Hong Kong ranks first in the world for main board IPO fundraising in the first quarter

SighingCashier · 2026-04-02T09:19:44+00:00

In Q1 2023, the total financing amount in Hong Kong's stock capital market reached $21.16 billion, the highest level since 2021, representing a 26.4% increase. IPOs and secondary listings combined raised $13.3 billion, more than five times the same period last year, with original IPOs raising $4.7 billion, a 1.39-fold increase year-on-year. Among global markets, Hong Kong's Main Board IPOs ranked first, accounting for 33% of the market share. The total global IPO and secondary listing financing reached $40 billion, a 47.8% increase.

SighingCashier

2026-04-02 09:19:44

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LSEG Deals Intelligence, part of the London Stock Exchange Group (LSEG), has released data on Hong Kong’s equity capital markets (ECM) and M&A for the first quarter of this year. The total funding raised in Hong Kong’s equity capital markets was US$21.16 billion, up 26.4% year over year, reaching the highest level for a first quarter since 2021. The number of ECM issuances also increased by 65.8%.

The data shows that the combined total of original IPOs and secondary listings on the Main Board and GEM in Hong Kong accounted for 63% of the total ECM funding, raising US$13.3 billion. This was more than five times the figure for the same period last year, setting the highest record for a first quarter in five years. The total number of IPOs and secondary listings also hit an eight-year high, increasing by 1.53 times.

Year to date, at least 23 original IPOs have raised a total of US$4.7 billion in Hong Kong, up 1.39 times year over year, which is the highest level for a first quarter since 2021. In addition, 15 secondary listings raised US$8.5 billion, increasing by about 20 times, with both the funding amount and the number of issuances reaching historical highs.

Based on IPO and secondary listing funding amounts, Hong Kong’s Main Board is currently ranked first among global exchanges, with a market share of 33%, higher than Nasdaq’s 14.1% and the New York Stock Exchange’s 12.4%.

In the first quarter this year, among the world’s top 10 IPOs and secondary listings, 3 were carried out in Hong Kong, including the issuance by Muyuan Foods (02714) of US$1.5 billion, which is Hong Kong’s largest stock issuance project year to date.

In the first quarter, the global total funding for IPOs and secondary listings was US$40 billion, up 47.8% year over year. Chinese and U.S. issuers dominated the market, accounting for 41.5% and 21% of the total funding, respectively. Original IPO funding was US$30.9 billion, up 16.5%; secondary listing funding was US$9.2 billion, up about 15 times, setting a historic start. The number of global IPOs fell by 19.6%, while the number of global secondary listings increased by more than three times.

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