87 listings and HK$210.2 billion raised: three questions after the IPO market reopened

The recovery is measurable

HKEX reported 87 listings and HK$210.2 billion raised through IPOs in H1 2026, compared with 44 listings and HK$109.4 billion in H1 2025. That is 43 more listings and a 92.1% increase in funds raised.

H1 average daily turnover was HK$283.0 billion, up 17.8% year on year; Q2 ADT reached a quarterly record of HK$289.5 billion. Follow-on equity fundraising was HK$296.0 billion.

Totals do not replace transaction analysis

A small number of large transactions can lift aggregate proceeds, while a higher listing count does not imply the same sector mix, quality or valuation distribution. Any 'win rate' without a defined period, allocation, holding period, costs and opportunity cost is easy to misread.

Recent first-day performance is therefore market context, not a substitute for the prospectus, company analysis and transaction-specific diligence.

Question one: why list now?

Proceeds may fund expansion, research, acquisitions, debt repayment or shareholder exits. Investment in verifiable capacity can be tracked against operating progress; broad working-capital language, related-party debt repayment or a large secondary component calls for closer scrutiny of incentives and post-listing capital structure.

Question two: what sustains the valuation?

Separate realised earnings or cash flow, verifiable future growth and the premium paid for scarcity or a market theme. The first two can be tested against operations; the third can contract quickly when sentiment changes.

For loss-making companies, cash burn, refinancing and dilution matter more than one sales multiple. For profitable issuers, one-off gains, related-party transactions and pre-listing adjustments require attention.

Question three: is the exit path real?

Free float, cornerstone lock-ups, controlling-shareholder stakes, analyst coverage and daily turnover shape the cost of exiting a meaningful position.

Before subscribing, write down invalidation triggers, supply after lock-up expiry, days to exit under normal and stressed volumes, and rules for reassessment or staged selling after a sharp first-day move.

G70 perspective: an open window is not a lower bar

The H1 figures demonstrate clear equity-market momentum. That matters to companies seeking capital and investors seeking new opportunities.

A family's advantage is not speed. It is the ability to reject incomplete cases and place every transaction within an overall allocation, risk budget and liquidity plan.