Hong Kong IPOs raise $13bn in Q1 as AI stocks surge 400%
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- Hong Kong listings raised more than $13bn in the first quarter of 2026 — the best first quarter for equity sales since 2021 and ahead of the Nasdaq, New York, and Bombay stock exchanges, per Dealogic and LSEG data.
- Zhipu and MiniMax, the two best-performing newly listed stocks, each surged more than 400% after IPOs that collectively raised about $1.3bn, reflecting what BNP Paribas's Jason Lui called a shift from index-level large-cap buying to pure-play AI exposure.
- Technology hardware and software companies accounted for the largest share of the 38 new entrants to Hong Kong's exchange in Q1 2026 by both number and amount raised.
- Chip designers Shanghai Iluvatar CoreX Semiconductor and Axera Semiconductor collectively raised more than $800mn in their Hong Kong debuts, while non-tech names like Muyuan Foods and Busy Ming signaled a broadening of the listings base.
- The Hong Kong Stock Exchange's pipeline includes more than 400 companies in process, with Syngenta among those looking to list in the city.
- Regulators on both sides are tightening — the CSRC has blocked listings by companies with opaque offshore structures it deems low-transparency, and the Hong Kong exchange has threatened to "name and shame" lawyers and accountants behind poor prospectuses.
- Some Chinese tech companies are considering switching their listings back to Shanghai or Shenzhen, with the mainland's tech-focused STAR Market offering a fast-track for companies holding strategic intellectual property.
Why it matters: Hong Kong cemented its lead as the top global listings venue in Q1 2026 with $13bn raised, but the boom is now being squeezed from two sides: the mainland is luring tech listings back to STAR Market, and regulators in Hong Kong and Beijing are actively weeding out low-quality issuers without halting the rally. For investors, the 400% surges in Zhipu and MiniMax show that pure-play AI bets are outpacing the broader index trade that dominated after the 2025 DeepSeek moment.
