After four subdued years, cornerstone investors anchoring Hong Kong's IPO market are returning in force, reshaping the deal landscape. Firms like Fidelity International have backed listings in mining, crypto, and food sectors. Experts expect this momentum to continue into 2026.
Hong Kong's IPO market has seen a strong return of cornerstone investors after four subdued years. Fidelity International's most significant commitments dated back to 2021, when Chinese short-video platform Kuaishou Technology raised US$5.4 billion and healthcare firm Medlive Technology completed a US$543.4 million listing. The asset manager then went quiet for the next four years.
Late last year, Fidelity returned to Chinese assets in force. It backed gold miner Zijin Gold International’s US$3.2 billion listing in September 2025, followed by crypto platform HashKey Group, snack retailer Busy Ming, and pork giant Muyuan Foods.
Fidelity’s comeback is not an isolated case. Heavyweight global investors such as BlackRock, Temasek, and Qatar Investment Authority are reappearing in cornerstone books, signalling a shift in sentiment.
“We have seen a robust comeback of international long-only investors – especially European and Middle Eastern sovereign funds – in Hong Kong’s IPO market, and we expect that momentum to carry into 2026,” said John Lee, vice-chairman and head of Greater China for global banking at UBS.
The return is not limited to Europe and the Middle East, with US and Singapore-based funds also re-emerging as cornerstone backers in major listings, particularly across consumption, industrial, and hi-tech sectors.