Hong Kong’s IPO market is booming amid strong demand for listings from Chinese companies, but mainland players are increasingly cautious about listing on the city’s bourse as market conditions worsen.
Companies newly listing here are still surging in number. Deloitte said in late September that Hong Kong would conduct 116 or so new listings in the first nine months of 2026, up 76% from the same period a year earlier. Their expected proceeds of HKD 387.9 billion (USD 49.5 billion) would mark just over a year-on-year doubling.
The increase comes as the development of artificial intelligence and other new technologies gathers pace in mainland China, driving greater demand for funding.
Another three or four “mega-listings” seeking to raise at least HKD 10 billion (USD 1.3 billion) each are still in the pipeline, Deloitte said. It expected around 160 companies to go public in Hong Kong for the full year, raising at least HKD 480 billion (USD 61.2 billion). This would mark an all-time high, topping the record set in 2010.
At the same time, moves by mainland Chinese companies to postpone Hong Kong listings are drawing scrutiny.
Hunan Junxin Environmental Protection, a Chinese company involved in waste-to-energy generation and other businesses, announced on September 22 that it would reconsider its Hong Kong listing in light of current market conditions and to protect the interests of a broad range of investors. The company postponed its listing despite having passed its review.
Hunan Junxin is not alone. Shenzhen Forms Syntron Information, which develops software for financial institutions, said on September 17 that it would postpone its Hong Kong IPO, also citing market conditions and other factors. The company had planned to list on September 22 but changed its schedule at the last minute.
One factor behind the string of delays is the weak performance of newly listed stocks.
According to Quick FactSet, of the 12 stocks that debuted in September, just five closed above their offer prices on their first day of trading.
Several stocks faced difficult debuts. Medcaptain Medical Technology, a medical device maker that listed on September 7, ended its first trading day 42% below its offer price.
Companies planning to list in Hong Kong want to obtain the best possible valuation, said Kenny Ng, securities strategist at China Everbright Securities International. Naturally, they’ll choose a time when market conditions are favorable, he said.
Newly listed stocks are struggling partly because the Hong Kong market is saturated with IPOs, according to many observers. The surge in new listings also means that capital available for IPO investment is being spread across more companies. Investors are also likely to become more selective about which IPOs they buy.
Many more companies still plan to list in Hong Kong. According to Hong Kong Exchanges and Clearing, 577 applications were undergoing listing reviews for the main board at the end of September.
Chinese authorities are supporting Hong Kong listings by mainland companies, while the Hong Kong exchange has laid out plans to improve the quality of listed companies.
With signs of strain starting to emerge, investors are watching whether Hong Kong’s IPO boom can maintain momentum.
This article first appeared on Nikkei Asia. It has been republished here as part of 36Kr’s ongoing partnership with Nikkei.
Note: HKD figures are converted to USD at rates of HKD 7.84 = USD 1 based on estimates as of October 23, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.