[Goldman Sachs: Hong Kong IPO Momentum to Accelerate in 2026, HKEX and Certain Chinese Brokers to Benefit] According to a report by Jinse Finance on April 20, Goldman Sachs stated that Hong Kong's IPO momentum will accelerate in 2026, with the recovery of IPO activity driving growth for the Hong Kong Stock Exchange (HKEX) and Chinese brokers with greater offshore business exposure. Monitoring IPO candidate companies and investing in industry peers could be an effective strategy to capture positive spillover effects. Analysts Si Fu and others noted in the report that the recovery of Hong Kong IPOs is supported by the market's shift toward "hard technology" and the "new economy," which includes biotechnology and new consumer sectors, as well as a significant increase in the number of A-share companies listing in Hong Kong. The market has sufficient capital to absorb newly issued stocks, including $180 billion in corporate allocations (dividends and buybacks), $20-30 billion in global long-term investor capital reallocation, $200 billion in southbound capital inflows, and continued active retail participation. It is estimated that in 2026, the total equity supply in the Hong Kong market will reach $110 billion for the year, including $60 billion from IPO issuances and $50 billion from refinancing.