The Aporia
In the first nine months of 2026, Hong Kong saw its initial public offerings (IPOs) raise more than HK$388 billion (US$49.4 billion), marking a year-on-year increase of over 100%. This surpasses the total amount raised in all of 2025. According to Financial Secretary Paul Chan Mo-po, the number of new listings rose by 72% compared to the same period last year, with 114 IPOs on both the main board and Growth Enterprise Market (GEM). Despite global economic concerns heightened by high yields in US bonds, Clara Chan Ka-chai, CEO of the Hong Kong Investment Corporation, expects more than 30 portfolio firms from her organization to list in Hong Kong later that year.