FINANCE

PwC Lifts Hong Kong IPO Proceeds Forecast to $49 Billion for 2026

Published: Jul. 3, 2026 12:49 a.m. GMT+8

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Hong Kong hosted 87 new listings in the first half, raising HK$210 billion, according to PwC. Photo: VCG

PricewaterhouseCoopers (PwC) expects initial public offering proceeds in Hong Kong to reach at least HK$380 billion ($48.5 billion) in 2026, the most bullish forecast among global leading accounting firms, as the city draws mega-listings and overseas issuers despite market headwinds.

The forecast, released July 2, marks a sharp upgrade from PwC’s January estimate of HK$320 billion to HK$350 billion and would keep Hong Kong among the world’s top three listing venues by fundraising.

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PwC forecasts Hong Kong IPO proceeds at least HK$380 billion in 2026, most bullish among Big Four firms.
Hong Kong hosted 87 IPOs in H1 2025, raising HK$210 billion, up 98% in deals and 92% in proceeds year-on-year.
Market faces headwinds: Hang Seng fell 10.7% in H1, lock-up expirations, and regulatory concerns over mainland capital flows.

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Who’s Who

PricewaterhouseCoopers: PricewaterhouseCoopers (PwC) forecasts Hong Kong's 2026 IPO proceeds will reach at least HK$380 billion, the most bullish estimate among Big Four firms. This upgrades their January projection and reflects expectations of mega-listings and overseas issuers, though PwC remains cautious due to US rate hikes and geopolitical risks.

Deloitte: Deloitte, a Big Four accounting firm, forecasts Hong Kong IPO proceeds of at least HK$300 billion in 2026. This is the most conservative estimate among the Big Four, compared to PwC's HK$380 billion, EY's HK$320 billion, and KPMG's HK$350 billion.

Ernst & Young: Ernst & Young (EY, Chinese: 安永) forecasts Hong Kong IPO proceeds of HK$320 billion in 2026, according to a July 2 report. This is among the Big Four accounting firms' projections, with Deloitte at HK$300 billion, KPMG at HK$350 billion, and PwC at HK$380 billion.

KPMG: According to the article, KPMG projects Hong Kong IPO proceeds of HK$350 billion for 2026. It highlighted that 24 A-share companies listed H shares in Hong Kong in the first half, raising HK$121.7 billion, a record. KPMG also noted 65 new-economy companies listed, raising HK$160.1 billion, and reported 443 public listing applications pending.

Merdeka Gold: Merdeka Gold is an Indonesian gold miner. It completed a secondary listing in Hong Kong in June, attracting interest from other overseas companies. The listing is part of Hong Kong's growing appeal to international issuers in 2026.

Hong Kong Exchanges and Clearing: Hong Kong Exchanges and Clearing was processing 443 public listing applications as of June 26, including 116 A-plus-H-share applications with a combined market value of 7.75 trillion yuan, according to KPMG.

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