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.
