the world’s largest IPO market for the quarter. This compares with 15 listings raising HKD 18.2 billion in Q1 2025, representing a 167% increase in deal count and a 504% rise in funds raised. Among the quarter’s transactions, three mega IPOs placed in the global top five: Muyuan Foods, Dongpeng Beverage, and Montage Technology.

The report attributes the influx of Chinese AI companies and A‑share issuers to Hong Kong to several factors, including the strong listing momentum since 2025, market expectations for U.S. rate cuts, a wave of outbound expansion by Chinese firms, domestic demand‑stimulus policies, the emergence of new productive forces, and targeted support for hard‑technology sectors. Deloitte notes that the outlook for Hong Kong’s IPO market through the remainder of 2026 will hinge on developments in the U.S.–Iran situation, mainland companies’ strategic use of Hong Kong as an international financing platform, and the pace and scope of regulatory reforms implemented by Hong Kong authorities.

On the mainland, A‑share markets recorded 30 IPOs in Q1 2026, raising RMB 25.9 billion, up from 27 IPOs and RMB 16.3 billion in Q1 2025. This reflects an 11% increase in listing activity and a 59% rise in proceeds year‑on‑year. Growth across financing scale, number of new issues, proceeds from the top five IPOs, and listing applications was evident, a trend Deloitte links to recent capital‑market reform measures. Liu Fang, Partner in Deloitte China’s Capital Markets Services for South China, observed that deeper reforms to the ChiNext board and the STAR Market “1+6” framework are likely to encourage more innovative, strategically aligned companies—such as those in AI, new energy, advanced manufacturing, aerospace, quantum technology and biomanufacturing—to pursue A‑share listings.

Among global exchanges, Nasdaq ranked second in Q1 IPO proceeds, supported by the listings of a Japanese digital finance platform and a construction‑technology company that both featured among the global top ten. The New York Stock Exchange placed third, highlighted by an electrical‑equipment manufacturer and a senior‑housing REIT. Euronext ranked fourth, aided by a Czech defense‑group listing, while India’s National Stock Exchange ranked fifth, remaining active but trailing Hong Kong in overall proceeds.

Ma Qianghui, Partner in Deloitte China’s Capital Markets Services for South China, commented that although Middle East tensions triggered short‑term market volatility and risk aversion, they also accelerated a structural reallocation of capital, with investors shifting from tactical moves to longer‑term diversification into Asia. He added that a substantial cohort of Chinese companies with strong financing needs and overseas expansion plans is underpinning Hong Kong’s IPO pipeline. Key regulatory reforms are enhancing market liquidity and depth, including measures to integrate REITs and dual‑counter securities into Stock Connect, optimize frameworks for weighted‑voting‑rights and confidential filings, and expand strategic cooperation with ASEAN and other international exchanges. Deloitte concludes that Hong Kong is evolving beyond a traditional capital‑raising venue into a strategic ecosystem where global companies can both secure financing and build long‑term regional footprints.