STOCKS | Deloitte: Hong Kong IPOs Raise HK$203.3B in H1, Ranking Second Globally

Deloitte estimated Hong Kong’s IPO market ranked second globally in the first half of the year, with 78 new listings raising about HK$203.3 billion, nearly double last year’s amount. According to RTHK, Nasdaq ranked first with 60 new listings raising HK$872.4 billion, a figure Deloitte said was largely boosted by SpaceX, which alone raised HK$675.8 billion.

Deloitte China southern region managing partner Edward Au said that without SpaceX’s IPO, Hong Kong could have narrowly surpassed Nasdaq. Au said Deloitte remained cautiously optimistic about Hong Kong’s IPO outlook in the second half of the year, citing a pipeline of around 600 applications as of May, including at least five companies that could raise over HK$10 billion.

Au said two potential mega AI company listings in the US later this year could overshadow Hong Kong deals, but added that such listings could help support market valuations for AI companies more broadly. He also said he did not see major capital outflows from Hong Kong to the US, noting average daily turnover on the Hong Kong stock exchange was nearly HK$300 billion in early June, up from around HK$290 billion in May.

Deloitte said factors including potential easing of Middle East tensions could lift risk appetite for IPOs after the US and Iran announced a deal to end the war. Deloitte maintained its forecast that Hong Kong’s IPO market would remain among the world’s top three in 2026, with around 160 new listings raising at least HK$300 billion.

The report came as six firms launched Hong Kong offerings on Wednesday seeking to raise up to HK$19.8 billion combined, with Shenzhen-listed precision parts maker Lingyi iTech the largest deal, according to exchange filings.