Goldman Sachs: Hong Kong IPO Market to Accelerate Recovery in 2026

According to Goldman Sachs, the Hong Kong IPO market is expected to accelerate its recovery in 2026, driving growth for the Hong Kong Stock Exchange and Chinese securities firms with more offshore business exposure. Analysts Si Fu and others pointed out that the recovery is due to the market's transformation towards hard technology and new economy sectors, as well as an increase in the number of A-share companies going public in Hong Kong. It is expected that the total equity supply in Hong Kong will reach $110 billion by 2026, including $60 billion in IPO issuance and $50 billion in refinancing. The funding sources include 180 billion yuan allocated by enterprises, 20 billion yuan redistributed by global long-term investors, 200 billion yuan of southbound capital inflows, and retail participation.