Hong Kong IPOs are experiencing a full-scale surge: financing has skyrocketed by 488%, and the capital market is recovering. Hong Kong is set to reclaim its position as the world's leading equity financing market in 2025. After entering 2026, the IPO momentum has further accelerated. As of now, 40 companies have successfully listed this year, raising approximately $14 billion, a year-on-year increase of up to 488%. At the same time, about 400 IPO applications are still in queue, indicating that issuer confidence remains strong. Goldman Sachs analysts pointed out that current market liquidity is sufficient to absorb the new supply and forecast that the total equity financing scale for 2026 will reach $110 billion, of which: $60 billion from new IPOs and $50 billion from post-IPO refinancing. Driven by the recovery of IPOs, the Hong Kong stock market and Chinese-funded brokerages with more overseas businesses are expected to usher in a new growth cycle.