Hong Kong’s IPO market is regaining momentum, though macro headwinds may limit the pace. Goldman Sachs notes that geopolitical tensions in the Middle East and elevated U.S. interest rates could pressure earnings and valuations. An expected record year for U.S. IPOs may also divert global capital in the near term, even as it supports sentiment across peers. The rebound in IPO activity has also driven a pickup in Chinese private equity since mid-2025, they add. Meanwhile, AI is “changing the game”

Hong Kong’s IPO market is regaining momentum, though macro headwinds may limit the pace. Goldman Sachs notes that geopolitical tensions in the Middle East and elevated U.S. interest rates could pressure earnings and valuations. An expected record year for U.S. IPOs may also divert global capital in the near term, even as it supports sentiment across peers. The rebound in IPO activity has also driven a pickup in Chinese private equity since mid-2025, they add. Meanwhile, AI is “changing the game” in private equity, offering advantages in fundraising and capital recycling.