毕马威（KPMG）：中国内地和香港IPO市场：2026年第一季度回顾报告（英文版）（20页）.pdf

1、2026 Q1 reviewIPO M 2026Chinese Mainlandand Hong KongKPMG.Make the Difference.2Chinese Mainland and Hong Kong IPO Markets 2026 KPMG,a Hong Kong SAR partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English co

2、mpany limited by guarantee.All rights reserved ContentsGlobal IPO landscape04A-share IPO market 08Hong Kong IPO market133Chinese Mainland and Hong Kong IPO Markets 2026 KPMG,a Hong Kong SAR partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG

3、International Limited,a private English company limited by guarantee.All rights reserved Global IPOlandscape4Chinese Mainland and Hong Kong IPO Markets 2026 KPMG,a Hong Kong SAR partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG Internationa

4、l Limited,a private English company limited by guarantee.All rights reserved Global IPO funds raised(2024 2026)The global IPO market has shown a promising start,largely driven by improvements in the Hong Kong market.(USDB)(1)Analyses are based on actual data as of 31 March 2026.(2)Sources:Bloomberg

5、and KPMG analysis,including REIT deals and excluding special purpose acquisition company(“SPAC”or“blank check”)deals.Global volatilityGeographical conflicts4 out of the ten largest IPOs by funds raised in 2026 Q1 are from Hong Kong.Broad AI and high-tech trendUSD42.6BTotal Funds Raised 45%compared t

6、o 2025 Q1251Completed IPOs 15%compared to 2025 Q1050100150200202420252026 Q1Q2-Q4 Funds raisedQ1 Funds raisedQ1284295251Full year1,2811,358No.of deals:USD 27.1BUSD 29.4BUSD42.6 B35%of global total proceeds were raised by the top 10 IPOscompared to 42%in 2025 Q1Global IPO market:2026 Q1 highlightsUSD