Ernst & Young (EY) Hong Kong Capital Markets spokesperson Lai Yunfeng noted that as of June 19, the Nasdaq ranked first globally with $113.1 billion in fundraising, while Hong Kong Exchanges and Clearing (HKEX) ranked second with $26.8 billion. EY expects that large AI companies will continue to raise funds in the U.S., making it difficult for Hong Kong to surpass the Nasdaq in the second half of the year, but maintaining the second position should not be hard. EY keeps its forecast for Hong Kong's full-year IPO fundraising at HK$320 billion unchanged.
Global IPO Fundraising Ranking: Nasdaq Leads with $113.1 Billion, HKEX Second with $26.8 Billion
According to EY's statistics, the global IPO fundraising rankings as of June 19, 2026, are as follows:
Nasdaq: $113.1 billion (first), driven mainly by mega IPOs such as SpaceX and AI infrastructure-related companies.
HKEX: $26.8 billion (second), Hong Kong continues to maintain its leading position in the Asian market.
New York Stock Exchange: $14.3 billion (third), approximately half of HKEX's amount.
Lai Yunfeng said he remains optimistic about the Hong Kong new stock market in the second half of the year and has not revised the forecast. He also mentioned that over the past two years, many institutions have suggested relaxing regulations and introducing a New Stock Connect, which he believes will help diversify new stock fundraising, but the timing of implementation is difficult to predict.
Hong Kong's Full-Year Lockup Expiration Scale Expected to Exceed HK$1 Trillion: Peak Months and EY's Assessment
According to EY's statistics, the total lockup expiration scale for the full year in Hong Kong is expected to exceed HK$1 trillion, a record high. It is mainly concentrated in July, September, and December, with these three months accounting for more than 50% of the full-year expiration scale.
EY Hong Kong Technology, Media & Telecommunications Audit Services Leader Chen Rihui emphasized that although the lockup expiration wave is at a record high, it is also necessary to consider the background of investors, including whether local governments and long-term investors will sell after the expiration. This depends on economic conditions and changes in fund investors' risk appetite. He believes that investors with long-term investment considerations will bring relatively limited actual selling pressure.
Policy Background of New Stock Connect and Hong Kong Stocks "Returning to A-Share Market" and EY's Expectations
On the policy front, the mainland has clearly allowed companies listed on HKEX from the Greater Bay Area to list on the Shenzhen Stock Exchange in accordance with regulations. Lai Yunfeng expects that more Hong Kong-listed companies will raise funds in the A-share market next year. He pointed out that Hong Kong stocks "returning to A-shares" is currently at an early stage. The current mainland listing process includes a long tutoring period and a time-consuming listing process, so results will take time to materialize.
Regarding the mainland's crackdown on illegal cross-border securities activities, Lai Yunfeng said that such crackdowns mainly target retail investors, and the New Stock Connect and foreign capital inflows should offset potential impacts.
Frequently Asked Questions
Why does EY believe Hong Kong will find it difficult to surpass Nasdaq in the second half of the year?
According to Lai Yunfeng's analysis, large AI companies continue to choose to raise funds in the U.S., coupled with the driving force of mega IPOs like SpaceX, which has pushed Nasdaq's fundraising to $113.1 billion as of June 19, far ahead of HKEX's $26.8 billion. EY believes this gap is hard to reverse in the second half of the year.
Has the full-year HK$320 billion IPO fundraising forecast for Hong Kong already been half achieved?
As of June 19, HKEX's fundraising was $26.8 billion (approximately HK$200 billion or more, depending on the exchange rate). To achieve the full-year target of HK$320 billion, a certain level of fundraising momentum is needed in the second half. EY maintains its forecast unchanged and remains optimistic about the market conditions in the second half.
Will the HK$1 trillion lockup expiration scale exert substantial selling pressure on Hong Kong stocks?
According to Chen Rihui's assessment, although the expiration scale is at a record high, actual selling pressure depends on the background of investors (including local governments and long-term investors) and whether their risk appetite changes. He said that investors with long-term investment considerations may not sell after the expiration, and the actual impact will depend on the macroeconomic environment.
