2026+中国内地和香港IPO市场第三季度回顾+Chinese+Mainland+and+Hong+Kong+IPO+Markets+Review

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ChineseMainland

andHongKong

IPOMarkets2026Q3Review

KPMG.MaketheDifference./cn

October2026

Contents

GlobalIPOA-shareHongKong

landscape04IPOmarket08IPOmarket13

ChineseMainlandandHongKongIPOMarkets2

ChineseMainlandandHongKongIPOMarkets3

GlobalIPO

landscape

ChineseMainlandandHongKongIPOMarkets4

GlobalIPOmarket:2026Q3highlights

GlobalIPOmarketsmaintainedstrongmomentuminthefirst

threequartersof2026,reflectinganIPOlandscapeincreasingly

shapedbylargetransactions.

OngoingmaturationoftheAIinvestmentcycle

Geographicalvolatility

Resumedinterestratehikes

GlobalIPOactivity(2024–2026Q3YTD)

Q4FundsraisedQ3YTDFundsraised

USD68.6BUSD49.4B

USD84.7BUSD111.6BUSD289.9B

202420252026

No.ofdeals:

Q3YTD899930944

Fullyear1,2811,358

300

250

200

150

100

(USD’B)

血

USD289.9B

TotalFundsRaised

▲160%comparedto2025Q3YTD

944

CompletedIPOs

▲2%comparedto2025Q3YTD

53%

ofglobaltotalproceedswereraisedbythetop10IPOs

vs21%in2025Q3YTD

(1)Analysesarebasedonactualdataasof30September2026.

(2)Sources:BloombergandKPMGanalysis,includingREITdealsandexcludingspecialpurposeacquisitioncompany(“SPAC”or“blankcheck”)deals.

ChineseMainlandandHongKongIPOMarkets5

2026Q3GlobalIPORankings

2026Q3YTD2025Q3YTDFY2025

A-share

stockexchanges:

15%

(FY2025:15%)

HongKongstockexchange:

15%

(FY2025:20%)

1st

NASDAQStockExchange

USD145.6B

HongKongStockExchange

USD23.6B

HongKongStockExchange

USD37.0B

Otherstockexchanges

10%

(FY2025:40%)

GlobalProceedsin2026Q3YTD

U.S.

stockexchanges:

60%

(FY2025:25%)

2nd

HongKongStockExchange

USD50.0B

NewYorkStockExchange

USD17.1B

NASDAQStockExchange

USD27.6B

3rd

ShanghaiStockExchange

USD22.1B

NASDAQStockExchange

USD15.7B

NationalStockExchangeofIndia

USD20.9B

4th

NewYorkStockExchange

USD20.2B

NationalStockExchangeofIndia

USD10.2B

NewYorkStockExchange

USD20.5B

5th

ShenzhenStockExchange

USD11.0B

ShanghaiStockExchange

USD9.8B

ShanghaiStockExchange

USD15.2B

(1)Analysesarebasedonactualdataasof30September2026

(2)TheexchangerateforUSD/HKDis7.75.

(3)Sources:BloombergandKPMGanalysis,includingREITdealsandexcludingspecialpurposeacquisitioncompany(“SPAC”or“blankcheck”)deals.

ChineseMainlandandHongKongIPOMarkets6

2026Q4GlobalIPOmarketoutlook

Mega-IPOsarebecominganincreasinglypowerfulforceinglobalcapitalmarkets,

accountingforagrowingshareofoverallfundraisingactivity.Weexpectartificial

intelligencecompaniestofeatureprominentlyinthenextwaveoflarge-scaleofferings,withtheanticipatedlistingofAnthropicpotentiallybecomingthelargestIPOinhistory,markinganothermilestoneintheevolutionofglobalcapitalmarkets.

PaulLau

Partner

HeadofCapitalMarketsandProfessionalPracticeKPMGinChina

ChineseMainlandandHongKongIPOMarkets7

A-share

IPOmarket

ChineseMainlandandHongKongIPOMarkets8

A-shareIPOmarket:2026Q3highlights

TheA-sharemarketgained

significantmomentuminthefirstthreequartersof2026.

RMB254.4B

TotalFundsRaised

▲125%comparedto2025Q3YTD

134CompletedIPOs

▲41%comparedto2025Q3YTD

55%

oftotalproceedswereraisedbythetop10IPOs

vs44%in2025Q3YTD

Numberofdeals

A-shareIPOstockexchangedistribution

2025Q3YTD

ShanghaiStockExchangeSTARMarket

ShenzhenStockExchangeChiNext

BeijingStockExchange

105.554.5

2026Q3YTD

8.1

17.223.2

20.5

21.15.1

Fundsraised(RMB’billion)

50.1

62.3

SectordistributionofA-shareIPOsbyfundsraised

Others

AcceleratedinfundsraisedledbySTARMarket

TMT

49%

ENR

14%

Industrial

MuchofthisgrowthwasattributabletoaleadingDRAMmanufacturerintheChineseMainland,whichraisedRMB66.6billion,andaccountedforover60%oftheSTARMarket’s

18%

totalfundsraised.

Note:AllanalysisisbasedonWINDdataandincludedREITdealsasof30September2026,unlessotherwisestated

Source:WindandKPMGanalysis

ChineseMainlandandHongKongIPOMarkets9

Top10largestA-shareIPOs

2026

Q3YTD

Company

Exchange

Proceeds

(RMBbillion)

Sector

CxmtCorporation

SSE–STAR

66.6

TMT

ChinaResourcesNewEnergyHoldingsCompanyLimited

SZSE

24.5

ENR

HKCCorporationLimited

SZSE

8.5

TMT

CICCVipshopCommercialREIT*

SSE

7.7

Infrastructure/RealEstate

ShanghaiEnflameTechnologyCo.,Ltd.

SSE–STAR

6.1

TMT

YushuTechnologyCo.,Ltd.

SSE–STAR

6.1

Industrials

GuotaiHaitongShazhiShipClose-endCommercialREIT*

SSE

5.5

Infrastructure/RealEstate

SJSemiconductorCorporation

SSE–STAR

5.0

TMT

ShenzhenJLCTechnologyGroupCo.,Ltd

SZSE

4.7

TMT

DongfanghongTunnelSharesExpresswayREIT*

SSE

4.7

Infrastructure/RealEstate

2025

Q3YTD

Company

Exchange

Proceeds

(RMBbillion)

Sector

HuadianNewEnergyGroupCorporationLimited

SSE

18.2

ENR

ChinaSouthernRangeTechnologyDataCenterREIT*

SZSE

4.5

Infrastructure/RealEstate

ZhongceRubberGroupCo.,Ltd

SSE

4.1

Industrials

HeilongjiangTianyouweiElectronicsCo.,Ltd.

SSE

3.7

Industrials

TruvalueShounangIndustrialZoneREIT*

SSE

3.7

Infrastructure/RealEstate

SuzhouInovanceAutomotiveCo.,Ltd.

SZSE-ChiNext

3.6

Industrials

CICCVipshopOutletREIT*

SSE

3.5

Infrastructure/RealEstate

ChinaSouthernSFWarehousing&LogisticsREIT*

SZSE

3.3

Infrastructure/RealEstate

BeijingE-TownSemiconductorTechnologyCo.,Ltd.

SSE-STAR

2.5

TMT

ChinaSouthernGDSCenterREIT*

SSE

2.4

Infrastructure/RealEstate

*Referstorealestateinvestmenttrustslistings(“REIT”)

Note:AllanalysisisbasedonWINDdataandincludedREITdealsasof30September2026,unlessotherwisestated

Source:WindandKPMGanalysis

ChineseMainlandandHongKongIPOMarkets10

A-shareIPOPipeline

NumberofactiveA-shareIPOapplicants

TraditionalmarketSTARMarketChiNextBSE

664

119

220

102

223

2024

541

264

105

2026

472

116

153

145

2024

479

222

2026

387

218

2025

368

201

2026

359

193

2025

322

180

2025

236

2025

352

121

313

111

105

2024Q3

2024Q4

Top3sectordistributionofactiveA-shareIPOapplicants

Infrastructure/RealEstate

11%

TMT

Industrials

40%

Others

25%

Note:Allanalysesarebasedondataasof30September2026andincludedREITdeals.Activeapplicantsincludedapplicationssuspendedduetotheexpiryoftheirfinancialinformation(中止審查).Historically,theseapplicationshavebeenreactivatedpromptlywithupdatedfinancialinformationsubmittedbythelistingapplicants.

Source:WindandKPMGanalysis

ChineseMainlandandHongKongIPOMarkets11

↓个

Investor

confidence

Healthypipeline

Ongoingregulatoryinitiatives

2026Q4A-shareIPOmarketOutlook

ThestronggrowthinA-sharefundraising

reflectscontinuedinvestorconfidenceininnovation-drivensectorsandthemarket’sincreasingcapacitytosupportlarge-scaletechnologyofferings.Ongoing

regulatoryinitiativesandahealthypipelineoflistingapplicantsarecreatingfavourableconditionsfor

sustainedlistingactivities.ThesedevelopmentsarealsostrengtheningtheappealoftheA-sharemarketforeligibleHongKong-listedcompaniesseekingtobroadentheirinvestorbaseandaccessadditional

sourcesofcapital.

IreneChu

Partner

HeadofNewEconomyandLifeSciences,HongKongSARKPMGinChina

HongKong

IPOmarket

ChineseMainlandandHongKongIPOMarkets12

ChineseMainlandandHongKongIPOMarkets13

HongKongIPOmarket:2026Q3highlights

HongKong’sIPOmarket

delivereditsstrongestnine-monthfundraising

performanceonrecord.

HKD388.0B

TotalFundsRaised

▲106%comparedto2025Q3YTD

116CompletedIPOs

▲73%comparedto2025Q3YTD

46%

oftotalproceedswere

raisedbythetop10IPOsvs70%in2025Q3YTD

HKIPOactivity(2024–2026Q3YTD)(HKD’B)

Q4Fundsraised

Q3YTDFundsraised

HKD98.6B

HKD188.3BHKD388.0B

20252026

67116

115

No.ofdeals:

Q3YTD45

Fullyear70

400

300

200

100

HKD32.4B

HKD55.6B

2024

oftotalIPOproceedswereraisedbyA+Hand18CIPOsin

2026Q3YTD

76%

Historicalhigh

ofover600activeIPOapplications,includingconfidentialfilings

Note:Allfiguresareasof30September2026,includedlistingbyintroduction,andexcludedSPACorDe-SPACdealsandGEMtransfer,unlessotherwisestated

Source:HKExandKPMGanalysis

Top10largestHongKongIPOs

2026Q3YTD

Company

Proceeds

(HKDbillion)

Sector

ZhongjiInnolightCo.,Ltd.

61.4

Industrials

LuxsharePrecisionIndustryCo.,Ltd.

25.1

Industrials

VictoryGiantTechnology(HuiZhou)Co.,Ltd.

23.1

TMT

SHEINGlobalHoldingsLimited-W

13.6

ConsumerMarkets

MuyuanFoodsCo.,Ltd.

12.1

ConsumerMarkets

EastrocBeverage(Group)Co.,Ltd.

11.1

ConsumerMarkets

LingyiiTech(Guangdong)Company

8.3

Industrials

MontageTechnologyCo.,Ltd.

8.1

TMT

ChaozhouThree-Circle(Group)Co.,Ltd.

8.0

Industrials

NexchipSemiconductor(China)Limited

7.3

TMT

2025Q3YTD

Company

Proceeds

(HKDbillion)

Sector

ContemporaryAmperexTechnologyCo.,Limited

41.0

Industrials

ZijinGoldInternationalCompanyLimited

28.7

ENR

JiangsuHengruiPharmaceuticalsCo.,Ltd.

11.4

Healthcare/LifeSciences

ZhejiangSanhuaIntelligentControlsCo.,Ltd.

10.7

Industrials

FoshanHaitianFlavouringAndFoodCompanyLtd

10.6

ConsumerMarkets

CheryAutomobileCo.,Ltd.

10.4

Industrials

LensTechnologyCo.,Ltd.

5.5

Industrials

HesaiGroup-W

4.8

TMT

AuxElectricCo.,Ltd.

4.2

ConsumerMarkets

MIXUEGroup

4.0

ConsumerMarkets

Note:Allfiguresareasof30September2026,includedlistingbyintroduction,andexcludedSPACorDe-SPACdealsandGEMtransfer,unlessotherwisestated

Source:HKExandKPMGanalysis

ChineseMainlandandHongKongIPOMarkets14

ChineseMainlandandHongKongIPOMarkets15

A+HListings

A+Hlistingsremainedthe

primarygrowthengine,

highlightingthecity’s

importanceasanoffshore

fundraisingplatformforChineseMainlandenterprisesseeking

accesstointernationalcapital.

HKD261.2B

TotalFundsRaised

▲185%comparedto2025Q3YTD

38CompletedIPOs

vs11IPOsin2025Q3YTD

NumberofnewA+Happlications

8470

20252026

Q3YTDQ4

120

Outof385activepublicapplicationsasof30September2026,105of

whichareA+Happlicationswithatotalmarketcapitalisationof

RMB4,615.0billion.

A+HActivePipeline(2025–2026Q3)

97101

Mar-25Jun-25Sep-25Dec-25Mar-26

112105

Jun-26Sep-26

150

100

Note:Allfiguresareasat30September2026,includedlistingbyintroduction,andexcludedSPACorDe-SPACdealsandGEMtransfer,unlessotherwisestated

Source:HKExandKPMGanalysis

ChineseMainlandandHongKongIPOMarkets16

Neweconomylistings

HKD281.3B

TotalFundsRaised

vsHKD101.0Bin2025Q3YTD

87CompletedIPOs

vs34in2025Q3YTD

Neweconomylistings

Pre-revenuebiotechcompanies(18A)

11IPOs

vs11in2025Q3YTD

Primarilyengagedin:

Surgicalrobots

Drugdiscovery

MedicalimagingAItechnologies

HKD12.9B

TotalFundsRaised

vsHKD10.1B

in2025Q3YTD

Specialisttechnologycompanies(18C)

19IPOs

vsnilin2025Q3YTD

Primarilyengagedin:

Robottechnology

ArtificialIntelligence

Software&advancedhardwaredevelopment

HKD36.2B

TotalFundsRaisedvsnilin2025

Q3YTD

Note:Allfiguresareasof30September2026,includedlistingbyintroduction,andexcludedSPACorDe-SPACdealsandGEMtransfer

Source:HKExandKPMGanalysis

ChineseMainlandandHongKongIPOMarkets17

HongKongIPOPipeline

Asof30September2026,therewereover600activeIPO

applications,includingconfidentialfilings,atarecordhighnumberofactiveapplicationsforlisting.

HKIPOActivePublicPipeline(2024–2026Q3)

Themediannumberfromthelistingapplicationacknowledgementdatetothedateofthehearingbundle

letterwas110businessdays.

207

618

(asof30Sep2026)559

112

345

Jun-24Dec-24Jun-25Dec-25Jun-26

700

600

500

400

300

200

100

Note:Allfiguresareasof30September2026,includinglistingbyintroduction,andexcludingSPACorDe-SPACdeals,GEMtransfersandconfidentialfiling,unlessotherwisestated

Source:HKEx,WINDandKPMGanalysis

2026Q4HKIPOMarketOutlook

HongKong’sIPOmomentumisbeingunderpinnedbya

broaderandmorediversepipeline,particularlyA+Hlistingsand

specialisttechnologycompanies,alongsidesustainedinternationaldemandforhigh-qualityissuers.Thedepthoftheactivepipelineandcontinuedenhancementstothelistingframeworkshouldsupport

activityintothefourthquarterandbeyond.Ifmarketconditions

remainsupportiveandthecurrentpipelineconvertsasexpected,HongKongcoulddeliverarecordyear,withfull-yearIPOproceedspotentiallyapproachingHK$500billion.

LouisLau

Partner

HeadofHongKongCapitalMarketsGroupKPMGinChina

FactorsimpactingHKIPOMarket

>600listingapplications

A+Hlistings

Techcompanies

ChineseMainlandandHongKongIPOMarkets18

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