The Focus
IPO capital raised this year globally is closing in on the heights of 2021, arguably driven by the US and Hong Kong. Yet in 2021, roughly 70% of mainland Chinese companies seeking an international listing went to Hong Kong and a record 30% went to the US. In 2026 YTD those proportions have shifted with 98% of mainland Chinese companies listing in Hong Kong and just 2% listing in the US, with hindsight 2021 was less the start of a trend and more a blip. With record amounts of capital raised in 2026 YTD, how has Hong Kong cemented its position as a leading ECM centre?
The Graph
The Breakdown
Partly this is a product of everyone’s favourite topic, AI. The Hong Kong Stock Exchange has always been a tech forward bourse, but the rapid expansion of AI has driven companies in APAC and globally to raise more capital in the public markets. Mainland Chinese companies listing in Hong Kong have come from sectors supporting the AI buildout or expanding into the AI space such as data centres, semiconductors and internet of things.
Over a third of Hong Kong’s IPOs this year have been A-H IPOs, additional listings from mainland Chinese companies with A-shares listed in Shanghai or Shenzhen listing their H-shares in Hong Kong. This is not a new phenomenon, with or without a domestic listing, Chinese companies have always used Hong Kong as a conduit to a more international investor base that finds it difficult to invest directly into mainland China but this has become even more pronounced recently with geopolitical tensions on the rise.
After the high-profile US listing of Chinese ride-hailing app DiDi Global in 2021 followed by its subsequent investigation by Chinese authorities and swift delisting, Beijing increased regulatory scrutiny on companies looking to list internationally and the data they hold. Regulations now require certain firms to go through an approval process before listing abroad. Concurrently, Washington has sharpened its focus on Chinese companies operating in perceived sensitive sectors such as memory chips and advanced robotics as well as introducing a regulatory requirement for foreign companies to allow audit inspections by US authorities. This has culminated in more Chinese companies looking closer to home for a dual listing destination.
“With a record average 12 listings each month so far in 2026, CMG’s live deal calendar, cornerstone data and deal breakdowns provide a comprehensive view of the dynamic Hong Kong ECM landscape.”
– Zack Schwartz, Head of Buyside Sales, CMG
So far this year, Hong Kong has seen 106 IPOs from mainland China, an annual record and there’s still another two months in the year to go. These IPOs from mainland China make up 98% of Hong Kong’s IPO deal count (above the average 85%). Hong Kong has always been a key connection point between mainland Chinese companies and international investors, but this has been solidified in recent years through increased regulatory scrutiny on both sides of the Pacific and now, driven in part by AI-related firms seeking to raise capital, Hong Kong is seeing a record level of capital raised.
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