毕马威：中国内地和香港 IPO 市场：2026年中期回顾报告（英文版）（20页）.pdf

1、2026 Mid-Year 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 Engl

2、ish company 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

3、 KPMG 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 Intern

4、ational Limited,a private English company limited by guarantee.All rights reserved Global IPO activity(2024 2026 H1)The upsurge in fundraising was largely driven by the landmark IPO of SpaceX,which became the largest IPO in history by raising USD86.3 billion accounting for 45%of the total global pro

5、ceeds in the first half of 2026.(USDB)(1)Analyses are based on actual data as of 26 June 2026.(2)Sources:Bloomberg and KPMG analysis,including REIT deals and excluding special purpose acquisition company(“SPAC”or“blank check”)deals.Geographical tensionsShifting interest rate expectationsOngoing matu

6、ration of the AI investment cycleUSD190.9BTotal Funds Raised 209%compared to 2025 H1530Completed IPOs 5%compared to 2025 H1050100150200202420252026 H1H2 Funds raisedH1 Funds raisedH1580555530 Full year1,2811,358No.of deals:USD 55.8BUSD 61.8BUSD190.9B59%of global total proceeds were raised by the top