Cathy Zhang, head of Asia-Pacific equity capital markets at Morgan Stanley, predicts that 2026 could exceed last year's record IPO figures in Hong Kong, driven by January's momentum, with more than 450 companies already in the pipeline.
Cathy Zhang, head of Asia-Pacific equity capital markets at Morgan Stanley, sounded hoarse after back-to-back meetings with companies eager to go public in Hong Kong. “It’s very possible that the value and number may exceed last year’s IPO figures, given the momentum we have seen in January,” Zhang said in an interview on January 30.
Nearly 100 companies filed for stock offerings in the city last month, more than triple the same period in 2025, a year which saw Hong Kong crowned as the world’s top IPO venue with 114 listings that raised US$37.2 billion over the whole year. More than 450 companies are already in the pipeline for 2026.
“This year definitely has a stronger start. … [It] is the busiest ever when I compare it to the last 20 years in Hong Kong,” Zhang said. “The pipeline will be more diversified across different sectors compared with last year. Tech, healthcare and industrials are expected to be the three most active sectors.”
Many artificial intelligence and robotics companies were also coming to the market, including humanoid and traditional industrial robot makers, alongside firms in industrial automation and players in clean and new energy, according to Zhang. Mainland China’s issuers will still dominate the city’s IPO market, but US and Southeast Asian companies are also joining in.
This outlook underscores Hong Kong's enduring appeal as a global IPO hub, promising greater sectoral diversity. (Word count: 218)