ey -中国大陆和香港IPO报告 Chinese mainland and Hong Kong IPO report 2026H1

Chinesemainlandand

HongKongIPOreport

A-share:Tighteningoversightprioritizesquality;techmanufacturingpavesthewayforaneweraoflistings

HongKong:Regulatoryoptimizationboostfinancinggrowth;expandingglobalhorizonsforChina‘stech

innovators

June2026

ReviewofglobalIPO

marketin1H2026

Page2

Global:RobustrecoveryinIPOswithsurgeinfundraising

Global1H2026*YOYchange

504no.ofIPOs

US$192.1bn

proceeds

8%

208%

A-shareandHongKong1H2026*YOYchange

165no.ofIPOs

US$42.3bn

proceeds

60%

99%

Source:Dealogic,Wind,EYstatistics

Page3ChinesemainlandandHongKongIPOreport

*Dataafter19June2026isbasedonpublicinformationandEYestimates(includingREITs)

GlobalIPOactivityshowedgrowthmomentum,ChinesemainlandandHongKongmarketsincreasedtheirmarketshareofglobalIPOs.In1H2026,IPOinA-shareandtheHongKongmarketrepresented33%ofglobalIPOdealvolumeandaccountedfor22%oftotalglobalIPOfundraised.

ChinesemainlandandHongKong

IPOmarketsharevs.global

total

(1H2022–2026):volume%andcomposition%

HongKongvsGlobal(%intermsofnumberofIPOs)

ChinesemainlandvsGlobal(%intermsofnumberofIPOs)

5%

17%

27%

16%

3%

26%

8%

11%

5%

8%

1H20221H20231H20241H20251H2026

HongKongvsGlobal(%intermsofIPOfundraised)

ChinesemainlandvsGlobal(%intermsofIPOfundraised)

4%

49%

14%

3%

9%12%8%

2%

51%

22%

1H20221H20231H20241H20251H2026

Global:Capitalmarketlandscapereshaped,USmega-dealsdriveNasdaq;HongKongandA-

shareshowstrongresilience

Nasdaq:Dominateswithmega-IPOssuchasSpaceXandAIthemes;capitalraisedsurgesaheadofpeers.

1H2025

Ranking

Exchange

Proceeds(US$1bn)

Number

ofIPOs

1

HKEX

14.0

42

2

Nasdaq

9.3

87

3

NYSE

7.9

24

4

India

(NationalandBombay)

4.6

109

5

SaudiExchange

4.1

26

6

TokyoStockExchange

3.8

25

7

ShanghaiStockExchange

3.7

25

8

ShenzhenStockExchange

2.9

29

9

NasdaqFirstNorth

2.3

9

10

KoreaExchange

1.5

38

HKEX:Robustreboundinactivity,astheworld'ssecond-largestIPOhub.

1H2026

Ranking

Exchange

Proceeds(US$1bn)*

Number

ofIPOs*

1

Nasdaq

113.1

45

2

HKEX

26.8

84

3

NYSE

14.3

28

4

EURONEXT

9.4

28

5

ShanghaiStockExchange

4.5

3

6

India

(NationalandBombay)

4.4

17

7

ShenzhenStockExchange

3.9

102

8

TorontoStockExchange

1.7

36

9

BeijingStockExchange

1.6

6

10

MalaysiaStockExchange

1.6

9

Source:Dealogic,Wind,EYstatistics

*Dataafter19June2026isbasedonpublicinformationandEYestimates(includingREITs)

Page4ChinesemainlandandHongKongIPOreport

Global:USmarketleads1H2026GlobalIPOrankings,securingeightoftoptenlistings

Month

Issuer

LocationSector

Proceeds

(US$m)

Exchange

June

SpaceX

CommunicationUnitedStates

Satellites

86,250

Nasdaq

May

CerebrasSystemsInc

UnitedStatesSemiconductors

6,383

Nasdaq

January

CSGBV

CzechRepublicAerospace

4,470

EURONEXT(Amsterdam)

April

VictoryGiantTechnology(Huizhou)CoLtd

ChinesemainlandElectronicComponents

2,955

HKEX

June

INNIONV

GermanyElectricalEquipment

2,795

Nasdaq

April

MadisonAirSolutionsCorp

UnitedStatesBuildingProducts

2,568

NYSE

May

FervoEnergyCo

UnitedStatesRenewableElectricity

2,174

Nasdaq

May

BlackstoneDigitalInfrastructureTrustInc

UnitedStatesREITs

1,995

NYSE

February

ForgentPowerSolutionsInc

PowerGenerationUnitedStates

Equipment

1,739

NYSE

June

QuantinuumInc

StorageandUnitedStates

Peripherals

1,680

Nasdaq

Source:Dealogic,Wind,EYstatistics

*Dataafter19June2026isbasedonpublicinformationandEYestimates

Page5ChinesemainlandandHongKongIPOreport

Page6

ReviewofA-shareIPOs,

HongKongIPOmarketandChineseIPOsintheUSin1H2026

HongKongandA-share:HongKongmarketseesmoderatepullback;A-sharemarketshows

sectorperformancediverges

In2026,globalmajorindicesexhibitedcharacteristicsofstructuraldivergenceundera“strong

technology”macroeconomicbackdrop.TheUSandJapanesemarketsdemonstratedoutstandingperformance,benefitingfromtheirfirst-moveradvantagesintheAIindustry,whereastheEuropeanmarketexhibitedinsufficientmomentumduetobeingconstrainedby"lowgrowthandhighinflation."

IntheChinesemarket,theA-sharemarketexhibitsadistinctsectoraldivergencedrivenby“newqualityproductive

forces”.TheShenzhenmarket,ledbytechnologygrowthandadvancedmanufacturing,experiencedsignificantgains.

Meanwhile,theSTARMarketinShanghailedtherallystrongly,leveragingits“hard-tech”attributes.Conversely,themainboardofShanghai,whichcarrieshigherweightingsintraditionalindustries,performedrelativelyweak,reflectingashiftinmarketriskappetitetowardsemergingindustries.TheHongKongmarkethasshownaslightpullbackundermultiple

pressures,includingintensifiedgeopoliticaltensions,fluctuationsinforeigncapitalflowsandanexcessivelyhighproportionoftraditionalindustries.

In2026,asthecommencementofthe"15thFive-YearPlan",thegovernmentexplicitlyprioritizes”achievinggreaterself-relianceandstrengthinscienceandtechnologyandsteeringthedevelopmentofnewqualityproductiveforces".The

Chineseeconomyisinacriticalphaseof"stabilizinggrowth"whilefosteringnewqualityproductiveforces,andthecapitalmarkethasdemonstratedadevelopmenttrendcharacterizedbysteadyprogressandstability.

ShanghaiComposite

3.46%

42.55%

-11.05%

5.1%

2.65%

38.64%

Changesinglobalmajorindicesin1H2026#

STAR50

HangSengIndex-8.95%

BSE50

ShenzhenComponent17.22%

FTSE100

ChiNext30.88%

DAX

DJIA7.59%

Nikkei225

NasdaqComposite12.58%

S&P5009.16%

Source:Wind,EYstatistics

Page7ChinesemainlandandHongKongIPOreport

#Indexmovementsarecalculatedbytheclosingpricesof31December2025basedonthoseof23June2026.

MovementsofmajorindicesinHongKongandA-sharemarkets

in1H2026

x

0%

-10%

25-1226-0126-0226-0326-0426-0526-06

HSI

ShanghaiCompositeIndex30%

20%

10%

ChiNextIndex

ShenzhenComponentInde

A-share:IPOmarketisincreasinginbothvolumeandquality,andthescaleoffundraisingis

furthergrowing

In1H2026,A-sharemarketisexpectedtohaveover81IPOs*raisingmorethanRMB105.7bn*.

Throughoutthe1Hof2022to2026,thefundraisingscaleoftheA-shareIPOmarketreacheditshighestlevelin2022intherecentfiveyears.In

2023,aslightdeclineinfundraisingamountswasobserved.Followingaprecipitoustighteningin2024,thescaleandqualityachieveddualgrowthin2025.Thegrowthtrendcontinuedfurtherin2026;however,theoveralllevelremainedsignificantlybelowthepeakrecordedin2022.

In1H2026,thepaceofIPOissuanceontheA-sharemarketisexpectedtosteadilyincrease,withaprojectedsimultaneousgrowthinthenumberofnewlistingsandfundraisingscalecomparedtothesameperiodlastyear.TheBeijingStockExchangesawparticularlystronggrowthinfundraising.Thecapitalmarket'sfunctionofservingtherealeconomyandsupportingtechnologicalinnovationcontinuestobestrengthened.

NewA-sharelistedcompanies

A-share1H2026A-share1H2025

81

no.ofIPOs*

61

no.ofIPOs

RMB

105.7bn

proceeds*

RMB

53.4bn

proceeds

Source:Wind,EYstatistics

19,17011,648

5,619

2,211

711636

STARMarketBeijingStockExchange

45,072

24,282

1917

ShanghaiMainBoard

19,149

9,504

98

ShenzhenMainBoard

NumberofIPOsin1H2025NumberofIPOsin1H2026

IPOProceeds(RMBm)in1H2025IPOProceeds(RMBm)in1H2026

NumberofIPOsandIPOproceedsbyeachexchangeintheA-sharemarket

for1H2025and1H2026

11,831

10,699

209

ChiNext

40

35

30

25

20

15

10

5

0

*Dataafter23June2026isbasedonpublicinformationandEYestimates(includingREITs)

Page8ChinesemainlandandHongKongIPOreport

A-share:Frompilotprogramstonormalization,REITsfacilitatetherevitalizationofexisting

assets

ChinesepublicREITs*havegraduallytransitionedtonormalizedissuance，becominganimportantfinancialinfrastructureforrevitalizingexistingassetsandchannelingprivatecapitalintonewinfrastructure.Asof1H2026,itisexpectedtohavearound88listedpublicREITs,withtotal

fundraisingexceedingRMB230bn**.

Sincethepilotprogramwaslaunchedin2020,themarkethasevolvedinstages.Thefirstbatchoflistedproductsin2021focusedontraditional

infrastructuresectorssuchastransportation,industrialparksandwarehouse.In2024,thenormalizedissuancemechanismwasestablished,andassettypeswerediversifiedrapidly.In2025,policiesfurtherrelaxedthefilingthresholdswhichexplicitlyallowtheinclusionofcommercialrealestate.By

2026,commercialrealestateaccountedfor58%ofthe10newlyissuedproducts,markingtheformalestablishmentofanew"infrastructure+commercialrealestate"dual-trackmarketparadigm.

ProportionofissuancesizebyREITsassetclassin1H2026

NumberandsizeofREITsissuedin1H:2022-2026

15

400

350

Affordablerentalhousing

3%

240

300

10

Transportation

161

200

141

infrastructure

94

5

0

20%

100

1481010

Commercial

realestate

58%

0

Energy

infrastructure

19%

1H20221H20231H20241H20251H2026NumberofREITsIssuanceSize(RMB100m)

Source:Wind,EYstatistics

*ReferstoRealEstateInvestmentTrusts(REITs)

**Dataincludespubliclydisclosedinformationasat23June2026andEYestimates(includingREITs)

Page9ChinesemainlandandHongKongIPOreport

A-share:Policytailwindssupporttheacceıerationoftheprocessofthe“H-sharetoA-share”

return

nPolicyLevel:Chinaısregistration-basedIPOsystemforA-sharecontinuestoberefined.DetailedrulesforRedChipCDRissuanceandoverseasRedChiphomecominglistingsarebeingrolledout,whiletheSTARMarketandChiNextboardarebecomingincreasinglyaccommodatingtowardunprofitablebiotechand“hard-tech”companies.lnJune

2025,theGeneralOfficeoftheCPCCentralCommitteeandtheGeneralOfficeoftheStateCouncilissuedtheOpinionsonFurtherAdvancingShenzhen’sComprehensivePilotReformstoDeepenReformandInnovationandExpandOpeningUp,explicitlystatingthatGreaterBayAreaenterpriseslistedontheHKEXarepermittedtolistonthe

ShenzhenStockExchangeinaccordancewithapplicablepolicies.ThishaspromptedH-sharelistedcompaniestoacceleratetheirA-sharehomecomingprocess.

nCapitalLevel:TheA-sharemarketpossessesampıeinstitutionaıcapitaı,whiıethe“hard-tech”sectordemonstratesmatureıiquidityandpricingmechanisms.WiththerisingdemandforRMB-denominatedassetallocation,thesefactorsfavorthevaluationandpricingofH-sharelistedscienceandtechnologyenterprisesandemergingindustries.

nIndustryLevel:Leveragingpolicydividendssuchasdomesticsubstitutionandthedigitaleconomy,H-sharelistedscienceandtechnologyenterprisesareincreasingtheir

visibilitywithinthedomesticcapitalmarket,enhancingtheirfinancingcapabilitiesandaccesstoindustryresourcesthroughA-sharefundraising.Thisallowsthemtointensifyinvestmentsinlocalresearchanddevelopmentandcapacityexpansion.

Numberoffilingsforpre-IPOguidanceontheA-sharemarketby

H-sharelistedcompaniesoverthepastfiveyears

6

53254

0

20222023202420252026.1-6

NumberofFilings

4

2

Source:Wind,EYstatistics

Page10ChinesemainlandandHongKongIPOreport

Dataincludespubliclydisclosedinformationasof23June2026

Asof1H2026,morethan40H-sharecompanieshaveundergonefilingforA-sharepre-IPOguidance.Specifically,from2022to1H2026,19companiescompletedsuchfilings.ThelistingofH-sharecompaniesontheA-share

markethasbecomeaprevailingtrendinrecentyears.

Trend

observation

In2025,1enterpriseinthebiomedicalsector

completeditslistingontheA-sharemarket,signifying

thatthislistingroutehasbeensubstantiallyestablished.Inthesameyear,5enterprisesannouncedthe

initiationoftheirA-sharelistingprocedures.

In1H2026,3enterprisesintheartificialintelligence(AI)sector

announcedofficialinitiationoflistingontheA-sharemarket,signalinganaccelerationintheprocessof“H-sharetoA-share”.

A-share:TheaverageIPOfundraisingamountrebounded,andtheproportionofmid-to-large

IPOsincreased

In1H2026,theaverageIPOproceedsincreasedtoRMB1,305m,representinga49%incrementcomparedto1H2025.Thiswasmainlydrivenbymegadeals.

Bydealcount,smallandmid-sizedIPOsbelowRMB1bnremainthemainstream,accountingfor60%.However,theshareofmid-to-largeIPOsaboveRMB1bnhasrisen,drivingthereboundinaveragedealsize.

1,2641,305

1,087876

1H20221H20231H20241H20251H2026

AverageIPOproceedsin1H:2022-2026Unit:RMBm

1,868

42%

38%

29%

1H20231H20241H20251H2026

ComparisonofIPObyfundraisedin1H:2022-2026

59%53%

4%1%

1H2022

AboveRMB10bnRMB1bn–5bn

0%5%

0%0%

RMB5bn–10bnBelowRMB1bn

2%

1%

0%4%

31%

35%

67%

69%

60%

Source:Wind,EYstatistics

Dataincludespubliclydisclosedinformationasat23June2026andEYestimates(includingREITs)

Page11ChinesemainlandandHongKongIPOreport

A-share:Theaveragefirst-dayreturnshitthehighestlevelinnearlyfiveyears

In1H2026,theP/EratioofA-shareIPOsshiftedupwardfromthepricingbenchmarkof1H2025.Influencedbythe"August27thPolicy"new

regulationsandthe"NewNineNationalGuidelines"forcapitalmarkets,A-shareexperiencedaroundofsignificantvaluationrecovery.In1H2026,withtheimprovementofthemacroenvironmentandtheenhancementofinvestorconfidence,theP/Eratiorosecomparedtolastyear.

In1H2026,noIPOshavedroppedbelowtheirofferingpricesonthefirsttradingdayinthemarket.Theaveragefirst-dayreturnincreasedto233%,whichisthehighestamongtherecentfiveyears.

115%

35%37%

1H20221H20231H20241H20251H2026

Averagefirst-dayreturnsin1H:2022–2026

Unit:%233%

196%

2325

19

1H20221H20231H20241H20251H2026

AShareIPOP/Eratioin1H:2022–2026Unit:multiple

55

42

Source:Wind,EYstatistics

Dataincludespubliclydisclosedinformationasof23June2026(includingREITs)

Page12ChinesemainlandandHongKongIPOreport

A-share:Top10IPOs(excludingREITs)seesignificantsurgeinfundraisedperiod-over-period

In1H2026,thetoptenIPOsraisedatotalofRMB31.2bn,accountingfor44%ofthetotalfundraising(excludingREITs)duringtheperiod.Itrepresentsan80%year-on-yearincrease.Theincreasingisprimarilydrivenbyasignificantexpansioninthescaleofthetopten

1H2025

RankingIssuerBoard

Proceeds(RMB100m)

1ZhongceRubberShanghaiMainBoard

41

2TianyouweiShanghaiMainBoard

37

3ARASHIVISIONSTARMarket

19

4KaifaTechnologyBSE

12

5SinophorusElectronicsSTARMarket

12

6HanshowTechnologyChiNext

12

7

WeigaoBloodPurification

ShanghaiMainBoard

11

8HengxinLifeChiNext

10

9YongjieNewMaterialsShanghaiMainBoard

10

10YouyouGreenEnergyChiNext

9

Fundsraisedbytop10IPOsin1H2025

173

fundraisingprojects.TheaverageamountraisedbythetoptenreachedRMB3.1bn,representingasignificantincreasefromthe1H2025top-tenaverageofRMB1.7bn.

1H2026

RankingIssuer

Board

Proceeds(RMB100m)

1HKCGroup*

ShenzhenMainBoard

88

2SJSemiconductor

STARMarket

50

3ZhenshiGroup

ShanghaiMainBoard

29

4SeeYATnology-

STARMarket

23

5TianhaiElectronics

ShenzhenMainBoard

21

6HongmingElectronics

ChiNext

21

7SemightInstruments

STARMarket

21

8DapuStor

ChiNext

20

9HuikangTechnology

ShenzhenMainBoard

20

10VictoryElectric

ShenzhenMainBoard

19

Fundsraisedbytop10I

POsin1H2026

312

Source:Wind,EYstatistics

Dataincludespubliclydisclosedinformationasat23June2026andEYestimates(excludingREITs)

*HKCGroupisexpectedtolistby30June2026

Page13ChinesemainlandandHongKongIPOreport

A-share:Top10IPOs(includingREITs)doubledonassetlistingmomentum

CICCChinaLvfa

HuataiSuzhouHengtai

ChinaAssetShanghaiLand

1H2025

Ranking

IssuerBoard

Proceeds

(RMB100m)

1

ZhongceRubberShanghaiMainBoard

41

2

TianyouweiShanghaiMainBoard

37

3

ChinaSouthernShunfeng

LogisticsClosedREIT*

ShenzhenMainBoard

33

4

AVICYishangLogistics

ClosedREIT*

ShanghaiMainBoard

21

5

ARASHIVISIONSTARMarket

19

6

ShenzhenMainBoardConsumptionClosedREIT*

16

7

EFundHuaweiFarmers

ShenzhenMainBoardMarketClosedREIT*

15

8

GuotaiHaitongJinanEnergy

HeatingClosedREIT*

ShanghaiMainBoard

15

9

ShanghaiMainBoardRentalHousingClosedREIT*

14

10

ShanghaiMainBoardRentalHousingClosedREIT*

14

Fundsraisedbytop10IPOsin1H2025

225

OnaREITs-includedbasis,thetoptenA-shareIPOsraisedRMB48bnin1H2026.NormalizedpublicREITissuancehasbecomeamajordriveroflargedeals,accountingforsevenofthetoptenspots.

1H2026

Ranking

Issuer

Board

Proceeds

(RMB100m)

1

HKCGroup**

ShenzhenMainBoard

88

2

CICCVipshopClosedCommercial

REIT*

ShanghaiMainBoard

77

3

GuotaiHaitongShazhiShipClosed-EndCommercialREIT*

ShanghaiMainBoard

55

4

SJSemiconductor

STARMarket

50

5

DongfangHongSTECExpressway

ClosedREIT*

ShanghaiMainBoard

47

6

ChinaUniversalShanghaiRealEstateClosedCommercialREIT*

ShanghaiMainBoard

41

7

HuataiThreeGorgesCleanEnergy

ClosedREIT*

ShanghaiMainBoard

38

8

ChinaFundShounongFoodGroupClosedCommercialREIT*

ShanghaiMainBoard

30

9

ZhenshiGroup

ShanghaiMainBoard

29

10

EFundGuangxiBeitouExpressway

ClosedREIT*

ShanghaiMainBoard

25

Fundsraisedbytop10IPOsin

1H2026

480

Source:Wind,EYstatistics

Dataincludespubliclydisclosedinformationasat23June2026andEYestimates(includingREITs)

*ReferstoRealEstateInvestmentTrusts(REITs)

**HKCGroupisexpectedtolistby30June2026

Page14ChinesemainlandandHongKongIPOreport

A-share:Industrials,TechnologyandMaterialsrankedtop3inIPObyvolume，REITsranked

secondinproceeds

In1H2026,industrials,technologyandmaterialsrankedtop3inthenumberofIPOs,accountingfor75%oftotalIPOmarkets.Asforfundraisingscale,technology,REITsandindustrialsoccupiedthetopthreeposition,accountingfor83%ofthetotalIPOmarkets.

Technologymanufacturingcompaniesdominatedthe1H2026IPOmarket,reflectingthegovernment'stargetedsupportforadvancedmanufacturingand"hard-tech"enterprisesingoingpublicandraisingcapital.

IPOsbyindustriesintermsoffundsraised*

IPOsbyindustriesintermsofnumberofdeals

36,073

35,008

17,129

12,277

3,128

2,124

Unit:RMBm

Technology REITs**IndustrialsMaterials

RetailandConsumerProductsBiotechandHealthcare

Industrials25

Technology19

Materials17

REITs**10

BiotechandHealthcare6

RetailandConsumerProducts4

Source:Wind,EYstatistics

*Dataincludespubliclydisclosedinformationasat23June2026andEYestimates(includingREITs)

**ReferstoRealEstateInvestmentTrusts(REITs)

Page15ChinesemainlandandHongKongIPOreport

A-share:CompaniesfromJiangsu、ZhejiangandGuangdongprovincesledtheIPOactivity

Intermsofproceeds,Guangdong,Zhejiang,Jiangsu,HenanandShaanxirankedtopfive,represents57%ofthetotalproceeds.

Intermsofnumberofdeals,Zhejiang,Jiangsu,Guangdong,BeijingandHenanrankedinthetopfive,collectively

accountingfornearly60%oftotalIPOs.

TopfiveIPOsbyregionintermsofproceedsin1H2026

TopfiveIPOsbyregionintermsofnumberofdealsin1H2026

16,190

15,627

12,215

8,442

8,137

Unit:RMBm

Guangdong

Zhejiang

Jiangsu

Henan

Shaanxi

Zhejiang16

Jiangsu14

Guangdong9

Beijing5

Henan*4.5

Source:Wind,EYstatistics

Dataincludespubliclydisclosedinformationasat23June2026andEYestimates(includingREITs)

*AcommercialREITprojectspanstwoprovinces;forstatisticalpurposes,eachprovinceiscountedas0.5.

Page16ChinesemainlandandHongKongIPOreport

IPOpipelineanalysis

31December2025VS23June2026

No.ofIPOswithterminationofreview*in

1H2025VS1H2026

End-

2025

354

1H

2026

365

1H

2025

1H

2026

30

63

MonthlynumberofinitialIPOfilingsin1H2026

January2026February2026March2026April2026May2026June2026

xcluded.

22

13

45

10

9

8

A-share:ThenumberofA-shareIPOcompaniesundervettinghasincreased

In1H2026,thenumberofA-shareIPO

applicantsundervettingincreasedcomparedtotheendoflastyear.TheIPOreviewprocessenteredastrictregulatorycycle,shiftingtoastageofclearingtheexistingbacklogwitha

"qualityfirst"approach.

ThewaveofIPOterminationsisnearingthe

end.Asof23June2026,30companies

terminatedtheirIPOsin1H2026,over90%ofwhichwerevoluntarywithdrawals.While63

companiesterminatedtheirIPOsin1H2025.

Asof23June2026,107companieshave

submittedtheirinitialIPOapplicationsin1H

2026,withthenumberreachingapeakinJune.TheIPOapplicantsareprimarilyconcentratedinindustrialsandtechnologysectors.

Source:Wind,EYstatistics;basedondataavailableasof23June2026(includingREITs)

*Companiesthatwerelistedandthosefilingagainafterreviewsuspensionorterminationaree

Page17ChinesemainlandandHongKongIPOreport

HongKong:TheHongKongIPOmarketcontinuestothrive,withfundraisingscalein1H2026

reachingafive-yearhigh

In1H2026,theHongKongIPOfundraisinghitanewfive-yearhigh.Thefundraisingscalein1H2026exceedsthetotalamountforthesameperiod

overthepastfouryears(2022-2025),indicatingasignificantmarketrecovery.ThefundraisingperformanceoftheHongKongmarketthisyearhasbeenbenefitedfrombothlargeIPOprojectsandthecorrespondingfundraisingscale,andhigh-qualitysmallandmedium-sizedIPOprojectsraisedtheaveragefundraisingamount.ChinesemainlandA-sharelistedcompaniescontinuetobeanimportantdrivingforcebehindthegrowthinfundraising.

1H2025vs1H2026*

HongKongIPOsin1H2026*

2026

2025

2026

2025

NumberofIPOs

IPOproceeds(HK$m)

209,848

109,401

84

42

HK$209.8bn

proceeds

IncludingHK$

121.7bnraisedbyA-

sharecompanieslistedinHK

84

NumberofIPOs

Including24A-sharecompanieslistedinHK

100%92%

YoYcomparison

Source:Wind,EYstatistics,dataincludespubliclydisclosedinformationasat23June2026andEYestimates*ListingsofSPAC,transferringandintroductionexcluded

Page18