Hong Kong IPOs Reach Second All-Time High in January
Hong Kong IPOs Reach Second All-Time High in January
Hong Kong’s initial public offering market is off to a phenomenal start in 2026, with the second strongest January on record.
In January, 12 companies listed in Hong Kong and raised $4.2 billion, according to data from the London Stock Exchange (LSEG), marking a 447 percent year-on-year surge and the second highest level for the month on record. Applications for initial public offerings (IPO) more than tripled to 96.
The largest deal for the month was a $771 million listing by Chinese artificial intelligence startup MiniMax Group.
The strong increase was further amplified by the larger number of trading days compared to 2025, as the Chinese Lunar New Year holiday fell in January last year.
«Serious Deficiencies» Among Sponsors
The major influx of applicants has also led to problems with «serious deficiencies» among IPO sponsors in the preparation of new listing documents, according to a circular issued by the Securities and Futures Commission (SFC). Other issues noted included potential misconduct and significant mismanagement of resources, with overreliance on external professionals like lawyers and auditors.
The SFC is now requiring all sponsoring banks to submit the names and numbers of principal bankers as well as how many active listings they are working on, within two weeks. A handful of sponsors have also been told to complete comprehensive reviews regarding their resources.
According to PwC, Hong Kong is forecasted to raise between HK$320 billion ($41 billion) and HK$350 billion via approximately 150 IPOs, up from nearly HK$285.8 billion in funds raised from 119 IPOs in 2025.
