Pipeline building
The Hong Kong Stock Exchange has its largest IPO pipeline in three years, with 24 active applications and 18 A-to-H conversions filed for the first half of 2026, according to SFC data obtained by YuanTrends.
The composition
- 18 A-to-H conversions (semiconductors, new energy, biotech)
- 6 new-economy primary listings (AI, robotics, EV supply chain)
- Combined target raise: USD 38 billion
HKEX's 2025 full-year IPO tally was USD 28.6 billion, the first time the city overtook Nasdaq by total proceeds since 2019. The Q1 2026 pace suggests another 20%+ YoY gain is in the cards.
What's driving the pipeline
- The CSRC's June 2025 expansion of the A-to-H fast-track (eligibility now includes loss-making companies with revenue >CNY 1.5B)
- The HKD peg stability (12-month band: 7.78–7.85)
- A relaxation of the weighted voting rights threshold for dual-class tech listings
This is the cleanest pipeline we've seen since 2019. — Morgan Stanley, Greater China equity strategy
Risk factors
- Any deterioration in the U.S.-China tariff relationship
- A HKD peg break (the Treasury's April report flags this as a Tier 2 risk)
- Geopolitical targeting of specific dual-class issuers
