Hong Kong listings raised over $13 billion in the first quarter of 2026, the
strongest since 2021, driven by a record January, bringing total equity
fundraising (IPOs, placements, block trades) above $76 billion in 2025, the
highest in four years. However, deal momentum is weakening as regulators warn
about staffing shortages and documentation quality, while Beijing tightens rules
on certain China-linked IPO structures and the Iran war adds market volatility.
Major upcoming deals include Syngenta Group’s potential $10 billion IPO, A.S.
Watson Group, and Baidu unit Kunlunxin. Banks are also constrained by limits on
lead banker workloads, while some issuers delay listings due to restructuring
requirements for offshore “red-chip” structures.
