View of Hong Kong Exchanges and Clearing Ltd Photo: VCG
Hong Kong Financial Secretary Paul Chan Mo-po said on Sunday that the city has remained the world’s top IPO market this year, with fundraising exceeding HK$140 billion ($17.87 billion) as of last week and average daily turnover topping HK$280 billion since March, highlighting the resilience of its financial markets amid global uncertainties.
In his blog, Chan wrote that last week saw the city’s largest IPO listing of the year, and Hong Kong remains first globally in new share fundraising this year. These developments demonstrate that despite global uncertainties, the city’s financial market remains unstoppable thanks to the joint efforts of the government and the industry, he wrote.
Chan said that Hong Kong’s role and capabilities as an international financial center are continually being strengthened and enhanced. Even amid the challenges posed by a shifting geopolitical landscape, the city continues to pursue innovation and expand partnerships to unlock new growth opportunities.
He said that Hong Kong is actively developing its international gold trading market. Last week, the city’s largest gold ETF was launched, supporting physical gold subscription and redemption, allowing trading and storage to take place locally, which helps Hong Kong gradually build a complete gold industry and value chain.
Chan added that Hong Kong has signed mutual recognition agreements with 20 exchanges worldwide to facilitate dual listings and create a broader network of market collaboration. The city is also actively exploring including the Malaysia Exchange on the “recognized stock exchange” list to attract new capital and listings.
The flurry of launches, despite a darkening global economic picture due to the war in the Middle East, builds on a buoyant start to 2026 for Hong Kong’s listings market, which has recorded its strongest start to any year since 2021, Reuters reported.
Hong Kong’s IPO market saw issuers raising about $11.64 billion in the first quarter of 2026, up 385 percent year-on-year, according to LSEG data as of March 18, Reuters reported. Fueled by IPOs from the Chinese mainland, Hong Kong ranked as the world’s top listing venue in 2025, with total equity capital market fundraising jumping 164 percent to $103 billion, according to exchange data, it said.
Bian Yongzu, executive deputy editor-in-chief of Modernization of Management magazine, told the Global Times on Sunday that Hong Kong’s continued lead in global IPO fundraising is underpinned by its strong institutional foundations.
Bian said that Hong Kong’s highly open financial system is a key advantage. With free capital flows and transparent regulation, global capital can be allocated efficiently, making the city an attractive venue for listings and fundraising.
Also, backed by the vast economic hinterland of the Chinese mainland, a steady pipeline of fast-growing companies continues to generate strong financing demand, providing a stable source of listings for the market, according to the expert.
Chan wrote that financial markets are steadily improving, while a rebound in residential property and other asset markets has boosted consumer confidence. The latest data shows the first-quarter unemployment rate fell to 3.7 percent, with the retail and dining sectors trending upward.
Chan added that with the upcoming May Day holidays, Hong Kong’s immigration department expects about 980,000 Chinese mainland visitors, up about 7 percent from last year, which will boost the retail, dining, and hotel sectors. The Hong Kong Special Administrative Region government will ensure supporting services are in place to provide a better experience for travelers.
