Key Takeaways:
Hong Kong's equity capital markets are on course for their biggest year on record, with Deloitte now projecting at least HK$480 billion in full-year IPO proceeds — a haul that would clear the roughly HK$450 billion peak reached in 2010.
"At least three to four mega IPOs are applying for listing, each seeking to raise more than HK$10 billion, and they are prepared and aiming to list in the fourth quarter," Edward Au, Deloitte China Southern Region Managing Partner, said.
The firm expects about 160 listings in Hong Kong this year. The HK$387.9 billion booked through the first nine months leaves roughly HK$92 billion needed to clear the HK$480 billion floor, a gap the pending mega deals would cover on their own if all four price at the low end of their targets. The 2010 peak of about HK$450 billion has stood for 15 years.
The upgrade points to a fee-revenue tailwind for Hong Kong Exchanges and Clearing (00388.HK), which collects listing fees and trading levies on new issuance. Goldman Sachs separately called the "Five-Year Plan" positive for HKEX in a multi-asset strategy note, adding a second institutional voice to the bullish case for the exchange operator.
Hong Kong's listing pipeline has been the busiest in Asia this year, and the concentration of large deals in the fourth quarter means the final tally will hinge on a handful of pricings rather than the breadth of smaller offerings. Deloitte did not disclose the identity of the applicants or their target sectors.
Investors will watch the fourth-quarter listing calendar for confirmation of the mega-deal pipeline, with the final 2025 fundraising total and the 2026 outlook due in Deloitte's year-end review. A record year would mark the strongest test of Hong Kong's ability to absorb large offerings since the 2010 peak.
This article is for informational purposes only and does not constitute investment advice.
